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REGISTERED NUMBER: OC311583 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

The O'Shea Partnership LLP

The O'Shea Partnership LLP (Registered number: OC311583)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 5


The O'Shea Partnership LLP

General Information
for the Year Ended 31 March 2023







DESIGNATED MEMBERS: Ms L O'Shea
Phoenix Support Ltd





REGISTERED OFFICE: 17 Hart Street
Maidstone
Kent
ME16 8RA





REGISTERED NUMBER: OC311583 (England and Wales)





ACCOUNTANTS: Steve Pye & Co.
Chartered Certified Accountants
Unit 3
North Lynn Business Village
Bergen Way
King's Lynn
Norfolk
PE30 2JG

The O'Shea Partnership LLP (Registered number: OC311583)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 4,758,835 4,793,835

CURRENT ASSETS
Debtors 6 564,087 444,717

CREDITORS
Amounts falling due within one year 7 484,333 452,327
NET CURRENT ASSETS/(LIABILITIES) 79,754 (7,610 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,838,589

4,786,225

CREDITORS
Amounts falling due after more than one year 8 1,145,619 1,155,461
NET ASSETS ATTRIBUTABLE TO MEMBERS 3,692,970 3,630,764

The O'Shea Partnership LLP (Registered number: OC311583)

Balance Sheet - continued
31 March 2023

2023 2022
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

469,154

406,948

MEMBERS' OTHER INTERESTS
Capital accounts 1,706,700 1,706,700
Other reserves 1,517,116 1,517,116
3,692,970 3,630,764

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 469,154 406,948
Members' other interests 3,223,816 3,223,816
Amounts due from members 6 (345,681 ) (223,311 )
3,347,289 3,407,453

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The O'Shea Partnership LLP (Registered number: OC311583)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 18 October 2023 and were signed by:





Ms L O'Shea - Designated member

The O'Shea Partnership LLP (Registered number: OC311583)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

The O'Shea Partnership LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:

Land & buildings15% reducing balance on improvements
Plant & machinery30% reducing balance
Fixtures & fittings30% reducing balance
Motor vehicles25% reducing balance
Computer equipment30% reducing balance

The O'Shea Partnership LLP (Registered number: OC311583)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

4. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

The O'Shea Partnership LLP (Registered number: OC311583)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Land & Plant and and
buildings machinery fittings
£    £    £   
COST
At 1 April 2022 4,862,811 20,985 107,962
Additions 16,257 - -
Disposals (107,973 ) - -
At 31 March 2023 4,771,095 20,985 107,962
DEPRECIATION
At 1 April 2022 74,929 20,770 102,755
Charge for year (91,229 ) 64 1,562
Eliminated on disposal 98,816 - -
At 31 March 2023 82,516 20,834 104,317
NET BOOK VALUE
At 31 March 2023 4,688,579 151 3,645
At 31 March 2022 4,787,882 215 5,207

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 29,606 18,774 5,040,138
Additions 70,475 - 86,732
Disposals - - (107,973 )
At 31 March 2023 100,081 18,774 5,018,897
DEPRECIATION
At 1 April 2022 29,239 18,610 246,303
Charge for year 4,497 49 (85,057 )
Eliminated on disposal - - 98,816
At 31 March 2023 33,736 18,659 260,062
NET BOOK VALUE
At 31 March 2023 66,345 115 4,758,835
At 31 March 2022 367 164 4,793,835

The O'Shea Partnership LLP (Registered number: OC311583)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by associates 218,406 221,406
Other debtors 345,681 223,311
564,087 444,717

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 32,202 39,250
Hire purchase contracts 8,596 -
Trade creditors - 64
Amounts owed to associates 442,149 411,693
Other creditors 1,386 1,320
484,333 452,327

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 1,100,123 1,155,461
Hire purchase contracts 45,496 -
1,145,619 1,155,461

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 yr 32,202 39,250

Amounts falling due between one and two years:
Bank loans - 1-2 years 1,100,123 1,155,461

The O'Shea Partnership LLP (Registered number: OC311583)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. LOANS AND OTHER DEBTS DUE TO MEMBERS
2023 2022
£    £   
Loans from members 469,154 406,948

Falling due within one year 469,154 406,948

Loans and other debts due to members rank equally with debts due to other unsecured creditors in the event of a winding up.