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REGISTERED NUMBER: OC373518
Beacon Property Capital LLP
Filleted Unaudited Financial Statements
31 December 2023
Beacon Property Capital LLP
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Beacon Property Capital LLP
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Current assets
Stocks
1,957
Cash at bank and in hand
3,930
1,445
-------
-------
5,887
1,445
Creditors: amounts falling due within one year
6
5,042
600
-------
-------
Net current assets
845
845
----
----
Total assets less current liabilities
845
845
----
----
Net assets
845
845
----
----
Represented by:
Loans and other debts due to members
Other amounts
7
845
845
----
----
Members' other interests
Other reserves
----
----
845
845
----
----
Total members' interests
Loans and other debts due to members
7
845
845
Members' other interests
----
----
845
845
----
----
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 comprehensive income has not been delivered.
For the year ending 31 December 2023 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 .
Beacon Property Capital LLP
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the members and authorised for issue on 13 August 2024 , and are signed on their behalf by:
D C Cuff
Designated Member
Registered number: OC373518
Beacon Property Capital LLP
Notes to the Financial Statements
Year ended 31 December 2023
1.
General information
The LLP is registered in United Kingdom. The address of the registered office is 3 Hampstead West, 224 Iverson Road, London, NW6 2HX, England.
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.
Principle activity
The principal activity of the company during the year was property trading and development.
4.
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.
Going concern
The members confirm that they will continue to make available sufficient funding as required to ensure the LLP retains sufficient working capital to continue trading for the foreseeable future. As such, the members have concluded that there are no significant doubts about the LLP's ability to continue as a going concern. Accordingly, the financial statements have been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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 discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Stocks
Stock is valued at the lower of cost plus attributable overheads and net realisable value on a property by property basis.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
5.
Employee numbers
During the current and previous year, excluding members, the LLP had no employees.
6. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
5,042
600
-------
----
7.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
845
845
----
----
8.
Related party transactions
At the year end, the company owed £4,442 (2022: £Nil) to a company associated by common control.