NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
The Ishack Family LLP is a private Limited Liability Partnership ("LLP") registered in England and Wales. Its registered office is at 2nd Floor Connaught House, 1-3 Mount Street, (Entrance Via Davies Street), London, W1K 3NB.
The Partnership was incorporated on 3 March 2021 and commenced activity on 1 April 2021.
The principal activity of the Partnership during the period was that of residential property lettings.
The Partnership's functional and presentational currency is £ sterling.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The following principal accounting policies have been applied:
Turnover represents amounts receivable from rental income and property management net of VAT.
Revenue is recognised in the period to which it relates.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short term debtors are measured at the transaction price, less any impairment.
Short term creditors are measured at the transaction price.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like other debtors and creditors. .
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The entity has no employees.
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