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REGISTERED NUMBER: OC426513 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Ringwood Lettings LLP

Ringwood Lettings LLP (Registered number: OC426513)

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










Page

Balance Sheet 1

Notes to the Financial Statements 3


Ringwood Lettings LLP (Registered number: OC426513)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £ £
Fixed assets
Tangible assets 5 1,662,061 1,690,724

Current assets
Debtors 6 1,039 1,782
Cash at bank 1,403 277
2,442 2,059
Creditors
Amounts falling due within one year 7 (27,425 ) (27,107 )
Net current liabilities (24,983 ) (25,048 )
Total assets less current liabilities 1,637,078 1,665,676

Creditors
Amounts falling due after more than one
year

8

(1,109,703

)

(1,126,835

)
Net assets attributable to members 527,375 538,841

Loans and other debts due to members 9 527,375 538,841

Total members' interests
Loans and other debts due to members 9 527,375 538,841

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.

Ringwood Lettings LLP (Registered number: OC426513)

Balance Sheet - continued
31 March 2023


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

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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 21 November 2023 and were signed by:




Mrs W J Ringwood - Designated member




Mr P J Ringwood - Designated member


Ringwood Lettings LLP (Registered number: OC426513)

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


1. Statutory information

Ringwood Lettings LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC426513

Registered office: 57 Nursery Lane
South Wootton
King's Lynn
Norfolk
PE30 3NA

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 or historic cost modified by revaluation of financial assets and financial liabilities held at fair value through profit and loss, except for the financial instruments that are measured at their fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

The presentation currency of the financial statements is the Pound Sterling (£).

The principal accounting policies adopted are set out below. All accounting policies have been applied consistently, other than where new policies have been adopted.

Going Concern
The members believe that the LLP is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future and have therefore accordingly prepared these financial statements on a going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(i)Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets. See notes to the accounts for the carrying amount of tangible assets and the useful economic lives for each class of assets.

Ringwood Lettings LLP (Registered number: OC426513)

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


3. Accounting policies - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes on the lettings of residential properties.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% p.a. reducing balance
Motor vehicles - 20% p.a. reducing balance
Computer equipment - 15% p.a. reducing balance


Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or group of assets.

Financial instruments
The LLP classifies its financial instruments in the following categories: measured at amortised cost; and measured at fair value through profit and loss. The classification is determined at initial recognition and depends on the purpose for which the financial instruments are required.

Measured at amortised cost includes non-derivative financial assets and liabilities with fixed or determinable payments that are not quoted in an active market. Financial assets are included in current assets, except where the maturity date is more than 12 months after the end of the reporting period. They are initially recorded at fair value and subsequently recorded at amortised cost. Financial liabilities are included in current liabilities, except where the maturity date is more than 12 months after the end of the reporting period. They are initially measured at original cost, less amortisation or provisions raised.

Measured at fair value through profit and loss includes financial assets and liabilities. They are classified according to maturity date, within current and non-current assets and liabilities respectively.

4. Employee information

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

Ringwood Lettings LLP (Registered number: OC426513)

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


5. Tangible fixed assets
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£ £ £ £ £
Cost
At 1 April 2022 1,520,105 89,366 112,031 390 1,721,892
Additions - 1,575 - 791 2,366
At 31 March 2023 1,520,105 90,941 112,031 1,181 1,724,258
Depreciation
At 1 April 2022 - 24,563 6,534 71 31,168
Charge for year - 9,803 21,099 127 31,029
At 31 March 2023 - 34,366 27,633 198 62,197
Net book value
At 31 March 2023 1,520,105 56,575 84,398 983 1,662,061
At 31 March 2022 1,520,105 64,803 105,497 319 1,690,724

6. Debtors: amounts falling due within one year
31.3.23 31.3.22
£ £
Other debtors 1,039 1,782

7. Creditors: amounts falling due within one year
31.3.23 31.3.22
£ £
Bank loans and overdrafts 5,324 5,324
Hire purchase contracts 12,714 12,714
Trade creditors 6,151 7,619
Taxation and social security 1,636 -
Other creditors 1,600 1,450
27,425 27,107

8. Creditors: amounts falling due after more than one year
31.3.23 31.3.22
£ £
Bank loans 1,059,634 1,064,052
Hire purchase contracts 50,069 62,783
1,109,703 1,126,835

Ringwood Lettings LLP (Registered number: OC426513)

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


8. Creditors: amounts falling due after more than one year - continued
31.3.23 31.3.22
£ £
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,047,549 1,051,967

9. Loans and other debts due to members
31.3.23 31.3.22
£ £
Amounts owed to members in respect of profits 527,375 538,841

Falling due within one year 527,375 538,841

Loans and other debts due to members are payable after all other creditors of the LLP have been settled.

10. Related party disclosures

No transactions were undertaken with the members or related parties such as are required to be disclosed under the Financial Reporting Standard 102, Section 1A.