Grimble & Sko LLP OC441321 false 2022-03-08 2023-04-05 2023-04-05 The principal activity of the company is letting of investment property Digita Accounts Production Advanced 6.30.9574.0 true true OC441321 2022-03-08 2023-04-05 OC441321 2023-04-05 OC441321 core:OtherReservesSubtotal 2023-04-05 OC441321 core:CurrentFinancialInstruments 2023-04-05 OC441321 core:Non-currentFinancialInstruments 2023-04-05 OC441321 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-05 OC441321 core:WithinOneYear 2023-04-05 OC441321 core:PlantMachinery 2023-04-05 OC441321 bus:SmallEntities 2022-03-08 2023-04-05 OC441321 bus:AuditExemptWithAccountantsReport 2022-03-08 2023-04-05 OC441321 bus:FullAccounts 2022-03-08 2023-04-05 OC441321 bus:RegisteredOffice 2022-03-08 2023-04-05 OC441321 bus:PartnerLLP3 2022-03-08 2023-04-05 OC441321 bus:LimitedLiabilityPartnershipLLP 2022-03-08 2023-04-05 OC441321 core:PlantMachinery 2022-03-08 2023-04-05 OC441321 countries:AllCountries 2022-03-08 2023-04-05 iso4217:GBP xbrli:pure

Registration number: OC441321

Grimble & Sko LLP

Annual Report and Unaudited Financial Statements

for the period from 8 March 2022 to 5 April 2023

 

Grimble & Sko LLP

Contents

Financial Statements

1 to 5

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Grimble & Sko LLP

(Registration number: OC441321)
Balance Sheet as at 5 April 2023

Note

5 April 2023
 £

Fixed assets

 

Tangible assets

4

626

Investment property

5

737,000

 

737,626

Current assets

 

Debtors

6

6,346

Cash at bank

 

1,678

 

8,024

Creditors: Amounts falling due within one year

7

(5,664)

Net current assets

 

2,360

Total assets less current liabilities

 

739,986

Creditors: Amounts falling due after more than one year

8

(498,596)

Net assets attributable to members

 

241,390

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

240,540

Other reserves

 

850

 

241,390

   

241,390

Total members' interests

 

Amounts due from members

 

(5,471)

Members’ other interests

 

241,390

   

235,919

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:


Mrs C M Scholefield
Designated member

 

Grimble & Sko LLP

Notes to the Financial Statements for the Period from 8 March 2022 to 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:
22 Riverside Road
Norwich
Norfolk
NR1 1SR

2

Accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the LLP's financial statements:

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.

Tangible fixed assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% straight line

Investment property

Investment property is 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.

 

Grimble & Sko LLP

Notes to the Financial Statements for the Period from 8 March 2022 to 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.

 

Grimble & Sko LLP

Notes to the Financial Statements for the Period from 8 March 2022 to 5 April 2023 (continued)

4

Tangible fixed assets

Plant and equipment
£

Total
£

Cost

Additions

699

699

At 5 April 2023

699

699

Depreciation

Charge

73

73

At 5 April 2023

73

73

Net book value

At 5 April 2023

626

626

5

Investment property

5 April 2023
 £

Additions at cost

737,000

At 5 April

737,000

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.

6

Debtors

5 April 2023
 £

Other debtors

5,471

Prepayments and accrued income

875

6,346

7

Creditors: Amounts falling due within one year

5 April 2023
 £

Trade creditors

402

Other creditors

2,097

Accruals

3,165

5,664

 

Grimble & Sko LLP

Notes to the Financial Statements for the Period from 8 March 2022 to 5 April 2023 (continued)

8

Creditors: Amounts falling due after more than one year

5 April 2023
 £

Bank loans and overdrafts

498,596

498,596

Creditors include bank loans which are secured on the investment properties they relate to in the sum of £498,596. All loans are repayable, other than by instalments, after more than five years.

9

Related party transactions

Transactions with members

The limited liability partnership purchased an investment property portfolio from the members on 6 April 2022 at market value via a partnership agreement.