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REGISTERED NUMBER: OC417976
Boultbee Brooks (Aztec West) Limited Liability Partnership
Unaudited Financial Statements
31 December 2023
Boultbee Brooks (Aztec West) Limited Liability Partnership
Financial Statements
Year ended 31 December 2023
Contents
Page
Members' report
1
Statement of comprehensive income
2
Statement of financial position
3
Reconciliation of members' interests
5
Notes to the financial statements
7
Boultbee Brooks (Aztec West) Limited Liability Partnership
Members' Report
Year ended 31 December 2023
The members present their report and the unaudited financial statements of the LLP for the year ended 31 December 2023 .
Principal activities
The principal activity of the company during the period was property investment.
Designated members
The designated members who served the LLP during the year were as follows:
Boultbee Estates (NO.1) LLP
Retail Growth LLP
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings when profits have been allocated to them , subject to sufficient maintenance of working capital. Drawings are determined after the end of each calendar quarter.
New members are required to subscribe a minimum level of capital and any subsequent capital requirements maybe determined by unanimous consent of the members. Withdrawal of capital maybe allowed on refinance of the investment property or upon sale.
This report was approved by the members on 30 August 2024 and signed on behalf of the members by:
L.Roberts;Director of designated member Boultbee Estates (NO.1)Limited
Registered office:
Formal House
60 St Georges Place
Cheltenham
GL50 3PN
Boultbee Brooks (Aztec West) Limited Liability Partnership
Statement of Comprehensive Income
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
783,042
617,633
Fair value adjustment investment property
685,313
( 628,432)
Other operating expenses
401,359
342,362
---------
---------
Operating (loss)/profit
4
( 303,630)
903,703
Interest payable and similar expenses
179,484
118,594
---------
---------
(Loss)/profit for the financial year before members' remuneration and profit shares available for discretionary division among members
(483,114)
785,109
---------
---------
All the activities of the LLP are from continuing operations.
Boultbee Brooks (Aztec West) Limited Liability Partnership
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
4,401,777
5,067,370
Investments
6
5
5
------------
------------
4,401,782
5,067,375
Current assets
Debtors
7
147,266
220,625
Cash at bank and in hand
276,800
116,838
---------
---------
424,066
337,463
Creditors: amounts falling due within one year
8
314,458
295,252
---------
---------
Net current assets
109,608
42,211
------------
------------
Total assets less current liabilities
4,511,390
5,109,586
Creditors: amounts falling due after more than one year
9
2,506,051
2,581,133
------------
------------
Net assets
2,005,339
2,528,453
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
10
464,743
323,137
Members' other interests
Members' capital classified as equity
4,249,247
4,229,247
Other reserves
(2,708,651)
(2,023,931)
------------
------------
2,005,339
2,528,453
------------
------------
Total members' interests
Loans and other debts due to members
10
464,743
323,137
Members' other interests
1,540,596
2,205,316
------------
------------
2,005,339
2,528,453
------------
------------
These financial statements have been prepared 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'.
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 .
Boultbee Brooks (Aztec West) Limited Liability Partnership
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the members and authorised for issue on 30 August 2024 , and are signed on their behalf by:
L.Roberts;Director of designated member Boultbee Estates (NO.1) Limited.
