REGISTERED NUMBER: |
204 Hoxton Street LLP |
Unaudited Financial Statements |
for the Year Ended 31 August 2023 |
REGISTERED NUMBER: |
204 Hoxton Street LLP |
Unaudited Financial Statements |
for the Year Ended 31 August 2023 |
204 Hoxton Street LLP (Registered number: OC394676) |
Contents of the Financial Statements |
for the Year Ended 31 August 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
204 Hoxton Street LLP |
General Information |
for the Year Ended 31 August 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Middlesex House |
Rutherford Close |
Stevenage |
Hertfordshire |
SG1 2EF |
204 Hoxton Street LLP (Registered number: OC394676) |
Balance Sheet |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
8,737,362 |
9,002,309 |
204 Hoxton Street LLP (Registered number: OC394676) |
Balance Sheet - continued |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
- |
622,392 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 8,822,068 | 8,450,965 |
Other reserves | ( |
) | ( |
) |
8,737,362 | 9,002,309 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | - | 622,392 |
Members' other interests | 8,737,362 | 8,379,917 |
8,737,362 | 9,002,309 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
204 Hoxton Street LLP (Registered number: OC394676) |
Notes to the Financial Statements |
for the Year Ended 31 August 2023 |
1. | ACCOUNTING POLICIES |
STATUTORY INFORMATION |
204 Hoxton Street LLP is a limited liability partnership which is incorporated in England and Wales. Theaddress of its registered office is 3rd Floor, 24 Old Bond Street, London, W1S 4AP. |
The financial statements are presented in Pound's sterling (£) which is the functional currency of the LLP. |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships". |
The following principal accounting policies have been applied: |
2.2 Going concern |
The LLP is reliant upon the ongoing support of the members to fund the development of the LLP's property development activities. |
On the basis of the above, and the forecasted expenditure and development expectations, the designated members are of the opinion that the going concern basis remains appropriate and have prepared the financial statements on this basis. |
2.3 Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable. |
Revenue from sale of properties is recognised when legally binding unconditional contracts which are irrevocable are exchanged and where unconditional completion has taken place prior to the date on which the financial statements are approved. |
2.4 Stocks |
Stock is valued at the lower of cost and net realisable value. Cost comprises the cost of the purchase of the property and all subsequent development costs. |
Net realisable value is based on the estimated sales price of each development property, less all further costs expected to be incurred to the date of disposal. |
2.5 Finance costs |
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
2.6 Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
204 Hoxton Street LLP (Registered number: OC394676) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
Depreciation is provided on the following basis: |
Office equipment - 33% straight-line |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
2.7 Debtors |
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
2.8 Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
2.9 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 measured subsequently at amortised cost using the effective interest method. |
FINANCIAL INSTRUMENTS |
The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. |
Basic financial assets |
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. |
Financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities. |
204 Hoxton Street LLP (Registered number: OC394676) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
1. | ACCOUNTING POLICIES - continued |
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. |
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. |
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. |
2. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
3. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
VAT recoverable | 46,212 | 16,387 |
Prepayments and accrued income |
204 Hoxton Street LLP (Registered number: OC394676) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2023 | 2022 |
£ | £ |
Loans from members | - | 622,392 |
Falling due within one year | - | 622,392 |