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Registration number: OC437438

Kerry Lettings LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Kerry Lettings LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Balance Sheet

2

Notes to the Financial Statements

4

 

Kerry Lettings LLP

Limited liability partnership information

Designated members

Miss F Kerry

Mr D Kerry

Mr P A Kerry

Mrs M M Kerry
 

Registered office

21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

Accountants

Rotherham Taylor Limited
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Kerry Lettings LLP

(Registration number: OC437438)
Balance Sheet as at 31 March 2023

Note

31 March 2023
 £

31 March 2022
 £

Fixed assets

 

Tangible assets

4

7,232

9,415

Investment property

5

3,192,712

3,206,500

 

3,199,944

3,215,915

Current assets

 

Debtors

438

423

Cash at bank and in hand

 

38,883

63,835

 

39,321

64,258

Creditors: Amounts falling due within one year

7

(62,027)

(62,166)

Net current (liabilities)/assets

 

(22,706)

2,092

Total assets less current liabilities

 

3,177,238

3,218,007

Creditors: Amounts falling due after more than one year

8

(446,116)

(446,116)

Net assets attributable to members

 

2,731,122

2,771,891

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

2,731,122

2,771,891

   

2,731,122

2,771,891

Total members' interests

 

Equity

 

2,731,122

2,771,891

   

2,731,122

2,771,891

For the year ending 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

 

Kerry Lettings LLP

(Registration number: OC437438)
Balance Sheet as at 31 March 2023 (continued)

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Kerry Lettings LLP (registered number OC437438) were approved by the Board and authorised for issue on 4 October 2023. They were signed on behalf of the limited liability partnership by:

.........................................
Mr P A Kerry
Designated member

.........................................
Mrs M M Kerry
Designated member

 

Kerry Lettings LLP

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

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Kerry Lettings LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

 

Kerry Lettings LLP

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

1

Accounting policies (continued)

Tangible fixed assets

Individual fixed assets costing £100.00 or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Computer equipment

33% straight line

Investment properties

Investment property is recognised at cost on initial recognition. Subsequently, investment property is measured at fair value at the reporting date with any changes recognised in the profit and loss account.

Financial instruments

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. 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. Financial assets and liabilities are offset and the net amount reported in the balance sheet 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.

2

Profit for the year before members' remuneration and profit shares

Year ended 31 March 2023
 £

14 May 2021 to 31 March 2022
 £

Depreciation

4,022

3,414

3

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 4 (2022 - 4).

 

Kerry Lettings LLP

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

4

Tangible fixed assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost

At 1 April 2022

10,240

2,589

12,829

Additions

-

1,839

1,839

At 31 March 2023

10,240

4,428

14,668

Depreciation

At 1 April 2022

2,560

854

3,414

Charge for the year

2,560

1,462

4,022

At 31 March 2023

5,120

2,316

7,436

Net book value

At 31 March 2023

5,120

2,112

7,232

At 31 March 2022

7,680

1,735

9,415

5

Investment property

31 March 2023
 £

At 1 April

3,206,500

Fair value adjustments

(13,788)

At 31 March 2022

3,192,712

6

Debtors

31 March 2023
 £

31 March 2022
 £

Prepayments and accrued income

438

423

7

Creditors: Amounts falling due within one year

31 March 2023
 £

31 March 2022
 £

Bank loans and overdrafts

46,664

50,000

Trade creditors

-

384

Other creditors

950

950

Accruals and deferred income

14,413

10,832

62,027

62,166

 

Kerry Lettings LLP

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

8

Creditors: Amounts falling due after more than one year

31 March 2023
 £

31 March 2022
 £

Bank loans and overdrafts

446,116

446,116