REGISTERED NUMBER: |
BAXTER AND SHIPLEY LLP |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
BAXTER AND SHIPLEY LLP |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
BAXTER AND SHIPLEY LLP (REGISTERED NUMBER: OC306042) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BAXTER AND SHIPLEY LLP |
General Information |
for the year ended 31 March 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
BAXTER AND SHIPLEY LLP (REGISTERED NUMBER: OC306042) |
Balance Sheet |
31 March 2023 |
31/3/23 | 31/3/22 |
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 | 6,641,889 | 6,334,419 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
6,641,889 |
6,334,419 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 6,641,889 | 6,334,419 |
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. |
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 Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
BAXTER AND SHIPLEY LLP (REGISTERED NUMBER: OC306042) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Baxter and Shipley 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 |
Significant judgements and estimates |
Investment Properties |
The value of the properties is assessed by the members at each reporting date using publicly available market evidence comprising primarily of values of comparable properties in the area and national market statistics. However, it is inherently difficult to assess the true market value of the properties without actively marketing the properties for sale. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
The LLP's properties are held for long-term investment and depreciation is not provided in respect of such properties. At the balance sheet date, the investment properties are included at their fair value. This policy represents a departure from the statutory accounting principles, which require depreciation to be provided on all fixed assets. The members consider that this policy is necessary in order that the financial statements may give a true and fair view. |
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 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The members consider that at the balance sheet date, the value of investment property is not materially different to its original purchase price and therefore the property is included in these financial statements at that amount being an approximation of its fair value given reference to external factors such as current rental yields and similar properties in the local area. |
Any gain or loss arising from a change in fair value is recognised in profit or loss in that accounting period. |
BAXTER AND SHIPLEY LLP (REGISTERED NUMBER: OC306042) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Trade debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Taxation and social security |
Other creditors |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Amounts due to members rank equally to other creditors who are unsecured in the event of a winding up. There is no protection afforded to other creditors in such an event. There are no restrictions or limitations in respect of the ability of the members to reduce the amount of members other interests. |
8. | RELATED PARTY DISCLOSURES |
During the year the LLP paid management charges of £39,300 (2022: £38,000) to Shipley Estates Limited, a company of which H J Shipley is a director and £25,000 (2022: £25,000) to D F Baxter Holdings Limited. |