Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr R W Hill 02/10/2020 Mr R T Hill 02/10/2020 22 November 2023 SO307049 2023-03-31 SO307049 bus:Director1 2023-03-31 SO307049 bus:Director2 2023-03-31 SO307049 2022-03-31 SO307049 core:CurrentFinancialInstruments 2023-03-31 SO307049 core:CurrentFinancialInstruments 2022-03-31 SO307049 2022-04-01 2023-03-31 SO307049 bus:FullAccounts 2022-04-01 2023-03-31 SO307049 bus:SmallEntities 2022-04-01 2023-03-31 SO307049 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SO307049 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 SO307049 bus:Director1 2022-04-01 2023-03-31 SO307049 bus:Director2 2022-04-01 2023-03-31 SO307049 2020-10-02 2022-03-31 iso4217:GBP xbrli:pure

Company No: SO307049 (Scotland)

PEABODY ESTATES LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

PEABODY ESTATES LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

PEABODY ESTATES LLP

BALANCE SHEET

AS AT 31 MARCH 2023
PEABODY ESTATES LLP

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 31.03.2023 31.03.2022
£ £
Fixed assets
Investment property 3 14,051 14,051
14,051 14,051
Current assets
Debtors 4 18,785 0
Cash at bank and in hand 5 25,886 26,847
44,671 26,847
Creditors: amounts falling due within one year 6 ( 14,340) ( 13,500)
Net current assets 30,331 13,347
Total assets less current liabilities 44,382 27,398
Net assets attributable to members 44,382 27,398
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

For the financial year ending 31 March 2023 the LLP 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.

Members' responsibilities:

The financial statements of Peabody Estates LLP (registered number: SO307049) were approved and authorised for issue by the Director on 22 November 2023. They were signed on its behalf by:

Mr R W Hill
Designated member
Mr R T Hill
Designated member
PEABODY ESTATES LLP

RECONCILIATION OF MEMBERS' INTERESTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PEABODY ESTATES LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
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.

PEABODY ESTATES LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PEABODY ESTATES LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Reporting period length

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

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

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
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

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.

2. Employees

Year ended
31.03.2023
Period from
02.10.2020 to
31.03.2022
Number Number
Monthly average number of persons employed by the LLP during the year 2 2

3. Investment property

Investment property
£
Valuation
As at 01 April 2022 14,051
As at 31 March 2023 14,051

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.

4. Debtors

31.03.2023 31.03.2022
£ £
Other debtors 18,785 0

5. Cash and cash equivalents

31.03.2023 31.03.2022
£ £
Cash at bank and in hand 25,886 26,847

6. Creditors: amounts falling due within one year

31.03.2023 31.03.2022
£ £
Other creditors 14,340 13,500

7. Related party transactions

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