Registered number
OC438550
GMRD LLP
Filleted Accounts
31 July 2023
GMRD LLP
Registered number: OC438550
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,100,000 976,000
Investments 4 1,052 -
1,101,052 976,000
Current assets
Debtors 5 2,536 300
Cash at bank and in hand 14,017 16,423
16,553 16,723
Creditors: amounts falling due within one year 6 (420,840) (419,338)
Net current liabilities (404,287) (402,615)
Total assets less current liabilities 696,765 573,385
Net assets attributable to members 696,765 573,385
Represented by:
Loans and other debts due to members 8 551,298 558,228
Members' other interests
Revaluation reserve 124,000 -
Other reserves 21,467 15,157
145,467 15,157
696,765 573,385
Total members' interests
Loans and other debts due to members 8 551,298 558,228
Members' other interests 145,467 15,157
696,765 573,385
For the year ended 31 July 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 15 January 2024 and signed on their behalf by:
Geoff Morrow
Designated member
GMRD LLP
Notes to the Accounts
for the year ended 31 July 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.
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
£
Cost
At 1 August 2022 976,000
Revaluation 124,000
At 31 July 2023 1,100,000
Depreciation
At 31 July 2023 -
Net book value
At 31 July 2023 1,100,000
At 31 July 2022 976,000
4 Fixed asset investments
Other
investments
£
Cost
Additions 1,052
At 31 July 2023 1,052
5 Debtors 2023 2022
£ £
Trade debtors 1,650 -
Other debtors 886 300
2,536 300
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 411,283 412,114
Other creditors 9,557 7,224
420,840 419,338
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 412,114 412,114
412,114 412,114
Secured bank loans 412,114 412,114
[Give an indication of the nature and form of the security for the bank loans]
8 Loans and other debts due to members 2023 2022
£ £
Loans from members 551,298 558,228
Amounts falling due within one year 551,298 558,228
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
9 Revaluation reserve 2023 2022
£ £
Gain on revaluation of land and buildings 124,000 -
At 31 July 2023 124,000 -
10 Other information
GMRD LLP is a limited liability partnership incorporated in England. Its registered office is:
5 - 7 Station Road
Longfield
Kent
DA3 7QD
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