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Registration number: OC382283

Lincoln Plaza LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Lincoln Plaza LLP

Contents

Limited liability partnership information

1

Members' Report

2

Statement of Members' Responsibilities

3

Accountants' Report

4

Financial Statements

5 to 9

Balance Sheet

5

Statement of Changes in Members’ Interests

6

Notes to the Financial Statements

8

 

Lincoln Plaza LLP

Limited liability partnership information

Designated members

R R Sachdev

R G Sachdev
 

Members

P R C Sachdev

M H Sachdev
 

Registered office

Regent House
Allum Gate
Theobald Street
Borehamwood
Hertfordshire
WD6 4RS

Accountants

MG Audit Services Limited
Chartered Accountants and Registered Auditors
166 College Road
Harrow
Middlesex
HA1 1BH

 

Lincoln Plaza LLP

Members' Report for the Year Ended 31 March 2023

The members present their report and the unaudited financial statements for the year ended 31 March 2023.

Principal activity

The principal activity of the limited liability partnership is Property Investment, development and management.

Designated members

The members who held office during the year were as follows:

R R Sachdev

R G Sachdev

Members' drawings and the subscription and repayment of members' capital

The members' drawing policy allows each members to draw a proportion of profit share subject to cash requirements of the business.

A member's capital is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Members liabilities

The limited liability partnership has made qualifying third party indemnity provisions for the benifit of its members during the year. These provisions remain in force at the reporting date.

Going concern

On 10 July 2019 all of the trade, assets and liabilities of the partnership were sold, consequently the accounts have been prepared on a non- going concern basis as the future intention of the members is to liquidate the partnership.

Approved by the Board on 14 March 2024 and signed on its behalf by:

.........................................
R R Sachdev
Designated member

 

Lincoln Plaza LLP

Statement of Members' Responsibilities for the Year Ended 31 March 2023

The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that year. In preparing these financial statements, the members are required to:

select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business.

The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

 

Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Lincoln Plaza LLP
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Lincoln Plaza LLP for the year ended 31 March 2023 set out on pages 5 to 9 from the limited liability partnership's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the members of Lincoln Plaza LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lincoln Plaza LLP and state those matters that we have agreed to state to the members of Lincoln Plaza LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lincoln Plaza LLP and its members as a body for our work or for this report.

It is your duty to ensure that Lincoln Plaza LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and results of Lincoln Plaza LLP. You consider that Lincoln Plaza LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lincoln Plaza LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MG Audit Services Limited
Chartered Accountants and Registered Auditors
166 College Road
Harrow
Middlesex
HA1 1BH

14 March 2024

 

Lincoln Plaza LLP

(Registration number: OC382283)
Balance Sheet as at 31 March 2023

Note

2023
 £ 000

2022
 £ 000

Fixed assets

 

Tangible assets

-

-

Current assets

 

Stocks

-

-

Debtors

-

-

Cash at bank and in hand

 

-

-

 

-

-

Creditors: Amounts falling due within one year

-

-

Net current assets/(liabilities)

 

-

-

Net assets/(liabilities) attributable to members

 

-

-

For the year ending 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Lincoln Plaza LLP (registered number OC382283) were approved by the Board and authorised for issue on 14 March 2024. They were signed on behalf of the limited liability partnership by:

.........................................
R R Sachdev
Designated member

 

Lincoln Plaza LLP

Statement of Changes in Members’ Interests
At 31 March 2023

 

Equity

 

Loans and other debts due to/(from) members

 

Other reserves
£ 000

Total
£ 000

Members' other amounts
£ 000

Total
2023
 £ 000

Members' interest at 1 April 2022

-

-

-

-

Profit/(loss) for the financial year available for discretionary division among members

-

-

-

-

Members' interests after profit /(loss) for the year

-

-

-

-

Allocation of profit /(loss) for the financial year

-

-

-

-

Allocation of prior year profit/ (loss)

-

-

-

-

Introduced by members

-

-

-

-

Disposal of trade & assets

-

-

-

-

At 31 March 2023

-

-

-

-

 

Lincoln Plaza LLP

Statement of Changes in Members’ Interests
At 31 March 2023

 

Equity

 

Loans and other debts due to/(from) members

 

Other reserves
£ 000

Total
£ 000

Members' other amounts
£ 000

Total
2022
£ 000

Members' interest at 1 April 2021

-

-

-

-

Profit/(loss) for the financial year available for discretionary division among members

-

-

-

-

Members' interests after profit /(loss) for the year

-

-

-

-

Allocation of profit/ (loss) for the financial year

-

-

-

-

Allocation of prior year profit (loss)

-

-

-

-

Introduced by members

-

-

-

-

Disposal of trade & assets

-

-

-

-

At 31 March 2022

-

-

-

-

 

Lincoln Plaza LLP

Notes to the Financial Statements for the Year Ended 31 March 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Lincoln Plaza LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Going concern

On 10th July 2019 the trade, assets and liabilities of the partnership were sold to a related company, Lincoln Plaza Hotels Co Limited. On completion of transactions, the balance sheet of the Partnership shows assets of £Nil and liabilities of £Nil. The partnership therefore ceased trading at this point. It is the future intention of the members to liquidate the partnership. Consequently the members have decided that implementation of non-going concern basis of accounting is most appropriate.

Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the Balance sheet date, completion of contractual obligations is dependent on external factors ( and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such case, costs incurred up to the Balance sheet date are carried forward as work in progress.

 

Lincoln Plaza LLP

Notes to the Financial Statements for the Year Ended 31 March 2023

Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102.
A Members' participation rights including amounts subscribed or otherwise contributed by members, for example member's capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they classified as equity.

All amount due to members that are classified as liabilities are presented within ' Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within 'Members' remuneration charged as an expense' in arriving the relevant year's result. Undivided amounts that are classified as equity are shown within 'Members' other interests'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as 'Loans and other debts due to members' to the extent they exceed debts due from a specific member.

 

Taxation

The taxation payable on the profit of the LLP is the personal liability of the members during the period and accordingly, no provision is made in the accounts.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 4 (2022 - 4).

The aggregate remuneration paid during the year to the employees (including members) was £nil (2022: £nil).

3

Related party transactions

No transaction occured with members both in the current year and prior year.

Transactions with key management personnel

Key management personnel are considered to be the Partners. The Partners are also directors or officers of a number of related parties of the partnership. The Partners' services to the partnership do not occupy a significant amount of their time. As such the Partners do not consider that they have received any remuneration for their incidental services to the partnership for the years ended 31 March 2023 or 2022.