Company No:
Contents
Note | 31.03.2023 | 31.03.2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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14,051 | 14,051 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand | 5 |
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44,671 | 26,847 | |||
Creditors: amounts falling due within one year | 6 | (
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(
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Net current assets | 30,331 | 13,347 | ||
Total assets less current liabilities | 44,382 | 27,398 | ||
Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Members' capital classified as a liability | 1,800 | 1,800 | ||
Other amounts | 42,382 | 25,398 | ||
44,182 | 27,198 | |||
Members' other interests | ||||
Members' capital classified as equity | 200 | 200 | ||
200 | 200 | |||
44,382 | 27,398 | |||
Total members' interests | ||||
Loans and other debts due to members | 44,182 | 27,198 | ||
Members' other interests | 200 | 200 | ||
44,382 | 27,398 |
Members' responsibilities:
The financial statements of Peabody Estates LLP (registered number:
Mr R W Hill
Designated member |
Mr R T Hill
Designated member |
EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |||
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Members' capital (classified as equity) | Members' capital (classified as debt) | Other amounts | Total | Total | |
£ | £ | £ | £ | £ | |
Balance at 02 October 2020 | 0 | 0 | 0 | 0 | 0 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 0 | 25,398 | 25,398 | 25,398 |
Members' interest after result for the financial year/period | 0 | 0 | 25,398 | 25,398 | 25,398 |
Introduced by members | 200 | 1,800 | 0 | 1,800 | 2,000 |
Amounts due to members | 1,800 | 25,398 | 27,198 | ||
Balance at 31 March 2022 | 200 | 1,800 | 25,398 | 27,198 | 27,398 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 0 | 16,984 | 16,984 | 16,984 |
Members' interest after result for the financial year/period | 200 | 1,800 | 42,382 | 44,182 | 44,382 |
Amounts due to members | 1,800 | 42,382 | 44,182 | ||
Balance at 31 March 2023 | 200 | 1,800 | 42,382 | 44,182 | 44,382 |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests
Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up. There is no provision for specific legally enforceable protection afforded to creditors in such an event.
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Peabody Estates LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is 16 Royal Exchange Square, Glasgow, G1 3AG, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The previous financial statements covered a 18 month period from incorporation on 02 October 2020 to 31 March 2022. The current financial statements cover a 12 month period to 31 March 2023, therefore, the comparatives are not entirely comparable.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the LLP are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the LLP.
Year ended 31.03.2023 |
Period from 02.10.2020 to 31.03.2022 |
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Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Investment property | |
£ | |
Valuation | |
As at 01 April 2022 |
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As at 31 March 2023 |
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Valuation
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2023 by the directors. The directors have considered similar transactions in the market to arrive at the fair value.
31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Other debtors |
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31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Cash at bank and in hand |
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31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Other creditors |
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Transactions with the entity's members
31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Amounts due to key personnel | 1,800 | 1,800 | |
Amounts due to other related parties | 12,000 | 12,000 | |
Amounts due from other related parties | 18,785 | 0 |