REGISTERED NUMBER: |
WOODSTOCK JV LLP |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
REGISTERED NUMBER: |
WOODSTOCK JV LLP |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
WOODSTOCK JV LLP (REGISTERED NUMBER: OC439902) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
WOODSTOCK JV LLP (REGISTERED NUMBER: OC439902) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
5,457 |
3,821,725 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
5,457 |
3,821,725 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 5,457 | 3,821,725 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
WOODSTOCK JV LLP (REGISTERED NUMBER: OC439902) |
BALANCE SHEET - continued |
31 MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
WOODSTOCK JV LLP (REGISTERED NUMBER: OC439902) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Woodstock JV LLP is registered in England and Wales. The LLP's registered number and registered office address are as below: |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a break up basis as the LLP ceased trading in the period. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Members' opinion, there are no significant judgements or key sources of estimation uncertainty. |
Rental income receivable |
Rental income receivable under occupational leases is credited to profit or loss on a straight line basis over the terms of the leases. |
Investment property |
Freehold investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income. |
Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors.. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation on all the LLP's profits is solely the liability of individual members based on their agreed profit share and has not been provided within these financial statements. |
Member's remuneration and division of profits |
The members' agreement provides that all profits are required to be automatically allocated. The profits realised in the profit and loss account are allocated to respective members' current accounts in line with the members' agreement. |
WOODSTOCK JV LLP (REGISTERED NUMBER: OC439902) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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 earning 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 member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity. |
All amounts 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 at 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. |
Where there exists an asset and liability component in respect of an individual member's participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net. |
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. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the period was NIL (2022 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2022 |
Disposals | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 September 2022 |
The historical cost of the freehold investment property was £3,802,231. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
WOODSTOCK JV LLP (REGISTERED NUMBER: OC439902) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
In the event of a winding up, the amount included in "loans and other debts due to members" will rank equally with unsecured creditors. |