Silverfin false 31/03/2023 16/02/2022 31/03/2023 N Kalms 16/02/2022 B Pollock 16/02/2022 B Radstone 16/02/2022 14 November 2023 OC441084 2023-03-31 OC441084 bus:Director1 2023-03-31 OC441084 bus:Director2 2023-03-31 OC441084 bus:Director3 2023-03-31 OC441084 core:CurrentFinancialInstruments 2023-03-31 OC441084 core:Non-currentFinancialInstruments 2023-03-31 OC441084 2022-02-15 OC441084 core:MoreThanFiveYears 2023-03-31 OC441084 2022-02-16 2023-03-31 OC441084 bus:FullAccounts 2022-02-16 2023-03-31 OC441084 bus:SmallEntities 2022-02-16 2023-03-31 OC441084 bus:AuditExemptWithAccountantsReport 2022-02-16 2023-03-31 OC441084 bus:LimitedLiabilityPartnershipLLP 2022-02-16 2023-03-31 OC441084 bus:Director1 2022-02-16 2023-03-31 OC441084 bus:Director2 2022-02-16 2023-03-31 OC441084 bus:Director3 2022-02-16 2023-03-31 OC441084 core:Non-currentFinancialInstruments 2022-02-16 2023-03-31 iso4217:GBP xbrli:pure

Company No: OC441084 (England and Wales)

CAMBRIDGE AND KILBURN LLP

Unaudited Financial Statements
For the financial period from 16 February 2022 to 31 March 2023
Pages for filing with the registrar

CAMBRIDGE AND KILBURN LLP

Unaudited Financial Statements

For the financial period from 16 February 2022 to 31 March 2023

Contents

CAMBRIDGE AND KILBURN LLP

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
CAMBRIDGE AND KILBURN LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 31.03.2023
£
Fixed assets
Investment property 4 1,004,523
1,004,523
Current assets
Cash at bank and in hand 380
380
Creditors: amounts falling due within one year 5 ( 329,399)
Net current liabilities (329,019)
Total assets less current liabilities 675,504
Creditors: amounts falling due after more than one year 6 ( 756,000)
Net liabilities attributable to members ( 80,496)
Represented by
Members' other interests
Other reserves (80,496)
(80,496)
(80,496)
Total members' interests
Members' other interests (80,496)
(80,496)

For the financial period 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.

Members' responsibilities:

The financial statements of Cambridge and Kilburn LLP (registered number: OC441084) were approved and authorised for issue by the Director on 14 November 2023. They were signed on its behalf by:

N Kalms
Designated member
B Radstone
Designated member
B Pollock
Designated member
CAMBRIDGE AND KILBURN LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial period from 16 February 2022 to 31 March 2023
CAMBRIDGE AND KILBURN LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial period from 16 February 2022 to 31 March 2023
EQUITY
Members' other interests
Total members' interests
Other reserves Total
£ £
Balance at 16 February 2022 0 0
Loss for the financial period available for discretionary division among members (80,496) (80,496)
Members' interest after loss for the financial period (80,496) (80,496)
Balance at 31 March 2023 (80,496) (80,496)

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the number of Members' other interests.

CAMBRIDGE AND KILBURN LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 16 February 2022 to 31 March 2023
CAMBRIDGE AND KILBURN LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 16 February 2022 to 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Cambridge and Kilburn LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

The principal activity of the LLP during the financial period was that of property development.

Other operating income

Operating income is recognised by the Company in respect of rental income during the year.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

The Company only enters into basic financial instruments and 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, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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. Employees

Period from
16.02.2022 to
31.03.2023
Number
Monthly average number of persons employed by the LLP during the period 3

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

31.03.2023
Number
Average number of members during the financial period 3

4. Investment property

Investment property
£
Valuation
As at 16 February 2022 0
Additions 1,004,523
As at 31 March 2023 1,004,523

Valuation

The 2023 valuations were made by the directors, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

31.03.2023
£
Historic cost 840,000

5. Creditors: amounts falling due within one year

31.03.2023
£
Trade creditors 540
Accruals 3,000
Other creditors 325,859
329,399

6. Creditors: amounts falling due after more than one year

31.03.2023
£
Bank loans 756,000

The total bank loan facility of £756,000 is secured on the property owned by the entity.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

31.03.2023
£
Bank loans 756,000