Registered number
OC443475
Panda Properties (NE) LLP
Unaudited Filleted Accounts For The Period Ended
31 March 2023
Panda Properties (NE) LLP
Registered number: OC443475
Balance Sheet
as at 31 March 2023
Notes 2023
£
Fixed assets
Tangible assets 3 1,180,000
1,180,000
Current assets
Cash at bank and in hand 544
544
Creditors: amounts falling due within one year 4 (995)
Net current liabilities (451)
Total assets less current liabilities 1,179,549
Net assets attributable to members 1,179,549
Represented by:
Loans and other debts due to members 5 1,179,549
1,179,549
1,179,549
For the period ended 31 March 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 24 November 2023 and signed on their behalf by:
P Le Dune
Designated member
Panda Properties (NE) LLP
Notes to the Accounts
for the period from 12 August 2022 to 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Rental income is measured at the fair value of the rents received or receivable for the period.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life. Investment property is not depreciated.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2023
Number
Average number of persons employed by the LLP 0
3 Tangible fixed assets
Land and buildings Total
£ £
Cost
Additions 1,180,000 1,180,000
At 31 March 2023 1,180,000 1,180,000
Depreciation
Charge for the period - -
At 31 March 2023 - -
Net book value
At 31 March 2023 1,180,000 1,180,000
4 Creditors: amounts falling due within one year 2023
£
Other creditors 995
995
5 Loans and other debts due to members 2023
£
Members capital classified as debt 1,181,715
Amounts due to members in respect of profits (2,166)
1,179,549
Amounts falling due after more than one year 1,179,550
1,179,549
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
6 Other information
Panda Properties (NE) LLP is a limited liability partnership incorporated in England. Its registered office is:
20 The Chase
Rickleton Village
Washington
Tyne And Wear
NE38 9DX
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