REGISTERED NUMBER: |
Report of the Members and |
Financial Statements for the Year Ended 31st March 2024 |
for |
Norton Lakes Property LLP |
REGISTERED NUMBER: |
Report of the Members and |
Financial Statements for the Year Ended 31st March 2024 |
for |
Norton Lakes Property LLP |
Norton Lakes Property LLP (Registered number: OC313892) |
Contents of the Financial Statements |
for the Year Ended 31st March 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Abridged Statement of Financial Position | 4 |
Notes to the Financial Statements | 5 |
Norton Lakes Property LLP |
General Information |
for the Year Ended 31st March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Thorneloe House |
25 Barbourne Road |
Worcester |
Worcestershire |
WR1 1RU |
Norton Lakes Property LLP (Registered number: OC313892) |
Report of the Members |
for the Year Ended 31st March 2024 |
The members present their report with the financial statements of the LLP for the year ended 31st March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of property rental. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £462,204 (2023 - £3,012,304 profit). |
MEMBERS' INTERESTS |
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to: |
- select suitable accounting policies and apply them consistently; |
- make judgements and estimates that are reasonable and prudent; |
- 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 limited liability partnership's transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
ON BEHALF OF THE MEMBERS: |
Norton Lakes Property LLP (Registered number: OC313892) |
Income Statement |
for the Year Ended 31st March 2024 |
2024 | 2023 |
£ | £ |
TURNOVER |
Administrative expenses | ( |
) |
OPERATING PROFIT |
Interest receivable and similar income |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Norton Lakes Property LLP (Registered number: OC313892) |
Abridged Statement of Financial Position |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
6,922,875 |
6,874,827 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
5 |
6,922,875 |
6,874,827 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 5 | 6,922,875 | 6,874,827 |
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. |
The financial statements were approved by the members of the LLP and authorised for issue on |
Norton Lakes Property LLP (Registered number: OC313892) |
Notes to the Financial Statements |
for the Year Ended 31st March 2024 |
1. | STATUTORY INFORMATION |
Norton Lakes Property LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
INVESTMENT PROPERTY |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
Fair value at 31st March 2024 is represented by: |
£ |
Valuation in 2023 | 2,549,165 |
Cost | 4,450,835 |
7,000,000 |
5. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a |
winding up. |
There is no provision for specific legally enforceable protection afforded to creditors in such an event. |
There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members' other |
interests'. |