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REGISTERED NUMBER: OC329552
Intra Urban Developments LLP
Filleted Unaudited Financial Statements
31 July 2023
Intra Urban Developments LLP
Financial Statements
Year ended 31 July 2023
Contents
Page
Members' report
1
Statement of financial position
2
Notes to the financial statements
4
Intra Urban Developments LLP
Members' Report
Year ended 31 July 2023
The members present their report and the unaudited financial statements of the LLP for the year ended 31 July 2023 .
Principal activities
The principle activity of the LLP is that of Project Management and consultancy services.
Designated members
The designated members who served the LLP during the year were as follows:
Mr Z P Hanif
Ms R Allana
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 30 July 2024 and signed on behalf of the members by:
Mr Z P Hanif
Designated Member
Registered office:
130 Brixton Hill
London
SW2 1RS
Intra Urban Developments LLP
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
19,690
24,627
Current assets
Debtors
6
96,995
92,244
Cash at bank and in hand
15
3,215
--------
--------
97,010
95,459
Creditors: amounts falling due within one year
7
113,688
116,641
---------
---------
Net current liabilities
16,678
21,182
--------
--------
Total assets less current liabilities
3,012
3,445
-------
-------
Net assets
3,012
3,445
-------
-------
Represented by:
Loans and other debts due to members
Other amounts
8
3,012
3,445
-------
-------
Members' other interests
Other reserves
-------
-------
3,012
3,445
-------
-------
Total members' interests
Amounts due from members
(14,219)
(8,002)
Loans and other debts due to members
8
3,012
3,445
Members' other interests
--------
-------
(11,207)
(4,557)
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Intra Urban Developments LLP
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the members and authorised for issue on 30 July 2024 , and are signed on their behalf by:
Mr Z P Hanif
Designated Member
Registered number: OC329552
Intra Urban Developments LLP
Notes to the Financial Statements
Year ended 31 July 2023
1.
General information
The LLP is registered in Scotland. The address of the registered office is 130 Brixton Hill, London, SW2 1RS.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investment that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of income and retained earnings and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of income and retained earnings within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Computer Equipment
-
33% straight line
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 1 (2022: 1 ).
5.
Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 August 2022 and 31 July 2023
655
59,739
13,422
73,816
----
--------
--------
--------
Depreciation
At 1 August 2022
538
35,270
13,381
49,189
Charge for the year
29
4,894
14
4,937
----
--------
--------
--------
At 31 July 2023
567
40,164
13,395
54,126
----
--------
--------
--------
Carrying amount
At 31 July 2023
88
19,575
27
19,690
----
--------
--------
--------
At 31 July 2022
117
24,469
41
24,627
----
--------
--------
--------
6.
Debtors
2023
2022
£
£
Trade debtors
57,095
57,095
Other debtors
39,900
35,149
--------
--------
96,995
92,244
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
40,065
47,501
Social security and other taxes
295
Other creditors
73,623
68,845
---------
---------
113,688
116,641
---------
---------
8.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
3,012
3,445
-------
-------
9.
Related party transactions
Mr Hanif is also a designated member of Intra Urban Property LLP. Funds were transferred to and from Intra Urban Property LLP during year and at the balance sheet date the amount owed to Intra Urban Property LLP was £52,705 (2022: £47,927). Included in the balance owed is net shared costs transferred to Intra Urban Property LLP of £5,222 (2022: £2,917) Mr Hanif is also a designated member of Apeks Developments LLP. At the balance sheet date the LLP owed £20,000 to Apeks Developments LLP (2022: £20,000). Mr Hanif is a director and a 40% shareholder in Coldspeare Ltd, a loan granted to Coldspeare Ltd in year to July 2021 of £20,000 was still outstanding at July 2023. The loan is interest free and repayable on demand.
10.
Controlling party
The limited liability partnership was under the control of Mr Zahid Hanif, a designated member, during the current period.