Limited Liability Partnership registration number OC445060 (England and Wales)
ELVICTA PARTNERS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 15 DECEMBER 2022 TO 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ELVICTA PARTNERS LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ELVICTA PARTNERS LLP
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investment property
4
5,165,000
Current assets
Debtors
5
56,787
Cash at bank and in hand
68,630
125,417
Creditors: amounts falling due within one year
6
(131,452)
Net current liabilities
(6,035)
Total assets less current liabilities and net assets attributable to members
5,158,965
Represented by:
Loans and other debts due to members within one year
7
Amounts due in respect of profits
140,592
Other amounts
5,017,372
5,157,964
Members' other interests
7
Members' capital classified as equity
1,001
5,158,965

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 period ended 31 December 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 9 August 2024 and are signed on their behalf by:
09 August 2024
Mrs Hilary Rayner
Designated member
Limited Liability Partnership registration number OC445060 (England and Wales)
ELVICTA PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Limited liability partnership information

Elvicta Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

This is the first time the LLP has presented its financial statements since its incorporation and hence the financial statements presented are for a period of more than twelve months with no comparatives.

1.2
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover represents the amounts receivable for property rental services.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

ELVICTA PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

2
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2023
Number
Total
1
3
Information in relation to members
2023
Number
Average number of members during the period
2
4
Investment property
2023
£
Fair value
At 15 December 2022
-
Additions through external acquisition
5,165,000
At 31 December 2023
5,165,000

The investment properties were acquired by the limited liability partnership on 27 February 2023.

 

In the opinion of the members, the fair value of the investment properties has not materially changed between the acquisition date and the balance sheet date.

5
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
28,652
Other debtors
28,135
56,787
ELVICTA PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
26,623
Taxation and social security
12,527
Other creditors
92,302
131,452
ELVICTA PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
7
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 15 December 2022
-
-
-
-
-
-
Profit for the period available for discretionary division among members
-
140,592
140,592
-
-
140,592
Members' interests after profit for the period
-
140,592
140,592
-
-
140,592
Allocation of profit for the period
-
(140,592)
(140,592)
140,592
140,592
-
Introduced by members
1,001
-
1,001
5,163,999
5,163,999
5,165,000
Repayment of debt (including members' capital classified as a liability)
-
-
-
(146,627)
(146,627)
(146,627)
Members' interests at 31 December 2023
1,001
-
1,001
5,157,964
5,157,964
5,158,965
Amounts due to members
5,157,964
ELVICTA PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
8
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.

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