REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
SSBB LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
SSBB LLP |
SSBB LLP (REGISTERED NUMBER: OC325810) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 9 |
SSBB LLP |
General Information |
for the year ended 31 March 2023 |
Designated members: |
Registered office: |
Registered number: |
Accountants: |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
SSBB LLP (REGISTERED NUMBER: OC325810) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
and |
Net assets attributable to members | 3,619,535 | 3,868,044 |
Loans and other debts due to members | 7 | 3,619,435 | 3,867,944 |
Members' other interests |
Capital accounts | 100 | 100 |
3,619,535 | 3,868,044 |
Total members' interests |
Loans and other debts due to members | 7 | 3,619,435 | 3,867,944 |
Members' other interests | 100 | 100 |
3,619,535 | 3,868,044 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
SSBB LLP (REGISTERED NUMBER: OC325810) |
Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
SSBB LLP (REGISTERED NUMBER: OC325810) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | Statutory information |
SSBB LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
SSBB LLP (REGISTERED NUMBER: OC325810) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | Accounting policies |
Basis of preparing the financial statements |
The financial statements cover amounts and disclosures in respect of the LLP as an individual entity. |
The presentation currency is pounds sterling. |
The amounts are presented in round pounds. |
Going concern |
These financial statements have been prepared on a going concern basis. |
Financial statements are required to be prepared on a going concern basis, unless that basis is not appropriate. |
An entity is a going concern unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative to do so. |
If the going concern basis is not appropriate then the assets and liabilities would need to be stated on a break-up basis, which can entail reduced asset values and increased liabilities. |
Below is a summary of the matters considered by the members. |
Financing |
SSBB LLP had been funded by the members. |
The total members funding is shown of the face of the balance sheet. The amounts are repayable on demand, however, the members will not draw against the amount due, unless SSBB has sufficient working capital. |
Salaft Properties Ltd has indicated willingness to continue to provide sufficient finance to the SSBB LLP to enable it to pay its expenses as they fall due, should that be required. |
It is expected that the rental payments under the existing tenancies together with anticipated renewals and new tenancies will continue to be sufficient to enable the business to pay its expenses as they fall due, without the need for additional financing required from the members. |
Impact of fluctuating property values |
There are many factors that impact values, but in the long-term residential property prices have historically proven to be resilient and a good investment. Having refinanced, such that the financing is now solely from the members, any short-term reductions in property values in the next 12 months is not expected to impact the continuing financing of the business by the members. |
Ongoing profitability |
Current occupancy in SSBB's investment properties are such that the company is generating net rental profit and it is anticipated that will continue. |
The members have considered the strength of the existing tenancies, and where possible, the likelihood of existing tenants renewing their agreements. The members are confident that the accommodation offered by SSBB would attract new tenants should any of the existing tenancy agreements not be renewed. |
Members conclusion on going concern |
Having taken into consideration the foregoing, the members have concluded that it remains appropriate to adopt the going concern basis for the preparation of the financial statements, as they believe the company will continue to be in business, with neither the necessity of liquidation or requirement to cease to carrying on in business for a period of at least 12 months from the date of approval of these financial statements. |
SSBB LLP (REGISTERED NUMBER: OC325810) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | Accounting policies - continued |
Significant judgements and estimates |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is inherent estimation uncertainty in arriving at a fair value of the investment properties. The investment properties accounting policy sets out the basis of valuation. |
Turnover |
Turnover is stated net of value added tax. |
Amounts receivable from property dealing and development are recognised on completion of sale. |
Rent receivable is recognised on an accruals basis. |
Investment property |
Investment properties are shown at fair value and not depreciated. |
Fair value is the estimated amount for which the asset could be exchanged between knowledgeable, willing parties in an arm's length transaction, therefore in practice the concept is similar to open market value. |
The members' opinion of market value is used to ascertain a fair value for each investment property, having regard to the last professional market valuation. |
Gains and losses arising on changes in fair value are recognised in the income statement. |
Policy in relation to drawings on account and divisions of profit |
The wording of the partnership agreement has been interpreted by the members to mean that allocation and division of profit occurs automatically. |
Each member may receive monthly drawings from the LLP on account of their entitlement to profit in such amounts as shall be determined by the members. |
The members do not currently take monthly drawings, however where cash is required to be drawn by an individual member, the members ensure that there is sufficient funds retained in the LLP or agreed additional funding in place, before approving the drawings. |
3. | Employee information |
The average number of employees during the year was NIL (2022 - NIL). |
4. | Investment property |
Total |
£ |
Fair value |
At 1 April 2022 |
Revaluations | (250,000 | ) |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
SSBB LLP (REGISTERED NUMBER: OC325810) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
4. | Investment property - continued |
In January 2018 the investment properties were valued by professional property valuers for the lender at that time. The January 2018 professional valuation in relation to the properties that remain in the balance sheet at 31 March 2023 amounted to £3,025,000. That valuation, together with taking into account changes in tenancies and market conditions since, has been used by the members as the basis for the fair value stated in the balance sheet at 31 March 2023. |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2023 | 3,550,000 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 3,150,000 | 3,150,000 |
Investment properties were valued on an open market basis on 31 March 2023 by the members . |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Other creditors |
Accruals and deferred income |
7. | Loans and other debts due to members |
2023 | 2022 |
£ | £ |
Loans from members | 3,085,209 | 3,237,858 |
Amounts owed to members in respect of profits | 534,226 | 630,086 |
3,619,435 | 3,867,944 |
Falling due within one year | 3,619,435 | 3,867,944 |
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors. |
SSBB LLP (REGISTERED NUMBER: OC325810) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
8. | Related party disclosures |
Creditors at 31 March 2023 included £3,549 (2022: £nil) owed to a partnership in which the all members of SSBB LLP are partners. The amount is interest free and repayable on demand. |
The amounts owed to members were interest free. |
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
SSBB LLP |
The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of SSBB LLP for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the members of SSBB LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of SSBB LLP and state those matters that we have agreed to state to the members of SSBB LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SSBB LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that SSBB LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of SSBB LLP. You consider that SSBB LLP is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of SSBB LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |