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Report of the Members and

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Kingsglade LLP

Kingsglade LLP (Registered number: OC346236)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 5


Kingsglade LLP

General Information
for the Year Ended 31 March 2023







DESIGNATED MEMBERS: Exel Construction Limited
J M Tanner
Mrs M L Head





REGISTERED OFFICE: 8-10 South Street
Epsom
Surrey
KT18 7PF





REGISTERED NUMBER: OC346236 (England and Wales)





ACCOUNTANTS: Williams & Co Epsom LLP
Chartered Accountants
8-10 South Street
Epsom
Surrey
KT18 7PF

Kingsglade LLP (Registered number: OC346236)

Report of the Members
for the Year Ended 31 March 2023


The members present their report with the financial statements of the LLP for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of property investment.

REVIEW OF BUSINESS
Following a review by HMRC it was agreed that the property held was trading stock. Accordingly the accounts now reflect the carrying value of the stock at 31st March 2014 together with costs incurred by a joint venture member to date.

DESIGNATED MEMBERS
The designated members during the year under review were:

Exel Construction Limited
J M Tanner
Mrs M L Head

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £NIL (2022 - £NIL profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:





Exel Construction Limited - Designated member


22 November 2023

Kingsglade LLP (Registered number: OC346236)

Income Statement
for the Year Ended 31 March 2023

2023 2022
£    £   

TURNOVER - -

Cost of sales 505 504
GROSS PROFIT 505 504

Administrative expenses (505 ) (504 )
OPERATING PROFIT and
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND
PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




-




-

Kingsglade LLP (Registered number: OC346236)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 223,911 220,656
Cash at bank 215 215
224,126 220,871
CREDITORS
Amounts falling due within one year 4 213,446 210,191
NET CURRENT ASSETS 10,680 10,680
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

10,680

10,680

LOANS AND OTHER DEBTS DUE TO
MEMBERS

5

10,680

10,680

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 5 10,680 10,680

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

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.

The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 22 November 2023 and were signed by:





Exel Construction Limited - Designated member

Kingsglade LLP (Registered number: OC346236)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

Kingsglade LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1 1
Other creditors 190,077 187,302
Loan: Tanner 10,000 10,000
Loan: Head 10,000 10,000
Accrued expenses 3,368 2,888
213,446 210,191

5. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with other company creditors.

6. RELATED PARTY DISCLOSURES

Included in other creditors is the sum of £190,077 (2022: £187,302) payable to Exel Construction Ltd a member of the LLP.