Limited Liability Partnership registration number OC360816 (England and Wales)
CLARK ASSOCIATES ISLE OF WIGHT LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CLARK ASSOCIATES ISLE OF WIGHT LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CLARK ASSOCIATES ISLE OF WIGHT LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
994,829
992,405
Current assets
Debtors
4
1,164
2,240
Cash at bank and in hand
9,205
18,189
10,369
20,429
Creditors: amounts falling due within one year
5
(41,080)
(42,905)
Net current liabilities
(30,711)
(22,476)
Total assets less current liabilities
964,118
969,929
Creditors: amounts falling due after more than one year
6
(87,640)
(117,214)
Net assets attributable to members
876,478
852,715
Represented by:
Loans and other debts due to members within one year
Other amounts
876,476
852,713
Members' other interests
Members' capital classified as equity
2
2
876,478
852,715
Total members' interests
Loans and other debts due to members
876,476
852,713
Members' other interests
2
2
876,478
852,715

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

CLARK ASSOCIATES ISLE OF WIGHT LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -

For the financial year ended 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 8 October 2023 and are signed on their behalf by:
08 October 2023
S N Clark
C L Clark
Designated Member
Designated Member
Limited Liability Partnership Registration No. OC360816
CLARK ASSOCIATES ISLE OF WIGHT LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Limited liability partnership information

Clark Associates Isle of Wight LLP is a limited liability partnership incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

 

The limited liability partnerships's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for furnished holiday lettings and other miscellaneous revenue.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
see below
Plant and machinery
25% Reducing balance
Fixtures, fittings & equipment
25% Reducing balance
Computer equipment
33% Straight line

The freehold property is included in the balance sheet at open market value. Depreciation is not to be provided for, due to the continual upkeep and refurbishment of the property.

 

This accounting policy is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the designated members this is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately indentified or quantified.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

CLARK ASSOCIATES ISLE OF WIGHT LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Classification of financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.5
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.6
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
-
0
-
0
CLARK ASSOCIATES ISLE OF WIGHT LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
954,852
173,530
1,128,382
Additions
1,932
11,124
13,056
At 31 March 2023
956,784
184,654
1,141,438
Depreciation and impairment
At 1 April 2022
-
135,977
135,977
Depreciation charged in the year
-
10,632
10,632
At 31 March 2023
-
146,609
146,609
Carrying amount
At 31 March 2023
956,784
38,045
994,829
At 31 March 2022
954,852
37,553
992,405
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,164
2,240
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
29,574
28,439
Other creditors
11,506
14,466
41,080
42,905

Bank loans are secured on the Chale Bay Farm property and land represented by the land and buildings shown in note 3.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
87,640
117,214
CLARK ASSOCIATES ISLE OF WIGHT LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
-
3,457

Bank loans are secured on the Chale Bay Farm property and land represented by the land and buildings shown in note 3.

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