Registered number: OC417976
Boultbee Brooks (Aztec West) Limited Liability Partnership
Reconciliation of Members' Interests
Year ended 31 December 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
£
Balance at 1 January 2023
4,229,247
(2,023,931)
2,205,316
323,137
323,137
2,528,453
Loss for the financial year available for discretionary division among members
(483,114)
(483,114)
(483,114)
------------
------------
------------
---------
---------
------------
Members' interests after loss for the year
4,229,247
(2,507,045)
1,722,202
323,137
323,137
2,045,339
Other division of profits
(201,606)
(201,606)
201,606
201,606
Introduced by members
20,000
20,000
20,000
Drawings
(60,000)
(60,000)
(60,000)
------------
------------
------------
---------
---------
------------
Balance at 31 December 2023
4,249,247
(2,708,651)
1,540,596
464,743
464,743
2,005,339
------------
------------
------------
---------
---------
------------
Boultbee Brooks (Aztec West) Limited Liability Partnership
Reconciliation of Members' Interests (continued)
Year ended 31 December 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total 2022
£
£
£
£
£
£
Balance at 1 January 2022
4,212,247
(2,652,759)
1,559,488
251,856
251,856
1,811,344
Profit for the financial year available for discretionary division among members
785,109
785,109
785,109
------------
------------
------------
---------
---------
------------
Members' interests after profit for the year
4,212,247
(1,867,650)
2,344,597
251,856
251,856
2,596,453
Other division of profits
(156,281)
(156,281)
156,281
156,281
Introduced by members
17,000
17,000
17,000
Drawings
(85,000)
(85,000)
(85,000)
------------
------------
------------
---------
---------
------------
Balance at 31 December 2022
4,229,247
(2,023,931)
2,205,316
323,137
323,137
2,528,453
------------
------------
------------
---------
---------
------------
Boultbee Brooks (Aztec West) Limited Liability Partnership
Notes to the Financial Statements
Year ended 31 December 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Formal House, 60 St Georges Place, Cheltenham, GL50 3PN.
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.
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.
Revenue recognition
Turnover represents amounts receivable for rent,service charges and insurance stated net of Value Added Tax.
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.
Boultbee Brooks (Aztec West) Limited Liability Partnership
Notes to the Financial Statements (continued)
Year ended 31 December 2023
3. Accounting policies (continued)
Members' participation rights (continued)
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'.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Operating (loss)/profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Fair value adjustments to investment property
684,720
( 628,828)
---------
---------
5.
Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost or valuation
At 1 January 2023
5,065,000
2,933
5,067,933
Additions
19,720
19,720
Revaluations
( 684,720)
( 684,720)
------------
-------
------------
At 31 December 2023
4,400,000
2,933
4,402,933
------------
-------
------------
Depreciation
At 1 January 2023
563
563
Charge for the year
593
593
------------
-------
------------
At 31 December 2023
1,156
1,156
------------
-------
------------
Carrying amount
At 31 December 2023
4,400,000
1,777
4,401,777
------------
-------
------------
At 31 December 2022
5,065,000
2,370
5,067,370
------------
-------
------------
The investment property was valued at its open market value by a director of a member company of the parent Limited Liability Partnership at the period end. He is a member of The Royal Institute of Chartered Surveyors.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 December 2023
Aggregate cost
7,108,650
Aggregate depreciation
------------
Carrying value
7,108,650
------------
At 31 December 2022
Aggregate cost
7,088,930
Aggregate depreciation
------------
Carrying value
7,088,930
------------
6.
Investments
Other investments other than loans
£
Cost
At 1 January 2023 and 31 December 2023
5
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
5
----
At 31 December 2022
5
----
7.
Debtors
2023
2022
£
£
Trade debtors
83,221
133,139
Other debtors
64,045
87,486
---------
---------
147,266
220,625
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
68,289
77,906
Social security and other taxes
46,219
35,158
Other creditors
199,950
182,188
---------
---------
314,458
295,252
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
2,506,051
2,581,133
------------
------------
10.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
464,743
323,137
---------
---------
11.
Charges on assets
The freehold property and certain other assets are secured by a charge in favour of a lender to Boultbee Brooks (Prospect House) LLP, a related company in which C.E.Boultbee- Brooks has an interest. C.E.Boultbee- Brooks is interested in this entity by virtue of his interest in a member of the parent undertaking.
12.
Controlling party
The ultimate parent undertaking is Boultbee Estates (NO.1) Limited whose registered office is Formal House,60 St Georges Place, Cheltenham,GL50 3PN.