REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31st March 2023 |
for |
CHANTERS BALTIC LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31st March 2023 |
for |
CHANTERS BALTIC LLP |
CHANTERS BALTIC LLP (REGISTERED NUMBER: OC331495) |
Contents of the Financial Statements |
for the Year Ended 31st March 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
CHANTERS BALTIC LLP |
General Information |
for the Year Ended 31st March 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
41 St Thomas's Road |
Chorley |
Lancashire |
PR7 1JE |
CHANTERS BALTIC LLP (REGISTERED NUMBER: OC331495) |
Report of the Members |
for the Year Ended 31st March 2023 |
The members present their report with the financial statements of the LLP for the year ended 31st March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of land development. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
Timetoken Limited |
Bee Fold Developments Limited |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £135,948 (2022 - £58,022 loss). |
MEMBERS' INTERESTS |
ON BEHALF OF THE MEMBERS: |
CHANTERS BALTIC LLP (REGISTERED NUMBER: OC331495) |
Income Statement |
for the Year Ended 31st March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING LOSS | ( |
) | ( |
) |
Interest payable and similar expenses |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
( |
) |
CHANTERS BALTIC LLP (REGISTERED NUMBER: OC331495) |
Balance Sheet |
31st March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
238,104 |
306,078 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
15,452 |
83,426 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 222,652 | 222,652 |
238,104 | 306,078 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 15,452 | 83,426 |
Members' other interests | 222,652 | 222,652 |
Amounts due from members | 6 | (721,261 | ) | (653,287 | ) |
(483,157 | ) | (347,209 | ) |
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. |
CHANTERS BALTIC LLP (REGISTERED NUMBER: OC331495) |
Balance Sheet - continued |
31st March 2023 |
The financial statements were approved by the members of the LLP and authorised for issue on |
CHANTERS BALTIC LLP (REGISTERED NUMBER: OC331495) |
Notes to the Financial Statements |
for the Year Ended 31st March 2023 |
1. | STATUTORY INFORMATION |
Chanters Baltic 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 |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with 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. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held with banks and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
Partnership agreement |
In accordance with the LLP agreement, any profits from the sale of the property held within the partnership should be first used to clear the capital account of Bee Fold Developments Ltd, totalling £222,652 with the remainder being split between the members in their relevant proportions. |
The members agreement sets out that all profit and losses, that are not dealt with under the above, are to be automatically allocated based on the profit share agreement or based on a unanimous decision of the designated members prior to the end of an accounting period. There are no fixed salary agreements in place. |
The members agreement also sets out the following in relation to the capital and current accounts of the members: |
Overdrawn current accounts that are a result of losses are reflected as 'amounts due from members' in current debtors. There is no interest charged on overdrawn current accounts. |
There is not interest paid on capital accounts. |
Members are not liable to contribute any further capital, unless the members unanimously determine or agree. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
4. | INFORMATION IN RELATION TO MEMBERS |
31.3.23 | 31.3.22 |
The average number of members during the year was | 2 | 2 |
CHANTERS BALTIC LLP (REGISTERED NUMBER: OC331495) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
5. | STOCKS |
31.3.23 | 31.3.22 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Amounts due from members | 721,261 | 653,287 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts |
Other creditors |
Accrued expenses |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
31.3.23 | 31.3.22 |
£ | £ |
Amounts owed to members in respect of profits | 15,452 | 83,426 |
Falling due within one year | 15,452 | 83,426 |
Personal guarantees totalling £280,000 (2022: £280,000) have been provided by J Silcock and S Lancaster as bank loan security. |
A further unlimited guarantee has been given by the member, Bee Fold Developments Limited in respect of bank loan security. |
Amounts owed to members are unsecured and non-interest bearing. |