Company No:
Contents
Note | 31.03.2023 | |
£ | ||
Fixed assets | ||
Investment property | 4 |
|
1,004,523 | ||
Current assets | ||
Cash at bank and in hand |
|
|
380 | ||
Creditors: amounts falling due within one year | 5 | (
|
Net current liabilities | (329,019) | |
Total assets less current liabilities | 675,504 | |
Creditors: amounts falling due after more than one year | 6 | (
|
Net liabilities attributable to members | (
|
|
Represented by | ||
Members' other interests | ||
Other reserves | (80,496) | |
(80,496) | ||
(80,496) | ||
Total members' interests | ||
Members' other interests | (80,496) | |
(80,496) |
Members' responsibilities:
The financial statements of Cambridge and Kilburn LLP (registered number:
N Kalms
Designated member |
B Radstone
Designated member |
|
B Pollock
Designated member |
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.
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
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.
Operating income is recognised by the Company in respect of rental income during the year.
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.
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.
Period from 16.02.2022 to 31.03.2023 |
|
Number | |
Monthly average number of persons employed by the LLP during the period |
|
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 |
Investment property | |
£ | |
Valuation | |
As at 16 February 2022 |
|
Additions | 1,004,523 |
As at 31 March 2023 |
|
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 |
31.03.2023 | |
£ | |
Trade creditors |
|
Accruals |
|
Other creditors |
|
|
31.03.2023 | |
£ | |
Bank loans |
|
Amounts repayable after more than 5 years are included in creditors falling due over one year:
31.03.2023 | |
£ | |
Bank loans |
|