Acorah Software Products - Accounts Production 15.0.600 false true 30 December 2022 31 December 2021 false 31 December 2022 30 December 2023 30 December 2023 OC378370 Mr Andrew Reid Ms Christine Minty iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC378370 2022-12-30 OC378370 2023-12-30 OC378370 2022-12-31 2023-12-30 OC378370 frs-core:CurrentFinancialInstruments 2023-12-30 OC378370 frs-core:InvestmentPropertyIncludedWithinPPE 2023-12-30 OC378370 frs-core:InvestmentPropertyIncludedWithinPPE 2022-12-31 2023-12-30 OC378370 frs-core:InvestmentPropertyIncludedWithinPPE 2022-12-30 OC378370 frs-core:MotorVehicles 2023-12-30 OC378370 frs-core:MotorVehicles 2022-12-31 2023-12-30 OC378370 frs-core:MotorVehicles 2022-12-30 OC378370 frs-core:PlantMachinery 2023-12-30 OC378370 frs-core:PlantMachinery 2022-12-31 2023-12-30 OC378370 frs-core:PlantMachinery 2022-12-30 OC378370 frs-bus:LimitedLiabilityPartnershipLLP 2022-12-31 2023-12-30 OC378370 frs-bus:LimitedLiabilityPartnershipsSORP 2022-12-31 2023-12-30 OC378370 frs-bus:FilletedAccounts 2022-12-31 2023-12-30 OC378370 frs-bus:SmallEntities 2022-12-31 2023-12-30 OC378370 frs-bus:AuditExempt-NoAccountantsReport 2022-12-31 2023-12-30 OC378370 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-31 2023-12-30 OC378370 frs-countries:EnglandWales 2022-12-31 2023-12-30 OC378370 frs-bus:PartnerLLP1 2022-12-31 2023-12-30 OC378370 frs-bus:PartnerLLP2 2022-12-31 2023-12-30 OC378370 2021-12-30 OC378370 2022-12-30 OC378370 2021-12-31 2022-12-30 OC378370 frs-core:CurrentFinancialInstruments 2022-12-30
Registered number: OC378370
Vision Residences (Phase Two) LLP
Unaudited Financial Statements
For The Year Ended 30 December 2023
Kalculus
Chartered Accountants & Business Advisers
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: OC378370
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 6,286,173 6,892,618
6,286,173 6,892,618
CURRENT ASSETS
Debtors 5 747,982 352,518
Cash at bank and in hand 9,853 22,714
757,835 375,232
Creditors: Amounts Falling Due Within One Year 6 (172,825 ) (115,108 )
NET CURRENT ASSETS (LIABILITIES) 585,010 260,124
TOTAL ASSETS LESS CURRENT LIABILITIES 6,871,183 7,152,742
NET ASSETS ATTRIBUTABLE TO MEMBERS 6,871,183 7,152,742
REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability 1,866,090 1,866,090
1,866,090 1,866,090
Equity
Members' other interests
Other reserves 5,005,093 5,286,652
5,005,093 5,286,652
6,871,183 7,152,742
TOTAL MEMBERS' INTEREST
Amounts due from members (678,283) (315,037)
Loans and other debts due to members within one year 1,866,090 1,866,090
Members' other interests 5,005,093 5,286,652
6,192,900 6,837,705
Page 1
Page 2
For the year ending 30 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 applicable to LLPs subject to the small LLPs regime.)
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 accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
Ms Christine Minty
Designated Member
20 August 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Vision Residences (Phase Two) LLP is a limited liability partnership, incorporated in England & Wales, registered number OC378370 . The Registered Office is Moss House, 15-16 Brooks Mews, London, W1K 4DS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was as follows:
2023 2022
Office and administration 2 2
2 2
Page 3
Page 4
4. Tangible Assets
Investment Properties Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 31 December 2022 6,325,164 29,500 734,480 7,089,144
Additions 870,418 - - 870,418
Disposals (1,312,500 ) - (40,000 ) (1,352,500 )
As at 30 December 2023 5,883,082 29,500 694,480 6,607,062
Depreciation
As at 31 December 2022 - 12,906 183,620 196,526
Provided during the period - 4,148 130,215 134,363
Disposals - - (10,000 ) (10,000 )
As at 30 December 2023 - 17,054 303,835 320,889
Net Book Value
As at 30 December 2023 5,883,082 12,446 390,645 6,286,173
As at 31 December 2022 6,325,164 16,594 550,860 6,892,618
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 30,781 304
Prepayments and accrued income 16,900 17,227
Other debtors 7,667 5,575
VAT 14,351 14,375
Amounts due from members 678,283 315,037
747,982 352,518
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 71,589 66,172
Other creditors 27,784 11,486
Accruals and deferred income 73,452 37,450
172,825 115,108
Page 4