Registered number
OC411992
Draycott Investments & Developments LLP
Filleted Accounts
31 May 2023
Draycott Investments & Developments LLP
Registered number: OC411992
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 8,191 2,047,132
Current assets
Debtors 4 - 103,579
Cash at bank and in hand 153,026 21,729
153,026 125,308
Creditors: amounts falling due within one year 5 (121,090) (27,017)
Net current assets 31,936 98,291
Total assets less current liabilities 40,127 2,145,423
Creditors: amounts falling due after more than one year 6 - (1,040,241)
Net assets attributable to members 40,127 1,105,182
Represented by:
Loans and other debts due to members 7 65,897 1,165,897
Members' other interests
Other reserves (25,770) (60,715)
40,127 1,105,182
Total members' interests
Loans and other debts due to members 7 65,897 1,165,897
Members' other interests (25,770) (60,715)
40,127 1,105,182
For the year ended 31 May 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 8 December 2023 and signed on their behalf by:
Matthew Stephen Cocks
Designated member
Draycott Investments & Developments LLP
Notes to the Accounts
for the year ended 31 May 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.
Investment property
Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value measured through profit and loss.
The methods and significant assumptions used to ascertain the fair value at the balance sheet date and fair vale movement in the profit for the year are as follow:
Properties are valued by the partners which are under development and construction at a fair value.
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.
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 - -
3 Investment property
Other
investments
£
Cost
At 1 June 2022 2,047,132
Additions 156,127
Disposals (2,195,068)
At 31 May 2023 8,191
Properties are held for investment purposes and as such they are not depreciated. Such properties are not held for consumption but for investment and the partners consider that to depreciate them would not give a true and fair view.
The value of the properties, which have been included at a fair value valuation and have been considered by the partners.
4 Debtors 2023 2022
£ £
Trade debtors - 100,000
VAT - 3,579
- 103,579
5 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors and accruals 121,090 27,017
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 1,040,241
7 Loans and other debts due to members 2023 2022
£ £
Members capital classified as debt 65,897 1,165,897
Amounts falling due within one year 65,897 1,165,897
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
Draycott Investments & Developments LLP is a limited liability partnership incorporated in England. Its registered office is:
Harlech Court, Bute Terrace
2nd Floor
Cardiff
CF10 2FE
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