Limited Liability Partnership registration number OC315842 (England and Wales)
79 ST JOHNS STREET LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
79 ST JOHNS STREET LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
79 ST JOHNS STREET LLP
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
969,371
969,371
Debtors
3
379,816
335,117
Cash at bank and in hand
26,645
22,997
1,375,832
1,327,485
Creditors: amounts falling due within one year
4
(117,582)
(95,592)
Net current assets
1,258,250
1,231,893
Creditors: amounts falling due after more than one year
5
(1,258,250)
(1,231,893)
Net assets attributable to members
-
-
Represented by:
Total members' interests
Amounts due from members
(367,887)
(332,117)
The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 October 2023 the limited liability partnership 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 limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
The financial statements were approved by the members and authorised for issue on 31 July 2024 and are signed on their behalf by:
31 July 2024
Ms H E Scanlan
Designated member
Limited Liability Partnership registration number OC315842 (England and Wales)
79 ST JOHNS STREET LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Limited liability partnership information
79 St Johns Street LLP is a limited liability partnership incorporated in England and Wales. The registered office is 9-10 Domingo Street, London, EC1Y 0TA.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Stock represents the cost of 4 residential flats owned by the LLP. The members have estimated that the total valuation of the 4 flats is £2,650,000 as at the balance sheet date. Therefore the members consider it appropriate to prepare the accounts on a going concern basis.
1.3
Stocks
Work in progress is stated at the lower of cost and net realisable value. Cost included the cost of land and buildings and development expenditure including attributable overheads and interest until completion of a development.
1.4
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2023
2022
Number
Number
Total
79 ST JOHNS STREET LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by members
367,887
332,117
Other debtors
11,929
3,000
379,816
335,117
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,681
4,295
Other creditors
114,901
91,297
117,582
95,592
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,258,250
1,231,893
The bank loan is secured by a mortgage on the company's property held as work in progress,
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
1,258,250
1,231,893
6
Loans and other debts due to members
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.