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Registration number: OC432771

SGN Investments LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2023

 

SGN Investments LLP

Contents

Financial Statements

1 to 5

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 5

 

SGN Investments LLP

(Registration number: OC432771)
Balance Sheet as at 5 April 2023

Note

2023
 £

2022
 £

Fixed assets

 

Investment property

4

2,900,000

2,900,000

Current assets

 

Debtors

5

4,785

1,317

Cash and short-term deposits

 

99,234

95,527

 

104,019

96,844

Creditors: Amounts falling due within one year

6

(111,981)

(118,700)

Net current liabilities

 

(7,962)

(21,856)

Total assets less current liabilities

 

2,892,038

2,878,144

Creditors: Amounts falling due after more than one year

7

(18,868)

(26,888)

Net assets attributable to members

 

2,873,170

2,851,256

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

16,160

13,807

Members’ other interests

 

Members' capital classified as equity

 

2,776,359

2,776,359

Other reserves

 

80,651

61,090

 

2,857,010

2,837,449

   

2,873,170

2,851,256

Total members' interests

 

Loans and other debts due to members

 

16,160

13,807

Members’ other interests

 

2,857,010

2,837,449

   

2,873,170

2,851,256

 

SGN Investments LLP

(Registration number: OC432771)
Balance Sheet as at 5 April 2023 (continued)

Members Statements:

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.

For the year ending 5 April 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.

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.

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

Approved and authorised by the members on 16 November 2023 and signed on behalf of the limited liability partnership by:


Mr N Mahmood
Designated member

 

SGN Investments LLP

Notes to the Financial Statements for the Year Ended 5 April 2023

1

General information

The place of registration of the limited liability partnership is England and Wales.

The address of the registered office is:
1st Floor, Woburn House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

2

Accounting policies

Basis of preparation

These financial statements were prepared using the historical cost convention and in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Limited Liability Partnership Act 2000.

The presentation currency is sterling.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises rental income received or receivable in the ordinary course of the LLP's activities.

The LLP recognises revenue when:

The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the LLP's activities.

Tax policies

The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP 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.

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash

Cash comprises cash on hand and all deposits.

Trade debtors

Trade debtors are amounts due from tenants for rent receivable and other associated letting fees in the ordinary course of the business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the LLP will not be able to collect all amounts due.

 

SGN Investments LLP

Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the LLP has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Members' interests

Profit shares are allocated on a discretionary basis in accordance with the LLP agreement and are therefore shown as 'profit available for discretionary division among members' in the profit and loss account and within an equity reserve, ‘other reserves', on the balance sheet.

All amounts due to members, including amounts classified as liabilities are presented within “Loans and other debts due to members” in the balance sheet.

The capital requirements of the LLP are determined by the members and are reviewed regularly.

Drawings are treated as a repayment of capital introduced and payments on account of profit allocation. Any drawings in excess of current account balances are set against a member’s capital account in accordance with the LLP agreement.

The Designated Members may at any time determine the profit share to be allocated to a member's current account. Profit shares which have not been allocated in respect of any Accounting Year shall be deemed to be allocated automatically and immediately upon the approval of the accounts.

3

Particulars of employees

The average number of persons employed by the LLP during the period was 0 (2022 - 0)

4

Investment property

2023
 £

2022
 £

At 6 April

2,900,000

2,900,000

At 5 April

2,900,000

2,900,000

The members have reviewed the market value of the properties using current market data for similar properties in the same areas and consider that there is no significant change at the balance sheet date.

 

SGN Investments LLP

Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)

5

Debtors

2023
 £

2022
 £

Trade debtors

1,268

1,050

Prepayments and accrued income

3,517

267

4,785

1,317

6

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Bank loans and overdrafts

8,077

7,911

Trade creditors

1,600

8,400

Other creditors

98,140

98,351

Accruals and deferred income

4,164

4,038

111,981

118,700

Creditors include an a bank loan which is secured against an asset of a designated member in the sum of £8,077 (2022 - £7,911).

7

Creditors: Amounts falling due after more than one year

2023
 £

2022
 £

Bank loans and overdrafts

18,868

26,888

18,868

26,888

Creditors include a bank loan which is secured against an asset of a designated member in the sum of £18,868 (2022 - £26,888).