Limited Liability Partnership registration number OC434103 (England and Wales)
ABERGAVENNY PROPERTIES LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ABERGAVENNY PROPERTIES LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
5 - 8
ABERGAVENNY PROPERTIES LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
31 March 2023
30 November 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,221
3,624
Investment property
4
3,149,242
3,149,242
3,152,463
3,152,866
Current assets
Debtors
5
3,000
1
Cash at bank and in hand
25,129
33,525
28,129
33,526
Creditors: amounts falling due within one year
6
(3,269)
(2,500)
Net current assets
24,860
31,026
Total assets less current liabilities
3,177,323
3,183,892
Creditors: amounts falling due after more than one year
7
(306,000)
(306,000)
Net assets attributable to members
2,871,323
2,877,892
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
45,342
31,650
Other amounts
2,825,981
2,846,242
2,871,323
2,877,892

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

For the financial period 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.

ABERGAVENNY PROPERTIES LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 1 September 2023 and are signed on their behalf by:
01 September 2023
Mr A Davies
Designated member
Limited Liability Partnership Registration No. OC434103
ABERGAVENNY PROPERTIES LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
Current financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2023
£
£
£
Members' interests at 1 December 2022
2,877,892
2,877,892
2,877,892
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
13,692
13,692
13,692
Result for the period available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the period
2,891,584
2,891,584
2,891,584
Introduced by members
400
400
400
Repayment of debt (including members' capital classified as a liability)
(20,661)
(20,661)
(20,661)
Members' interests at 31 March 2023
2,871,323
2,871,323
2,871,323
ABERGAVENNY PROPERTIES LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 4 -
Prior financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2022
£
£
£
Members' interests at 1 December 2021
1
1
1
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
31,650
31,650
31,650
Result for the period available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
31,651
31,651
31,651
Introduced by members
2,866,554
2,866,554
2,866,554
Repayment of debt (including members' capital classified as a liability)
(20,313)
(20,313)
(20,313)
Members' interests at 30 November 2022
2,877,892
2,877,892
2,877,892
ABERGAVENNY PROPERTIES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 5 -
1
Accounting policies
Limited liability partnership information

Abergavenny Properties LLP is a limited liability partnership incorporated in England and Wales. The registered office is Glanffrwd Mill, Coed Morgan, Abergavenny, Monmouthshire, United Kingdom, NP7 9UA.

 

The limited liability partnership'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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts receivable in respect of property rental.

1.3
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

1.4
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:

Fixtures and fittings
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

ABERGAVENNY PROPERTIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss account in other administrative expenses.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

ABERGAVENNY PROPERTIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 7 -
2
Employees
2023
2022
Number
Number
Total
-
0
1
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 December 2022 and 31 March 2023
4,027
Depreciation and impairment
At 1 December 2022
403
Depreciation charged in the period
403
At 31 March 2023
806
Carrying amount
At 31 March 2023
3,221
At 30 November 2022
3,624
4
Investment property
2023
£
Fair value
At 1 December 2022 and 31 March 2023
3,149,242

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by Mr A Davies, a designated member of the LLP. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,000
1
ABERGAVENNY PROPERTIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
3,269
2,500

The loan is secured by a fixed charge over an investment property.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
306,000
306,000

The long-term loan is secured by fixed charge over an investment property.

 

8
Loans and other debts due to members

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

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