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REGISTERED NUMBER: OC378914 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

VNM Developments LLP

VNM Developments LLP (Registered number: OC378914)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

General Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


VNM Developments LLP

General Information
for the Year Ended 31 March 2023







DESIGNATED MEMBERS: Mr V Pokar
Mr. M Pokar
Mr. N Pokar





REGISTERED OFFICE: Suite 3
Falcon Court Business Centre
College Road
Maidstone
Kent
ME15 6TF





REGISTERED NUMBER: OC378914 (England and Wales)





ACCOUNTANTS: Skyfire Accountancy Ltd
The Old Rectory
Springhead Road
Northfleet
Kent
DA11 8HN

VNM Developments LLP (Registered number: OC378914)

Abridged Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 24,943 33,596
Investment property 6 750,000 720,000
774,943 753,596

CURRENT ASSETS
Debtors 133,345 116,532
Cash at bank 4,600 21,640
137,945 138,172
CREDITORS
Amounts falling due within one year 57,861 59,923
NET CURRENT ASSETS 80,084 78,249
TOTAL ASSETS LESS CURRENT
LIABILITIES

855,027

831,845

CREDITORS
Amounts falling due after more than one
year

7

505,546

514,490
NET ASSETS ATTRIBUTABLE TO
MEMBERS

349,481

317,355

VNM Developments LLP (Registered number: OC378914)

Abridged Balance Sheet - continued
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

2,721

595

MEMBERS' OTHER INTERESTS
Fair value reserve 346,760 316,760
349,481 317,355

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 2,721 595
Members' other interests 346,760 316,760
Amounts due from members (129,445 ) (116,532 )
220,036 200,823

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 15 November 2023 and were signed by:




Mr V Pokar - Designated member



Mr. M Pokar - Designated member


VNM Developments LLP (Registered number: OC378914)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

VNM Developments LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition
Rental income from operating leases (net of any incentives given to the lessees) is recognised when the right to receive payment is established.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 25% on reducing balance

Investment property
Investment property has been revalued to fair value at the balance sheet date by the members based on their own research and experience. There has been no independent professional valuation undertaken during the period.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

4. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

VNM Developments LLP (Registered number: OC378914)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 130,707
Disposals (6,000 )
At 31 March 2023 124,707
DEPRECIATION
At 1 April 2022 97,111
Charge for year 8,315
Eliminated on disposal (5,662 )
At 31 March 2023 99,764
NET BOOK VALUE
At 31 March 2023 24,943
At 31 March 2022 33,596

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 April 2022 58,207
Transfer to ownership (58,207 )
At 31 March 2023 -
DEPRECIATION
At 1 April 2022 44,394
Transfer to ownership (44,394 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 13,813

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 720,000
Revaluations 30,000
At 31 March 2023 750,000
NET BOOK VALUE
At 31 March 2023 750,000
At 31 March 2022 720,000

VNM Developments LLP (Registered number: OC378914)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2017 304,385
Valuation in 2019 (7,626 )
Valuation in 2021 20,000
Valuation in 2023 30,000
Cost 403,241
750,000

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.3.23 31.3.22
£    £   
Repayable otherwise than by instalments
Mortgage due more than 5 years 479,713 478,657

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Mortgages 479,713 478,657

The bank loan is secured against the properties held within investment property.

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
31.3.23 31.3.22
£    £   
Amounts owed to members in respect of profits 2,721 595

Falling due within one year 2,721 595

10. RELATED PARTY DISCLOSURES

During the period the LLP received a loan of £3,000 from VNM Properties Ltd. VNM Properties Ltd is under the control of the designated members. At the end of the period, the amount owed to VNM Properties Ltd was £46,611 (2022: £43,611). The balance is included within creditors due within one year, is free of interest and repayable on demand.

11. COVID-19 BUSINESS SUPPORT

The LLP received £0 (2022: £729) of grants covering the interest due on the Bounce Back loan. No conditions or other contingencies have been applied to the grant.