Registered number
OC428289
KINGS OAK ADDISON ESTATE LLP
Filleted Accounts
31 July 2023
KINGS OAK ADDISON ESTATE LLP
Registered number: OC428289
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 3,417,972 3,402,178
Current assets
Debtors 4 69,676 28,246
Cash at bank and in hand 4,701 36,584
74,377 64,830
Creditors: amounts falling due within one year 6 (971,879) (905,820)
Net current liabilities (897,502) (840,990)
Total assets less current liabilities 2,520,470 2,561,188
Creditors: amounts falling due after more than one year 7 (1,778,000) (1,778,000)
Net assets attributable to members 742,470 783,188
Represented by:
Members' other interests
Revaluation reserve 700,000 -
Other reserves 42,470 783,188
742,470 783,188
742,470 783,188
Total members' interests
Members' other interests 742,470 783,188
742,470 783,188
For the year ended 31 July 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 9 April 2024 and signed on their behalf by:
Kana Addison Ltd
Designated member
KINGS OAK ADDISON ESTATE LLP
Notes to the Accounts
for the year ended 31 July 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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, as follows:
Plant and machinery 20% on reducing balance
Fixtures, fittings, tools and equipment 20% on reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 0 0
3 Fixed asset investments
Other
investments
£
Cost
At 1 August 2022 3,402,178
Additions 15,794
At 31 July 2023 3,417,972
4 Debtors 2023 2022
£ £
Trade debtors 43,849 16,567
Other debtors 25,827 11,679
69,676 28,246
5 Investments held as current assets 2023 2022
£ £
Fair value
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Unlisted investments - 700,000
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 10,581 5,625
Other taxes and social security costs 4,939 6,294
Other creditors 956,359 893,901
971,879 905,820
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,778,000 1,778,000
8 Revaluation reserve 2023 2022
£ £
At 1 August 2022 700,000 -
At 31 July 2023 700,000 -
9 Other information
KINGS OAK ADDISON ESTATE LLP is a limited liability partnership incorporated in England. Its registered office is:
52 High Street
Harrow
HA1 2LL
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