REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
ROMFORD SR LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
ROMFORD SR LLP |
ROMFORD SR LLP (REGISTERED NUMBER: OC422571) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ROMFORD SR LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
10 Jesus Lane |
Cambridge |
Cambridgeshire |
CB5 8BA |
ROMFORD SR LLP (REGISTERED NUMBER: OC422571) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 1,021,421 | 1,195,853 |
LOANS AND OTHER DEBTS DUE TO MEMBERS | - | - |
MEMBERS' OTHER INTERESTS |
Capital accounts | 2,389,713 | 2,350,714 |
Other reserves | ( |
) | ( |
) |
1,021,421 | 1,195,853 |
TOTAL MEMBERS' INTERESTS |
Members' other interests | 1,021,421 | 1,195,853 |
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. |
ROMFORD SR LLP (REGISTERED NUMBER: OC422571) |
BALANCE SHEET - continued |
31 MARCH 2023 |
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 Profit and loss account has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
ROMFORD SR LLP (REGISTERED NUMBER: OC422571) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Romford SR LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is recognised at fair value of consideration receivable in respect of the rental of commercial property, excluding value added tax. |
Investment property |
Investment property is measured at fair value. Any changes to fair value are recorded in the profit and loss account. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets or financial liabilities or equity instruments. |
Basic financial assets: |
Basic financial assets which include assets and such as debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of future receipts are discounted at a market rate of interest. Assets receivable within one year are not discounted. |
Basic financial liabilities: |
Basic financial liabilities. including creditors, bank loans, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not discounted. |
Derivative financial instruments: |
Derivative financial instruments are initially measured at fair value at the date a derivative contract is entered into and are subsequently remeasured at their fair value.Changes in fair value of derivatives are recognised in profit and loss within finance costs. |
Deferred tax |
The LLP has no deferred tax liability or asset as taxation on members' share of the LLP's profits is solely the personal liability of the individual members and consequently is not dealt with in these financial statements. |
ROMFORD SR LLP (REGISTERED NUMBER: OC422571) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
3. | ACCOUNTING POLICIES - continued |
Going concern |
During the year under review, the Bank Leumi loan facility matured, and this was refinanced with CBRE Investment Management. The new CBRE Investment Management loan facility has an initial term of two years to October 2024. The Members are not aware of any further material uncertainties that may cast significant doubt upon the LLP's ability to continue as a going concern. Therefore, the financial statements have been prepared on a going concern basis. |
4. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Revaluations | (200,000 | ) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2019 | 316,196 |
Valuation in 2020 | (1,155,000 | ) |
Valuation in 2021 | 892,484 |
Valuation in 2022 | (825,000 | ) |
Valuation in 2023 | (200,000 | ) |
Cost | 3,771,320 |
2,800,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 3,771,320 | 3,771,320 |
Investment property was valued on an open market basis on 31 March 2023 by Allsop LLP . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
ROMFORD SR LLP (REGISTERED NUMBER: OC422571) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Included within debtors is a financial asset which represents the fair value of an interest rate cap agreement. The initial premium paid amounted to £49,787 for an agreement with a strike rate of 3%. This compares against the loan facility which has a interest rate of the Sterling Over Night Index Average (SONIA) plus 4%.The fair value of the cap at the balance sheet date amounted to £33,411. The change in fair value is recognised in profit and loss. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Payments on account |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Bank loans are secured by way of a fixed and floating charge against all assets of the LLP. |
10. | FINANCIAL INSTRUMENTS |
The value of the bank loan detailed in note 9 to the financial statements represents the carrying value of a loan facility of £1,446,250 net of transaction costs of £14,463. Transaction costs are amortised to the profit and loss account using the effective interest rate of the term of the loan facility. The value of transactions costs released to the profit and loss account during the year under review amounts to £3,104. |
11. | RELATED PARTY DISCLOSURES |
During the year under review loans amounting to £366,988 (2022:£61,589) due to Limited Liability Partnership's in the same group were outstanding. These loans are interest free, repayable on demand and disclosed within other creditors due in less than one year. |
The LLP was also charged asset and development management fees of £36,576 (2022:£23,877) by an entity that is a member of the LLP. |