The Guard Family LLP
Annual Report and Unaudited Financial Statements
For the year ended 31 March 2023
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC387266 (England and Wales)
The Guard Family LLP
Contents
Page
Members' report
1
Balance sheet
2 - 3
Reconciliation of members' interests
4 - 5
Notes to the financial statements
6 - 9
The Guard Family LLP
Members' Report
For the year ended 31 March 2023
Page 1

The members present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the limited liability partnership is that of property investment.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Howard Guard
Sheila Guard
Thomas Guard
George Guard
Charles Guard

This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.

On behalf of the members
..............................
Howard Guard
Designated Member
The Guard Family LLP
Balance Sheet
As at 31 March 2023
Page 2
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3,500,000
3,500,000
Current assets
Debtors
4
4,039,727
3,974,324
Cash and cash equivalents
88,300
151,796
4,128,027
4,126,120
Creditors: amounts falling due within one year
5
(8,027)
(6,120)
Net current assets
4,120,000
4,120,000
Total assets less current liabilities and net assets attributable to members
7,620,000
7,620,000
Represented by:
Members' other interests
Members' capital classified as equity
7,620,000
7,620,000
7,620,000
7,620,000
Total members' interests
Amounts due from members
(3,507,016)
(3,530,358)
Members' other interests
7,620,000
7,620,000
4,112,984
4,089,642

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The Guard Family LLP
Balance Sheet (Continued)
As at 31 March 2023
Page 3
The financial statements were approved by the members and authorised for issue on 21 November 2023 and are signed on their behalf by:
21 November 2023
Howard Guard
Designated member
Limited Liability Partnership Registration No. OC387266
The Guard Family LLP
Reconciliation of Members' Interests
For the year ended 31 March 2023
Page 4
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 April 2022
7,620,000
-
7,620,000
(3,530,358)
(3,530,358)
4,089,642
Profit for the financial year available for discretionary division among members
-
161,342
161,342
-
-
161,342
Members' interests after profit for the year
7,620,000
161,342
7,781,342
(3,530,358)
(3,530,358)
4,250,984
Allocation of profit for the financial year
-
(161,342)
(161,342)
161,342
161,342
-
Drawings on account and distributions of profit
-
-
-
(138,000)
(138,000)
(138,000)
Members' interests at 31 March 2023
7,620,000
-
7,620,000
(3,507,016)
(3,507,016)
4,112,984
Amounts due to members
-
Amounts due from members, included in debtors
(3,507,016)
(3,507,016)
The Guard Family LLP
Reconciliation of Members' Interests (Continued)
For the year ended 31 March 2023
Page 5
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Members' capital
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Members' interests at 1 April 2021
7,620,000
-
7,620,000
(3,525,790)
(3,525,790)
4,094,210
Profit for the financial year available for discretionary division among members
-
177,077
177,077
-
-
177,077
Members' interests after profit for the year
7,620,000
177,077
7,797,077
(3,525,790)
(3,525,790)
4,271,287
Allocation of profit for the financial year
-
(177,077)
(177,077)
177,077
177,077
-
Drawings on account and distributions of profit
-
-
-
(181,645)
(181,645)
(181,645)
Members' interests at 31 March 2022
7,620,000
-
7,620,000
(3,530,358)
(3,530,358)
4,089,642
Amounts due to members
-
Amounts due from members, included in debtors
(3,530,358)
(3,530,358)
The Guard Family LLP
Notes to the Financial Statements
For the year ended 31 March 2023
Page 6
1
Accounting policies
Limited liability partnership information

The Guard Family LLP is a limited liability partnership incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The members have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The members believe that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.

1.3
Turnover

Turnover represents rent receivable from investment properties.

The Guard Family LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 7
1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to Members' and, where such an mount relates to current year profits, they are recognised within 'Members' remuneration charged as an expense' in arriving at the relevant year's result. Undivided amounts that are classified as equity are shown within 'Members' other interest'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests.

 

Where there exists an asset and liability component in respect of an individual member's participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

 

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The limited liability partnership has only basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

The Guard Family LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 8
2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Investment properties
£
Cost
At 1 April 2022 and 31 March 2023
3,500,000
Depreciation and impairment
At 1 April 2022 and 31 March 2023
-
Carrying amount
At 31 March 2023
3,500,000
At 31 March 2022
3,500,000

Tangible fixed assets include investment properties valued by members on an existing use open market value basis.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by members
3,507,016
3,530,358
Other debtors
532,711
442,711
Prepayments and accrued income
-
1,255
4,039,727
3,974,324
5
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
8,027
6,120
The Guard Family LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 9
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

7
Ultimate controlling party

The partnership is under the control of the designated members.

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