REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
MERIDIAN SOUTH DEVELOPMENTS LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
MERIDIAN SOUTH DEVELOPMENTS LLP |
MERIDIAN SOUTH DEVELOPMENTS LLP (REGISTERED NUMBER: OC346243) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
Page |
General Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MERIDIAN SOUTH DEVELOPMENTS LLP |
GENERAL INFORMATION |
for the year ended 31 March 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
MERIDIAN SOUTH DEVELOPMENTS LLP (REGISTERED NUMBER: OC346243) |
ABRIDGED BALANCE SHEET |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
- |
304,802 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
6 |
- |
304,802 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 6 | - | 304,802 |
Amounts due from members | (19,619 | ) | - |
(19,619 | ) | 304,802 |
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. |
MERIDIAN SOUTH DEVELOPMENTS LLP (REGISTERED NUMBER: OC346243) |
ABRIDGED 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 |
MERIDIAN SOUTH DEVELOPMENTS LLP (REGISTERED NUMBER: OC346243) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Meridian South Developments 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 the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Other income |
Rental income is generated from properties which are fully developed and held as stock with the intention to sell. Rental income is recognised in the period which it is earned. Amounts invoiced in excess of the amounts earned during the period are recognised as deferred income in creditors. |
Investment property |
During the year, a property with a cost value of £341,839 was reclassified from investment property to stock as the property was being held for development and resale rather than asset appreciation and generating rental income. During the year, the property was impaired by £100,000 due to adverse market conditions. |
Stocks and work-in-progress |
Work-in-progress is 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 relating to site development to the date of the financial statements. |
During the year, a property with a cost value of £341,839 was reclassified from investment property to stock as the property was being held for development and resale rather than for asset appreciation and generating rental income. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - |
MERIDIAN SOUTH DEVELOPMENTS LLP (REGISTERED NUMBER: OC346243) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Disposals | ( |
) |
Reclassification | (341,839 | ) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loans are secured by way of a fixed and floating charge over the properties held by the company. |
6. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members are unsecured. |
7. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the partnership was owed £280,214 (2022: £286,215) by Meridian South Limited, a company in which the designated members have joint control. |