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REGISTERED NUMBER: OC432276
G&C Doherty Property LLP
Filleted Unaudited Financial Statements
31 March 2023
G&C Doherty Property LLP
Financial Statements
Year ended 31 March 2023
Contents
Page
Designated members and professional advisers
1
Members' report
2
Report to the members on the preparation of the unaudited statutory financial statements
3
Statement of financial position
4
Notes to the financial statements
6
G&C Doherty Property LLP
Designated Members and Professional Advisers
Designated members
Mr D Doherty
Ms L K Farrar
Registered office
25 Burnlee Road
Holmfirth
West Yorkshire
HD9 2LF
Accountants
G&T Accountancy Services Ltd
Chartered accountants
Denby Dale Business Park
Wakefield Road
Denby Dale
Huddersfield
West Yorkshire
HD8 8QH
G&C Doherty Property LLP
Members' Report
Year ended 31 March 2023
The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2023 .
Principal activities
The principal activity of the company during the year was that of property management.
Designated members
The designated members who served the LLP during the year were as follows:
Mr D Doherty
Ms L K Farrar
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 3 November 2023 and signed on behalf of the members by:
Mr D Doherty
Designated Member
Registered office:
25 Burnlee Road
Holmfirth
West Yorkshire
HD9 2LF
G&C Doherty Property LLP
Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of G&C Doherty Property LLP
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of G&C Doherty Property LLP for the year ended 31 March 2023, which comprise the statement of financial position and the related notes from the LLP's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the members of G&C Doherty Property LLP, as a body, in accordance with the terms of our engagement letter dated 1 April 2022. Our work has been undertaken solely to prepare for your approval the financial statements of G&C Doherty Property LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G&C Doherty Property LLP and its members, as a body, for our work or for this report.
It is your duty to ensure that G&C Doherty Property LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of G&C Doherty Property LLP. You consider that G&C Doherty Property LLP is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of G&C Doherty Property LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
G&T Accountancy Services Ltd Chartered accountants
Denby Dale Business Park Wakefield Road Denby Dale Huddersfield West Yorkshire HD8 8QH
3 November 2023
G&C Doherty Property LLP
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
159,379
163,159
Current assets
Debtors
5
11,668
3,992
Cash at bank and in hand
25,678
10,725
--------
--------
37,346
14,717
Creditors: amounts falling due within one year
6
21,375
2,526
--------
--------
Net current assets
15,971
12,191
---------
---------
Total assets less current liabilities
175,350
175,350
---------
---------
Net assets
175,350
175,350
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
7
175,350
175,350
---------
---------
Members' other interests
Other reserves
---------
---------
175,350
175,350
---------
---------
Total members' interests
Amounts due from members
(4,168)
(3,992)
Loans and other debts due to members
7
175,350
175,350
Members' other interests
---------
---------
171,182
171,358
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
G&C Doherty Property LLP
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the members and authorised for issue on 3 November 2023 , and are signed on their behalf by:
Mr D Doherty
Designated Member
Registered number: OC432276
G&C Doherty Property LLP
Notes to the Financial Statements
Year ended 31 March 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 25 Burnlee Road, Holmfirth, West Yorkshire, HD9 2LF.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of income and retained earnings and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of income and retained earnings within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant & machinery
-
25% straight line
Fixtures & fittings
-
15% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
4.
Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
167,246
892
3,080
171,218
Additions
1,000
333
1,333
Disposals
( 1,000)
( 1,000)
---------
-------
-------
----
---------
At 31 March 2023
167,246
892
3,080
333
171,551
---------
-------
-------
----
---------
Depreciation
At 1 April 2022
6,690
445
924
8,059
Charge for the year
3,345
223
462
83
4,113
---------
-------
-------
----
---------
At 31 March 2023
10,035
668
1,386
83
12,172
---------
-------
-------
----
---------
Carrying amount
At 31 March 2023
157,211
224
1,694
250
159,379
---------
-------
-------
----
---------
At 31 March 2022
160,556
447
2,156
163,159
---------
-------
-------
----
---------
5.
Debtors
2023
2022
£
£
Trade debtors
7,500
Other debtors
4,168
3,992
--------
-------
11,668
3,992
--------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
19,381
842
Social security and other taxes
1,169
859
Other creditors
825
825
--------
-------
21,375
2,526
--------
-------
7.
Loans and other debts due to members
2023
2022
£
£
Loans from members
175,350
175,350
---------
---------