0 false false false false false false false false false false false false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP OC416745 2023-04-01 2024-03-31 OC416745 2024-03-31 OC416745 2023-03-31 OC416745 2022-04-01 2023-03-31 OC416745 2023-03-31 OC416745 2022-03-31 OC416745 core:FurnitureFittings 2023-04-01 2024-03-31 OC416745 bus:Director1 2023-04-01 2024-03-31 OC416745 core:FurnitureFittings 2023-03-31 OC416745 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 OC416745 core:FurnitureFittings 2024-03-31 OC416745 core:AfterOneYear 2024-03-31 OC416745 core:AfterOneYear 2023-03-31 OC416745 core:WithinOneYear 2024-03-31 OC416745 core:WithinOneYear 2023-03-31 OC416745 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 OC416745 core:FurnitureFittings 2023-03-31 OC416745 bus:SmallEntities 2023-04-01 2024-03-31 OC416745 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC416745 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC416745 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC416745 bus:FullAccounts 2023-04-01 2024-03-31
REGISTERED NUMBER: OC416745
Lone Star Partners LLP
Filleted Unaudited Financial Statements
31 March 2024
Lone Star Partners LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
1,580,206
1,581,678
Current assets
Debtors
5
10,818
17,679
Cash at bank and in hand
4,540
4,240
--------
--------
15,358
21,919
Creditors: amounts falling due within one year
6
583
556
--------
--------
Net current assets
14,775
21,363
------------
------------
Total assets less current liabilities
1,594,981
1,603,041
Creditors: amounts falling due after more than one year
7
1,006,119
1,006,119
------------
------------
Net assets
588,862
596,922
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
8
588,862
596,922
---------
---------
Members' other interests
Other reserves
---------
---------
588,862
596,922
---------
---------
Total members' interests
Amounts due from members
(10,228)
(17,679)
Loans and other debts due to members
8
588,862
596,922
Members' other interests
---------
---------
578,634
579,243
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Lone Star Partners LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 8 August 2024 , and are signed on their behalf by:
Mr B Reich
Designated Member
Registered number: OC416745
Lone Star Partners LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 285 Goldhawk Road, London, W12 8EU.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
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 earnings 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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is is discretionary on the part of the LLP.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
4.
Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
1,573,498
17,171
1,590,669
------------
--------
------------
Depreciation
At 1 April 2023
8,991
8,991
Charge for the year
1,472
1,472
------------
--------
------------
At 31 March 2024
10,463
10,463
------------
--------
------------
Carrying amount
At 31 March 2024
1,573,498
6,708
1,580,206
------------
--------
------------
At 31 March 2023
1,573,498
8,180
1,581,678
------------
--------
------------
5.
Debtors
2024
2023
£
£
Trade debtors
590
Other debtors
10,228
17,679
--------
--------
10,818
17,679
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
583
556
----
----
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,006,119
1,006,119
------------
------------
8.
Loans and other debts due to members
2024
2023
£
£
Other amounts
588,862
596,922
---------
---------