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REGISTERED NUMBER: OC402220
Lenagh Homes Developments LLP
Filleted Unaudited Financial Statements
31 March 2023
Lenagh Homes Developments LLP
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,008,506
561,960
Current assets
Stocks
14,420
226,795
Debtors
6
398,634
89,079
Cash at bank and in hand
127,187
13,105
---------
---------
540,241
328,979
Creditors: amounts falling due within one year
7
348,284
142,497
---------
---------
Net current assets
191,957
186,482
------------
---------
Total assets less current liabilities
1,200,463
748,442
Creditors: amounts falling due after more than one year
8
522,427
134,800
------------
---------
Net assets
678,036
613,642
------------
---------
Represented by:
Loans and other debts due to members
Other amounts
9
678,036
613,642
---------
---------
Members' other interests
Other reserves
---------
---------
678,036
613,642
---------
---------
Total members' interests
Loans and other debts due to members
9
678,036
613,642
Members' other interests
---------
---------
678,036
613,642
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Lenagh Homes Developments LLP
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the members and authorised for issue on 31 October 2023 , and are signed on their behalf by:
Mr D Lenagh
Designated Member
Registered number: OC402220
Lenagh Homes Developments LLP
Notes to the Financial Statements
Year ended 31 March 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Orchard End, Bishops Drive, Southwell, Nottingham, NG25 0JP.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied services rendered and hire of plant, stated net of discounts and of Value Added Tax.
Members' participation rights
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
20% straight line
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial Assets Basic financial assets, including trade and other receivables, debtors and cash and bank balances, are recognised and carried forward at transaction price. Financial assets are derecognised when: (a) The contractual rights to the cash flows from the asset expire or are settled; (b) Substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) Control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities Basic financial liabilities, including trade and other liabilities and loans from third parties are initially recognised and carried forward at transaction price. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. The company has only financial assets and financial liabilities of a kind that qualify as a basic financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently measured at their settlement value.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 2 (2022: 1 ).
5.
Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
25,060
770,423
23,200
3,236
821,919
Additions
687,080
21,000
708,080
Disposals
( 206,389)
( 206,389)
--------
------------
--------
-------
------------
At 31 March 2023
25,060
1,251,114
44,200
3,236
1,323,610
--------
------------
--------
-------
------------
Depreciation
At 1 April 2022
9,260
230,755
17,810
2,134
259,959
Charge for the year
5,012
88,458
6,597
725
100,792
Disposals
( 45,647)
( 45,647)
--------
------------
--------
-------
------------
At 31 March 2023
14,272
273,566
24,407
2,859
315,104
--------
------------
--------
-------
------------
Carrying amount
At 31 March 2023
10,788
977,548
19,793
377
1,008,506
--------
------------
--------
-------
------------
At 31 March 2022
15,800
539,668
5,390
1,102
561,960
--------
------------
--------
-------
------------
Finance leases and hire purchase contracts Included within the carrying value of tangible assets is £791,891(2022:£291,975)relating to assets held under finance lease or hire purchase agreements.
6.
Debtors
2023
2022
£
£
Trade debtors
311,350
51,464
Other debtors
87,284
37,615
---------
--------
398,634
89,079
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
116,897
41,315
Social security and other taxes
20,637
13,529
Other creditors
210,750
87,653
---------
---------
348,284
142,497
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
522,427
134,800
---------
---------
Finance leases or hire purchase instalments due after more than one year £572,427 (2022:£134,800).
9.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
678,036
613,642
---------
---------
10.
Related party transactions
The LLP received £564,510 for construction services supplied to Lenagh Plant Hire LLP, a LLP controlled by the partners.