Limited Liability Partnership registration number OC318507 (England and Wales)
ABBEYLORD HOLDINGS LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ABBEYLORD HOLDINGS LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ABBEYLORD HOLDINGS LLP
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
9,070,000
9,795,000
Investments
4
51
51
9,070,051
9,795,051
Current assets
Debtors
5
7,315,567
7,003,710
Cash at bank and in hand
76,038
8,302
7,391,605
7,012,012
Creditors: amounts falling due within one year
6
(6,770,807)
(6,763,045)
Net current assets
620,798
248,967
Total assets less current liabilities and net assets attributable to members
9,690,849
10,044,018
Represented by:
Loans and other debts due to members within one year
7
Amounts due in respect of profits
9,928,443
9,928,443
Other amounts
(9,928,443)
(9,928,443)
-
-
Members' other interests
7
Members' capital classified as equity
4,112,681
3,740,850
Other reserves classified as equity
5,578,168
6,303,168
9,690,849
10,044,018
Total members' interests
7
Amounts due from members
(7,315,247)
(7,003,380)
Members' other interests
9,690,849
10,044,018
2,375,602
3,040,638

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

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.

ABBEYLORD HOLDINGS LLP
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 23 February 2024 and are signed on their behalf by:
23 February 2024
M A Phillips
Designated member
Limited Liability Partnership registration number OC318507 (England and Wales)
ABBEYLORD HOLDINGS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Limited liability partnership information

Abbeylord Holdings LLP is a limited liability partnership incorporated in England and Wales. The registered office is 73 Cornhill, London, EC3V 3QQ.

 

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable on tenancy agreements. Rental income is based on room occupancy and is invoiced to the tenants on a weekly or monthly basis. The rental income is recognised in the profit and loss account in the period to which it relates.

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.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Investment properties

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

ABBEYLORD HOLDINGS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand

Cash at bank and in hand 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.

1.7
Financial instruments

The limited liability partnership 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 limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

ABBEYLORD HOLDINGS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including other creditors and 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

1.9
Allocation of profits and drawings

Members from time to time make drawings. The level and timing of these distributions is determined by management taking into account the LLP's cash requirements. The LLP has no right to demand repayment of drawings except to the extent that they exceed the LLP's cumulative undistributed profit. Drawings are therefore treated as dividend profit and charged as an expense, except for drawings in excess of profit which are shown as a debt due from members.

 

The division among members of any residual profits for a financial period is automatic. Should the LLP make a loss, the members have no obligation to reimburse the LLP, and the loss is therefore shown as a debit balance within other reserves, classified as equity.

2
Employees

The Limited liability partnership had no employees during the year.

ABBEYLORD HOLDINGS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Investment property
2023
£
Fair value
At 1 April 2022
9,795,000
Net gains or losses through fair value adjustments
(725,000)
At 31 March 2023
9,070,000

The fair value of the investment properties has been arrived at based on a valuation carried out at year end by the members. The valuation was made on an open market value basis by reference to a valuation undertaken by a professional firm of chartered surveyors and prevailing property market prices of similar properties.

The historical cost of the revalued assets is £3,491,832 (2022: £3,491,832 ).

 

 

4
Fixed asset investments
2023
2022
£
£
Investments
51
51
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by members
7,315,247
7,003,380
Other debtors
320
330
7,315,567
7,003,710
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
6,740,007
6,732,245
Other creditors
30,800
30,800
6,770,807
6,763,045

The bank loan is secured by way of a first legal charge over the investment properties of the limited liability partnership and by way of guarantee from M A Phillips.

ABBEYLORD HOLDINGS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Reconciliation of Members' Interests
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
Other amounts
Total
Total
2023
£
£
£
£
£
Amounts due from members
(7,003,380)
Members' interests at 1 April 2022
3,740,850
6,303,168
(7,003,380)
(7,003,380)
3,040,638
Loss for the financial year available for discretionary division among members
-
(797,554)
-
-
(797,554)
Members' interests after loss for the year
3,740,850
5,505,614
(7,003,380)
(7,003,380)
2,243,084
Allocation of loss for the financial year
-
72,554
(264,101)
(264,101)
(191,547)
Other divisions of profits
191,547
-
-
-
191,547
Introduced by members
180,284
-
-
-
180,284
Drawings on account
-
-
(47,766)
(47,766)
(47,766)
Members' interests at 31 March 2023
4,112,681
5,578,168
(7,315,247)
(7,315,247)
2,375,602
Amounts due from members, included in debtors
(7,315,247)
(7,315,247)

 

8
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.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Engin Zekia FCA
Statutory Auditor:
Gerald Edelman LLP
2023-03-312022-04-01false23 February 2024CCH SoftwareCCH Accounts Production 2023.300This audit opinion is unqualifiedfalseOC3185072022-04-012023-03-31OC3185072023-03-31OC318507bus:PartnerLLP22022-04-012023-03-31OC318507bus:LimitedLiabilityPartnershipLLP2022-04-012023-03-31OC318507bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-31OC318507bus:FRS1022022-04-012023-03-31OC318507bus:Audited2022-04-012023-03-31OC318507bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:shares