Heap Land Partnership LLP
Filleted Accounts
31 August 2023
Registered number
OC314908
Heap Land Partnership LLP
Registered number: OC314908
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 201,712 202,669
Current assets
Debtors 4 15,000 3,000
Cash at bank and in hand 15,539 12,363
30,539 15,363
Creditors: amounts falling due within one year 5 (5,653) (5,653)
Net current assets 24,886 9,710
Total assets less current liabilities 226,598 212,379
Creditors: amounts falling due after more than one year 6 (16,126) (20,715)
Net assets attributable to members 210,472 191,664
Represented by:
Loans and other debts due to members 7 187,076 173,629
Members' other interests
Other reserves 23,396 18,035
210,472 191,664
Total members' interests
Loans and other debts due to members 7 187,076 173,629
Members' other interests 23,396 18,035
210,472 191,664
For the year ended 31 August 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 11 March 2024 and signed on their behalf by:
Mr Craig Heap
Designated member
Heap Land Partnership LLP
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings over 50 years
Fixtures and fittings over 10 years
Computer equipment over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 0 0
3 Tangible fixed assets
Land and buildings Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 1 September 2022 201,312 3,693 849 205,854
At 31 August 2023 201,312 3,693 849 205,854
Depreciation
At 1 September 2022 2,116 786 283 3,185
Charge for the year 421 347 189 957
At 31 August 2023 2,537 1,133 472 4,142
Net book value
At 31 August 2023 198,775 2,560 377 201,712
At 31 August 2022 199,196 2,907 566 202,669
4 Debtors 2023 2022
£ £
Other debtors 15,000 3,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
AMC Loan 5,653 5,653
6 Creditors: amounts falling due after one year 2023 2022
£ £
AMC Loan 16,126 20,715
7 Loans and other debts due to members 2023 2022
£ £
Members capital classified as debt - 55,126
Loans from members 151,079 100,541
Amounts due to members in respect of profits 35,997 17,962
187,076 173,629
Amounts falling due within one year 187,076 173,629
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
Heap Land Partnership LLP is a limited liability partnership incorporated in England. Its registered office is:
161 Benton Park Road
Newcastle Upon Tyne
Tyne and Wear
NE7 7NB
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