General Information
Fourkeys (Wallingford) LLP is a limited liability partnership, registered in England and Wales, registration number OC418559, registration address 23 St Lucians Lane, Wallingford, Oxfordshire, OX10 9ER.
The presentation currency is £ sterling.
1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The members believe that the partnership is experiencing good levels of rental income and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the partnership has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover represents net rental income. Turnover is recognised when the LLP obtains the right to consideration.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Creditors
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 subsequently measured at amortised costs using the effective interest method.
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2. |
Average number of employees
Average number of employees during the year was 2 (2023 : 2).
|
3. |
Tangible fixed assets
Cost or valuation |
Investment properties |
|
Total |
|
£ |
|
£ |
At 01 April 2023 |
3,715,000 |
|
3,715,000 |
Additions |
- |
|
- |
Disposals |
- |
|
- |
At 31 March 2024 |
3,715,000 |
|
3,715,000 |
Depreciation |
At 01 April 2023 |
- |
|
- |
Charge for year |
- |
|
- |
On disposals |
- |
|
- |
At 31 March 2024 |
- |
|
- |
Net book values |
Closing balance as at 31 March 2024 |
3,715,000 |
|
3,715,000 |
Opening balance as at 01 April 2023 |
3,715,000 |
|
3,715,000 |
The investment properties have been valued by the members at 31 March 2024 on an open market basis.
|
4. |
Creditors: amount falling due within one year
|
2024 £ |
|
2023 £ |
Accrued Expenses |
33,094 |
|
33,332 |
Other Creditors |
0 |
|
36,943 |
|
33,094 |
|
70,275 |
|
5. |
Creditors: amount falling due after more than one year
|
2024 £ |
|
2023 £ |
Other Creditors |
3,715,000 |
|
3,715,000 |
|
3,715,000 |
|
3,715,000 |
|
2
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