REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
SAK ASSETS LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
SAK ASSETS LLP |
SAK ASSETS LLP (REGISTERED NUMBER: OC423114) |
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 |
SAK ASSETS LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Unit 2.02 High Weald House |
Glovers End |
Bexhill |
East Sussex |
TN39 5ES |
SAK ASSETS LLP (REGISTERED NUMBER: OC423114) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
2,758,080 |
2,754,491 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
14,771 |
11,182 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 2,743,309 | 2,743,309 |
2,758,080 | 2,754,491 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 14,771 | 11,182 |
Members' other interests | 2,743,309 | 2,743,309 |
Amounts due from members | (14,643 | ) | (10,407 | ) |
2,743,437 | 2,744,084 |
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. |
SAK ASSETS LLP (REGISTERED NUMBER: OC423114) |
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 |
SAK ASSETS LLP (REGISTERED NUMBER: OC423114) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
SAK Assets LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
In preparing the financial statements, the members are required to make estimates and judgements about the carrying amounts of assets and liabilities. The estimates and assumptions are reviewed on an ongoing basis and are based on historical experience and other factors that are considered by the members to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised. |
TANGIBLE FIXED ASSETS |
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. |
FINANCIAL INSTRUMENTS |
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. |
Financial assets that are measured at cost and amortized cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognized in profit or loss. |
For financial assets measured at amortized cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
SAK ASSETS LLP (REGISTERED NUMBER: OC423114) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 April 2022 |
and 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 April 2022 |
and 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Other creditors |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
31.3.23 | 31.3.22 |
£ | £ |
Amounts owed to members in respect of profits | 14,771 | 11,182 |
Falling due within one year | 14,771 | 11,182 |