Limited Liability Partnership Registration No. OC324770 (England and Wales)
YEKNAS PROPERTIES LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2023
31 May 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
YEKNAS PROPERTIES LLP
CONTENTS
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 7
YEKNAS PROPERTIES LLP
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
138,000
138,000
Current assets
Debtors
4
4,437,976
4,435,124
Cash at bank and in hand
3,486
3,486
4,441,462
4,438,610
Creditors: amounts falling due within one year
5
(1,339)
(2,355)
Net current assets
4,440,123
4,436,255
Total assets less current liabilities
4,578,123
4,574,255
Represented by:
Loans and other debts due to members within one year
Other amounts
5,533,258
5,533,258
5,533,258
5,533,258
Members' other interests
Members' capital classified as equity
1,000
1,000
Other reserves classified as equity
(956,135)
(960,003)
4,578,123
4,574,255
Total members' interests
Amounts due from members
(4,434,881)
-
Loans and other debts due to members
5,533,258
1,098,377
Members' other interests
(955,135)
(959,003)
143,242
139,374

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

YEKNAS PROPERTIES LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 2 -

For the financial year ended 31 May 2023 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 31 January 2024 and are signed on their behalf by:
31 January 2024
A Chaytow
Designated member
Limited Liability Partnership Registration No. OC324770
YEKNAS PROPERTIES LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Members' capital
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 June 2022
1,000
(960,003)
(959,003)
(4,434,881)
5,533,258
1,098,377
139,374
Profit for the financial year available for discretionary division among members
-
3,868
3,868
-
-
-
3,868
Members' interests after profit for the year
1,000
(956,135)
(955,135)
(4,434,881)
5,533,258
1,098,377
143,242
Members' interests at 31 May 2023
1,000
(956,135)
(955,135)
(4,434,881)
5,533,258
1,098,377
143,242
YEKNAS PROPERTIES LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Members' capital
Other amounts
Total
Total
2022
£
£
£
£
£
£
Members' interests at 1 June 2021
1,000
(961,637)
(960,637)
(4,434,881)
5,533,258
1,098,377
137,740
Profit for the financial year available for discretionary division among members
-
1,634
1,634
-
-
-
1,634
Members' interests after profit for the year
1,000
(960,003)
(959,003)
(4,434,881)
5,533,258
1,098,377
139,374
Members' interests at 31 May 2022
1,000
(960,003)
(959,003)
(4,434,881)
5,533,258
1,098,377
139,374
YEKNAS PROPERTIES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
1
Accounting policies
Limited liability partnership information

Yeknas Properties LLP is a limited liability partnership incorporated in England and Wales. The registered office is Lester House, 19-21 Broad Street, Bury, Lancashire, BL9 0DA.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Property rental income is recognised evenly over the period of the lease, with the value of any incentives provided recognised over the minimum period of the lease.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

1.4
Investment property

Investment property is carried at fair value determined annually by the members and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any differences in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.

YEKNAS PROPERTIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 6 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments
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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction. 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 are recognised initially at transaction price and subsequently measured at amortised cost.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
2
2
3
Investment property
2023
£
Fair value
At 1 June 2022 and 31 May 2023
138,000

The property values are determined by the members to reflect open market values at the balance sheet date. The members do not have formal qualifications in property valuations but are involved in letting of residential property in the area of the LLP's activities. The members have placed considerable reliance on the actual and expected rental yields from these properties in arriving at these values. In the event of a forced realisation of properties, the actual values achieved could be significantly different to these.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
247
243
YEKNAS PROPERTIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
4
Debtors
(Continued)
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
328
Taxation and social security
222
197
Other creditors
1,117
1,830
1,339
2,355
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

2023-05-312022-06-01false31 January 2024CCH SoftwareCCH Accounts Production 2023.300falseOC3247702022-06-012023-05-31OC3247702023-05-31OC324770bus:PartnerLLP12022-06-012023-05-31OC3247702021-06-012022-05-31OC324770bus:LimitedLiabilityPartnershipLLP2022-06-012023-05-31OC324770bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-31OC324770bus:FRS1022022-06-012023-05-31OC324770bus:AuditExemptWithAccountantsReport2022-06-012023-05-31OC324770bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:shares