Drift Real Estate LLP |
Registered number: |
OC397303 |
Balance Sheet |
as at 30 June 2023 |
Notes |
|
2023 |
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
326,399 |
|
326,399 |
Investments |
4 |
|
182 |
|
182 |
|
|
|
326,581 |
|
326,581 |
Current assets |
|
|
|
|
|
Debtors |
5 |
|
2,084 |
|
1,579 |
Cash at bank and in hand |
|
|
24,952 |
|
24,234 |
|
|
|
27,036 |
|
25,813 |
|
Creditors: amounts falling due within one year |
6 |
|
(8,127) |
|
(4,783) |
|
Net current assets |
|
|
18,909 |
|
21,030 |
|
|
|
|
|
|
Total assets less current liabilities |
|
|
345,490 |
|
347,611 |
|
|
Provisions for liabilities |
|
|
(13,000) |
|
(13,000) |
|
Net assets attributable to members |
332,490 |
|
334,611 |
|
|
|
|
|
|
Represented by: |
Loans and other debts due to members |
7 |
|
332,490 |
|
334,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
332,490 |
|
334,611 |
|
|
|
|
|
|
Total members' interests |
Loans and other debts due to members |
7 |
|
332,490 |
|
334,611 |
|
|
|
|
332,490 |
|
334,611 |
|
|
|
|
|
|
For the year ended 30 June 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 20 March 2024 and signed on their behalf by: |
|
Martyn Poole |
Designated member |
|
Drift Real Estate LLP |
Notes to the Accounts |
for the year ended 30 June 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 for rents and service charges. |
|
|
Division of profits |
|
Profits or Losses are treated as being available for discretionary division and are credited or debited to Members according to their agreement at the end of a particular year based on the approved final accounts. |
|
|
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. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, immaterial amounts are not provided, as follows: |
|
|
Leasehold land and buildings |
over the lease term |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
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 |
- |
- |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
At 1 July 2022 |
326,399 |
|
At 30 June 2023 |
326,399 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 30 June 2023 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2023 |
326,399 |
|
At 30 June 2022 |
326,399 |
|
|
4 |
Fixed asset investments |
|
Other |
investments |
£ |
|
Cost |
|
At 1 July 2022 |
182 |
|
|
At 30 June 2023 |
182 |
|
|
5 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Other debtors and prepayments |
2,084 |
|
1,579 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Trade creditors |
3,338 |
|
7 |
|
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest |
|
13 |
|
- |
|
Other creditors |
4,776 |
|
4,776 |
|
|
|
|
|
|
8,127 |
|
4,783 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans and other debts due to members |
2023 |
|
2022 |
£ |
£ |
|
|
Loans from members |
332,490 |
|
334,611 |
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year |
332,490 |
|
334,611 |
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up. |
|
|
8 |
Controlling party |
|
|
In both the current year and the preceding year the Limited Liability Partnership was controlled by the Members by virtue of the Limited Liability Partnership agreement. |
|
|
9 |
Other information |
|
|
Drift Real Estate LLP is a Limited Liability Partnership incorporated in England. Its registered office is: |
|
Old Stables |
|
71 Dunstans Road |
|
East Dulwich |
|
London |
|
SE22 0HD |