Silverfin false 05/04/2024 06/04/2023 05/04/2024 Mr Rory Deans 14/10/2008 Dr Shona Deans 14/10/2008 03 September 2024 SO302088 2024-04-05 SO302088 bus:Director1 2024-04-05 SO302088 bus:Director2 2024-04-05 SO302088 2023-04-05 SO302088 core:CurrentFinancialInstruments 2024-04-05 SO302088 core:CurrentFinancialInstruments 2023-04-05 SO302088 core:OtherPropertyPlantEquipment 2023-04-05 SO302088 core:OtherPropertyPlantEquipment 2024-04-05 SO302088 2023-04-06 2024-04-05 SO302088 bus:FullAccounts 2023-04-06 2024-04-05 SO302088 bus:SmallEntities 2023-04-06 2024-04-05 SO302088 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 SO302088 bus:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 SO302088 bus:Director1 2023-04-06 2024-04-05 SO302088 bus:Director2 2023-04-06 2024-04-05 SO302088 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-06 2024-04-05 SO302088 core:OtherPropertyPlantEquipment 2023-04-06 2024-04-05 SO302088 2022-04-06 2023-04-05 iso4217:GBP xbrli:pure

Company No: SO302088 (Scotland)

KENFIELD PROPERTIES LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

KENFIELD PROPERTIES LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024

Contents

KENFIELD PROPERTIES LLP

BALANCE SHEET

AS AT 05 APRIL 2024
KENFIELD PROPERTIES LLP

BALANCE SHEET (continued)

AS AT 05 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 2,373 9,291
Investment property 5 875,000 875,000
877,373 884,291
Current assets
Debtors 6 243,136 282,870
Cash at bank and in hand 167,707 114,328
410,843 397,198
Creditors: amounts falling due within one year 7 ( 17,328) ( 10,601)
Net current assets 393,515 386,597
Total assets less current liabilities 1,270,888 1,270,888
Net assets attributable to members 1,270,888 1,270,888
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability 1,270,888 1,270,888
1,270,888 1,270,888
Members' other interests
0 0
1,270,888 1,270,888
Total members' interests
Amounts due from members (included in debtors) (242,620) (282,190)
Loans and other debts due to members 1,270,888 1,270,888
1,028,268 988,698

For the financial year ending 05 April 2024 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.

Members' responsibilities:

Kenfield Properties LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

The financial statements of Kenfield Properties LLP (registered number: SO302088) were approved and authorised for issue by the Board of Directors on 03 September 2024. They were signed on its behalf by:

Mr Rory Deans
Designated member
Dr Shona Deans
Designated member
KENFIELD PROPERTIES LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024
KENFIELD PROPERTIES LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kenfield Properties LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is 14 Carden Place, Aberdeen, AB10 1UR, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents rental income and recharges, excluding value added tax and is recognised when the LLP has obtained the right to consideration. Rental income is recognised on a straight line basis over the term of the lease. Recharges are recognised on an accruals basis.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line
20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' 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 payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

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 Profit and Loss Account 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'.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

2024 2023
Number Number
Average number of members during the financial year 2 2

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 06 April 2023 33,728 33,728
At 05 April 2024 33,728 33,728
Accumulated depreciation
At 06 April 2023 24,437 24,437
Charge for the financial year 6,918 6,918
At 05 April 2024 31,355 31,355
Net book value
At 05 April 2024 2,373 2,373
At 05 April 2023 9,291 9,291

5. Investment property

Investment property
£
Valuation
As at 06 April 2023 875,000
As at 05 April 2024 875,000

Valuation

The investment property was valued at 5 April 2024 by the members at its fair value of £875,000.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 1,094,100 1,094,100

6. Debtors

2024 2023
£ £
Amounts owed by members 242,620 282,190
Prepayments 516 0
Other debtors 0 680
243,136 282,870

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 7 7
Other taxation and social security 2,971 1,208
Other creditors 14,350 9,386
17,328 10,601

8. 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.