Eastgate 2014 LLP OC395218 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is was that of property rental. Digita Accounts Production Advanced 6.30.9574.0 true true OC395218 2022-12-01 2023-11-30 OC395218 2023-11-30 OC395218 core:OtherReservesSubtotal 2023-11-30 OC395218 core:RevaluationReserve 2023-11-30 OC395218 core:CurrentFinancialInstruments 2023-11-30 OC395218 core:Non-currentFinancialInstruments 2023-11-30 OC395218 core:Buildings 2023-11-30 OC395218 bus:SmallEntities 2022-12-01 2023-11-30 OC395218 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 OC395218 bus:FilletedAccounts 2022-12-01 2023-11-30 OC395218 bus:PartnerLLP1 2022-12-01 2023-11-30 OC395218 bus:LimitedLiabilityPartnershipLLP 2022-12-01 2023-11-30 OC395218 core:OfficeEquipment 2022-12-01 2023-11-30 OC395218 countries:AllCountries 2022-12-01 2023-11-30 OC395218 2022-11-30 OC395218 2021-12-01 2022-11-30 OC395218 2022-11-30 OC395218 core:OtherReservesSubtotal 2022-11-30 OC395218 core:RevaluationReserve 2022-11-30 OC395218 core:CurrentFinancialInstruments 2022-11-30 OC395218 core:Non-currentFinancialInstruments 2022-11-30 iso4217:GBP xbrli:pure

Registration number: OC395218

Eastgate 2014 LLP

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 November 2023

 

Eastgate 2014 LLP

Contents

Abridged Financial Statements

1 to 9

Abridged Balance Sheet

1

Notes to the Abridged Financial Statements

3

 

Eastgate 2014 LLP

(Registration number: OC395218)
Abridged Balance Sheet as at 30 November 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

3

4,765,000

6,905,001

Current assets

 

Debtors

125,872

132,960

Cash and short-term deposits

 

45,392

27,561

 

171,264

160,521

Prepayments and accrued income

 

2,935

4,459

Creditors: Amounts falling due within one year

(2,165)

-

Net current assets

 

172,034

164,980

Total assets less current liabilities

 

4,937,034

7,069,981

Creditors: Amounts falling due after more than one year

(400,000)

(2,234,000)

Accruals and deferred income

 

(9,302)

(9,887)

Net assets attributable to members

 

4,527,732

4,826,094

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

2,300,698

2,140,090

Members’ other interests

 

Members' capital classified as equity

 

3

3

Revaluation reserve

 

1,496,727

2,525,392

Other reserves

 

730,304

160,609

 

2,227,034

2,686,004

   

4,527,732

4,826,094

Total members' interests

 

Loans and other debts due to members

 

2,300,698

2,140,090

Equity

 

2,227,034

2,686,004

   

4,527,732

4,826,094

For the year ending 30 November 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

 

Eastgate 2014 LLP

(Registration number: OC395218)
Abridged Balance Sheet as at 30 November 2023 (continued)

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Eastgate 2014 LLP (registered number OC395218) were approved by the Board and authorised for issue on 25 June 2024. They were signed on behalf of the limited liability partnership by:

.........................................
B Kfir
Designated member

 

Eastgate 2014 LLP

Notes to the Abridged Financial Statements for the Year Ended 30 November 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Eastgate 2014 LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Eastgate 2014 LLP

Notes to the Abridged Financial Statements for the Year Ended 30 November 2023 (continued)

1

Accounting policies (continued)

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Eastgate 2014 LLP

Notes to the Abridged Financial Statements for the Year Ended 30 November 2023 (continued)

1

Accounting policies (continued)

Members' interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members'and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

 

Eastgate 2014 LLP

Notes to the Abridged Financial Statements for the Year Ended 30 November 2023 (continued)

1

Accounting policies (continued)

Recognition and Measurement

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Impairment of financial assets

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

 

Eastgate 2014 LLP

Notes to the Abridged Financial Statements for the Year Ended 30 November 2023 (continued)

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2022 - 0).

 

Eastgate 2014 LLP

Notes to the Abridged Financial Statements for the Year Ended 30 November 2023 (continued)

3

Tangible fixed assets

Total
£

Cost

At 1 December 2022

6,905,360

Revaluation

(1,028,665)

Disposals

(1,111,335)

At 30 November 2023

4,765,360

Depreciation

At 1 December 2022

360

At 30 November 2023

360

Net book value

At 30 November 2023

4,765,000

At 30 November 2022

6,905,001

 

Eastgate 2014 LLP

Notes to the Abridged Financial Statements for the Year Ended 30 November 2023 (continued)

3

Tangible fixed assets (continued)

Revaluation

The fair value of the limited liability partnership's investment properties was revalued on 30 November 2023 by an independent valuer. . The name and qualification of the independent valuer are Investment property comprises of £4,765,000 (2022 - £6,905,000). The fair value of the investment property has been arrived at on the basis of a valuation carried out by members of the partnership. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
.
 

Aggregate cost
£

Aggregate carrying amount
£

Revalued assets for the year ended 30 November 2023

Investment properties

3,268,272

3,268,272

3,268,272

3,268,272

Aggregate cost
£

Aggregate carrying amount
£

Revalued assets for the year ended 30 November 2022

Investment properties

4,379,608

4,379,608

4,379,608

4,379,608

4

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.