IRIS Accounts Production v23.1.5.20 OC419298 designated member designated member 1.4.22 31.3.23 31.3.23 0 0 false true false false true false Fair value model 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhOC4192982022-03-31OC4192982023-03-31OC4192982022-04-012023-03-31OC4192982021-03-31OC4192982021-04-012022-03-31OC4192982022-03-31OC419298ns15:EnglandWales2022-04-012023-03-31OC419298ns14:PoundSterling2022-04-012023-03-31OC419298ns10:Director12022-04-012023-03-31OC419298ns10:Director22022-04-012023-03-31OC419298ns10:LimitedLiabilityPartnershipLLP2022-04-012023-03-31OC419298ns10:SmallEntities2022-04-012023-03-31OC419298ns10:AuditExemptWithAccountantsReport2022-04-012023-03-31OC419298ns10:SmallCompaniesRegimeForAccounts2022-04-012023-03-31OC419298ns10:LimitedLiabilityPartnershipsSORP2022-04-012023-03-31OC419298ns10:FullAccounts2022-04-012023-03-31OC419298ns10:RegisteredOffice2022-04-012023-03-31OC419298ns5:CurrentFinancialInstruments2023-03-31OC419298ns5:CurrentFinancialInstruments2022-03-31OC419298ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31OC419298ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31
REGISTERED NUMBER: OC419298 (England and Wales)















Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Granite Lye LLP

Granite Lye LLP (Registered number: OC419298)






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




Page

General Information 1

Report of the Members 2

Chartered Certified Accountants' Report 3

Income Statement 4

Balance Sheet 5

Notes to the Financial Statements 7


Granite Lye LLP

General Information
for the Year Ended 31 March 2023







DESIGNATED MEMBERS: I D Lipman
K C Owen





REGISTERED OFFICE: 114a Cromwell Road
Kensington
London
SW7 4AG





REGISTERED NUMBER: OC419298 (England and Wales)





ACCOUNTANTS: Pabs Consultancy Limited
39a Joel Street
Northwood Hills
HA6 1NZ

Granite Lye LLP (Registered number: OC419298)

Report of the Members
for the Year Ended 31 March 2023

The members present their report with the financial statements of the LLP for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of property investment.

DESIGNATED MEMBERS
The designated members during the year under review were:

I D Lipman
K C Owen

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The loss for the year before members' remuneration and profit shares was £17,762 (2022 - £2,547 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:





I D Lipman - Designated member


15 November 2023

Chartered Certified Accountants' Report to the Members
on the Unaudited Financial Statements of
Granite Lye LLP


In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Granite Lye LLP for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the members of Granite Lye LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Granite Lye LLP and state those matters that we have agreed to state to the members of Granite Lye LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Granite Lye LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Granite Lye LLP. You consider that Granite Lye LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Granite Lye LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Pabs Consultancy Limited
39a Joel Street
Northwood Hills
HA6 1NZ


15 November 2023

Granite Lye LLP (Registered number: OC419298)

Income Statement
for the Year Ended 31 March 2023

2023 2022
£    £   

TURNOVER 407 2,717

Administrative expenses (1,831 ) 170
2,238 2,547

Other operating income (20,000 ) -
OPERATING (LOSS)/PROFIT and
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT SHARES
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS




(17,762




)




2,547

Granite Lye LLP (Registered number: OC419298)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 - 30,000

CURRENT ASSETS
Debtors 5 - 13,051
Cash at bank - 7,086
- 20,137
CREDITORS
Amounts falling due within one
year

6

-

11,627
NET CURRENT ASSETS - 8,510
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

-

38,510

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

-

38,510

TOTAL MEMBERS' INTERESTS
Loans and other debts due to
members

7

-

38,510

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.

Granite Lye LLP (Registered number: OC419298)

Balance Sheet - continued
31 March 2023


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

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




I D Lipman - Designated member




K C Owen - Designated member


Granite Lye LLP (Registered number: OC419298)

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

1. STATUTORY INFORMATION

Granite Lye 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. ACCOUNTING POLICIES

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

Turnover
Turnover represents rent received, or receivable, exclusive of Value Added Tax.

Investment property
Gains and losses on disposals, or part disposals, are determined by comparing the proceeds with the carrying amount and are recognised within ‘other operating income or losses’ in the Profit and Loss account.

Investment property is carried at fair value determined annually by Members and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

3. EMPLOYEE INFORMATION

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 30,000
Disposals (30,000 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 30,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2022 30,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors - 13,051

Granite Lye LLP (Registered number: OC419298)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security - 1
Other creditors - 11,626
- 11,627

7. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to Members (other than Members capital) rank parri-passu to other debts.