Registered number: OC380183
NORTH JOHN STREET LLP
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 4 APRIL 2023
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NORTH JOHN STREET LLP
INFORMATION
Designated Members
Golden Square Services 1 Limited
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Golden Square Services 2 Limited
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LLP registered number
OC380183
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Registered office
Parcels Building, 14 Bird Street, London, W1U 1BU
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Bankers
HSBC Bank plc, 1 Castle Street, Liverpool, L2 4SW
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NORTH JOHN STREET LLP
CONTENTS
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Members' Responsibilities Statement
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Statement of Comprehensive Income
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Reconciliation of Members' Interests
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Notes to the Financial Statements
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NORTH JOHN STREET LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 4 APRIL 2023
The members present their annual report together with the unaudited financial statements of North John Street LLP (the "LLP") for the year ended 4 April 2023.
Principal activities
The principal object of the LLP was the rental of a hotel property in Liverpool.
Designated Members
Golden Square Services 1 Limited and Golden Square Services 2 Limited were designated members of the LLP throughout the year.
Members' capital and interests
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits/(losses) are allocated and divided between members after finalisation of the financial statements.
Designated members are not entitled to drawings. In accordance with the Members' Agreement, drawings shall be made at the discretion of Ingenious Capital Management Limited ("the Operator"), the operator of the LLP.
Following a disposal of the hotel or the winding up of the LLP, any surplus assets of the LLP will be distributed amongst the members in accordance with the terms of the Members' Agreement.
No member shall be required to make any further funding available after their admission as a member (save to the extent of their liability on winding up).
Going concern
The LLP sold its investment property hotel on 3 December 2021 and the LLP is no longer trading. Once all debts are settled, the Members will consider the future of the business.
In preparing this report, the members have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the members and signed on their behalf by:
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Duncan Reid, Director of Golden Square Services 1 Limited
Designated member
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NORTH JOHN STREET LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 4 APRIL 2023
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.
In preparing these financial statements, the members are required to:
∙select suitable accounting policies for the LLP's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Limited Liability Partnership will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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NORTH JOHN STREET LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 4 APRIL 2023
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Sale of investment property
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Interest payable and similar charges
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(Loss)/profit for the year before members' remuneration and profit shares available for discretionary division among members
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There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for 2023 (2022: £nil)
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The notes on pages 7 to 10 form part of these financial statements.
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NORTH JOHN STREET LLP
REGISTERED NUMBER: OC380183
BALANCE SHEET
AS AT 4 APRIL 2023
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Debtors: amounts falling due within one year
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Cash And Cash Equivalents
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Loans and other debts due to members within one year
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Members' capital classified as equity
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The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements were approved and authorised for issue by the members and were signed on their
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NORTH JOHN STREET LLP
REGISTERED NUMBER: OC380183
BALANCE SHEET (CONTINUED)
AS AT 4 APRIL 2023
behalf by:
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Duncan Reid, Director of Golden Square Services 1 Limited
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The notes on pages 7 to 10 form part of these financial statements.
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RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 4 APRIL 2023
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EQUITY
Members' other interests
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Members' capital (classified as equity)
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Profit for the year available for discretionary division
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Loss for the year available for discretionary division
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NORTH JOHN STREET LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 4 APRIL 2023
North John Street LLP is a members limited liability partnership ("LLP") incorporated in England and Wales, UK and has a registered office address and LLP number as noted on the information page. The principal activity is as described in the members' report.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The following principal accounting policies have been applied:
The LLP sold its investment property hotel on 3 December 2021 and the LLP is no longer trading. Once all debts are settled, the Members will consider the future of the business.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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 investments 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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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NORTH JOHN STREET LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 4 APRIL 2023
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the LLP's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
There were no critical accounting judgements or key sources of estimations during the year.
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The entity has no employees other than directors.
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The average monthly number of employees, excluding directors, during the year was 0 (2022 - 0).
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Information in relation to members
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The average number of members receiving remuneration during the year was
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Income from fixed asset investments
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NORTH JOHN STREET LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 4 APRIL 2023
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Investments in subsidiary companies
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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NORTH JOHN STREET LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 4 APRIL 2023
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Related party transactions
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Golden Square Services 1 Limited and Golden Square Services 2 Limited were appointed as the designated members of the LLP on incorporation.
Ingenious Capital Management Limited acts as the operator of the LLP. The LLP incurred a £nil (2022 -£nil) Annual Management Fee payable to Ingenious Capital Management Limited. The investment asset was sold in 2022, therefore all fees and loans were paid in the year.
Golden Square Services 1 Limited and Golden Square Services 2 Limited are wholly-owned subsidiaries of Freeshire Limited, which is itself a wholly-owned subsidiary of Fernlakes Limited. The Fernlakes Limited group is under the control of P A McKenna.
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In the opinion of the members there is no controlling party.
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