REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Rose Morocco Store LLP |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Rose Morocco Store LLP |
Rose Morocco Store LLP (Registered number: OC346345) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
General Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Rose Morocco Store LLP |
General Information |
for the Year Ended 31 March 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4 The Courtyard |
Holmsted Farm |
Staplefield Road |
Haywards Heath |
RH17 5JF |
Rose Morocco Store LLP (Registered number: OC346345) |
Statement of Financial Position |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
1,089,750 |
1,105,603 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
530,164 |
546,017 |
MEMBERS' OTHER INTERESTS |
Fair value reserve |
1,089,750 | 1,105,603 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 530,164 | 546,017 |
Members' other interests | 559,586 | 559,586 |
1,089,750 | 1,105,603 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
Rose Morocco Store LLP (Registered number: OC346345) |
Statement of Financial Position - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
Rose Morocco Store LLP (Registered number: OC346345) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Rose Morocco Store LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), Companies Act 2006 as applied by LLPs and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships, issued in July 2014. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below. |
The members have considered the potential impact of the ongoing global COVID-19 pandemic on the partnership's activities and concluded that the pandemic will continue to have an impact on the partnership's income for the next twelve months, however the members are confident that the members support will allow it to withstand such an impact and carry-on for the foreseeable future. On that basis the members are satisfied that the going concern basis of preparing the financial statements is appropriate. |
Turnover |
Turnover represents net rents receivable, excluding value added tax. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years. |
Although this accounting policy is in accordance with the applicable accounting standard, SSAP 19, Accounting for investment properties, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. |
In the opinion of the member's compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or reasonably quantified. |
Debtors and creditors receivable/payable with in one year |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
4. | INVESTMENT PROPERTY |
The members do not consider that the market value of the investment has materially changed since the last revaluation. |
Rose Morocco Store LLP (Registered number: OC346345) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2018 | 559,586 |
Cost | 540,414 |
1,100,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.3.23 | 31.3.22 |
£ | £ |
Cost | 540,414 | 540,414 |
Investment property was valued on an open market basis on 31 March 2018 by the members . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mrs A S Rose. |