REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
UNIT 44 LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
UNIT 44 LLP |
UNIT 44 LLP (REGISTERED NUMBER: OC359558) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Report of the Accountants | 3 |
Statement of Comprehensive Income | 4 |
Statement of Financial Position | 5 |
Notes to the Financial Statements | 7 |
UNIT 44 LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Unit 2.02 |
High Weald House |
Glovers End |
Bexhill |
East Sussex |
TN39 5ES |
UNIT 44 LLP (REGISTERED NUMBER: OC359558) |
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 and management. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £31,547 (2022 - £32,091 profit). |
MEMBERS' INTERESTS |
The members take drawings in accordance with the partnership agreement. The profits of the business are attributed firstly to meet the expenses and liabilities of the partnership, secondly to provide a contingency for future trading, thirdly to apply remuneration for those members engaged in the business and finally to allocation of profit between the partners as decided from time to time. |
This report has been prepared in accordance with the special provisions of Part 15 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 small LLPs |
ON BEHALF OF THE MEMBERS: |
UNIT 44 LLP |
REPORT OF THE ACCOUNTANTS TO THE MEMBERS OF |
UNIT 44 LLP |
In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the Limited Liability Partnership for the period ended 31 March 2023 from the accounting records and information and explanations you have given to us. |
This report is made to the Partners, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the partners that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Limited Liability Partnership and the Partners, as a body, for our work or for this report. |
We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered Accountants in England and Wales and abide by the ethical guidance laid down by the Institute relating to the compilation of financial statements. |
You have acknowledged on the Balance Sheet as at 31 March 2023 your duty to ensure that the Limited Liability Partnership has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year. |
We have not been instructed to carry out an audit of the financial statements. 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 financial statements. |
Unit 2.02 |
High Weald House |
Glovers End |
Bexhill |
East Sussex |
TN39 5ES |
UNIT 44 LLP (REGISTERED NUMBER: OC359558) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
£ | £ |
TURNOVER |
Administrative expenses |
OPERATING PROFIT and |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
UNIT 44 LLP (REGISTERED NUMBER: OC359558) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
138,320 |
127,398 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
6 |
177,366 |
166,444 |
MEMBERS' OTHER INTERESTS |
Other reserves | ( |
) | ( |
) |
138,320 | 127,398 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 6 | 177,366 | 166,444 |
Members' other interests | (39,046 | ) | (39,046 | ) |
138,320 | 127,398 |
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. |
UNIT 44 LLP (REGISTERED NUMBER: OC359558) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2023 |
The financial statements were approved by the members of the LLP and authorised for issue on |
UNIT 44 LLP (REGISTERED NUMBER: OC359558) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
UNIT 44 LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest pound. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements have been prepared on going concern basis on the basis of ongoing financial support from the members and connected companies and the continued availability of credit and banking facilities. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
In preparing the financial statements, the members are required to make estimates and judgments about the carrying amounts of assets and liabilities. The estimates and assumptions are reviewed on an ongoing basis and are based on historical experience and other factors that are considered by the members to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised. |
TURNOVER |
Turnover represents amounts invoiced for the rental of properties. |
TANGIBLE FIXED ASSETS |
Leasehold Properties 2% on cost per annum |
UNIT 44 LLP (REGISTERED NUMBER: OC359558) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the LLP's balance sheet when the LLP becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment is discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors greater than one year are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
UNIT 44 LLP (REGISTERED NUMBER: OC359558) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | TANGIBLE FIXED ASSETS |
Long |
leasehold |
£ |
Cost |
At 1 April 2022 |
and 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
6. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally with other debts due to creditors in the event of a winding up and are payable on demand. |
7. | RELATED PARTY DISCLOSURES |
Entities with common controlling parties |
2023 | 2022 |
£ | £ |
Amounts due to related parties | 269,259 | 276,780 |
Amounts charged by related party for property management fees | 12,000 | 10,000 |
Amounts charged to related parties for rent | 55,000 | 55,000 |