0 0 false false false false false false false false false false false false false false false false false 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 11,055,000 11,055,000 11,055,000 xbrli:pure xbrli:shares iso4217:GBP OC398906 2023-01-01 2023-12-31 OC398906 2023-12-31 OC398906 2022-12-31 OC398906 2022-01-01 2022-12-31 OC398906 2022-12-31 OC398906 2021-12-31 OC398906 bus:RegisteredOffice 2023-01-01 2023-12-31 OC398906 bus:Director1 2023-01-01 2023-12-31 OC398906 bus:Director2 2023-01-01 2023-12-31 OC398906 core:WithinOneYear 2023-12-31 OC398906 core:WithinOneYear 2022-12-31 OC398906 core:AfterOneYear 2023-12-31 OC398906 core:AfterOneYear 2022-12-31 OC398906 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 OC398906 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 OC398906 bus:SmallEntities 2023-01-01 2023-12-31 OC398906 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 OC398906 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 OC398906 bus:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC398906 bus:FullAccounts 2023-01-01 2023-12-31
REGISTERED NUMBER: OC398906
Boultbee Brooks (Harrogate) Limited Liability Partnership
Unaudited Financial Statements
31 December 2023
Boultbee Brooks (Harrogate) Limited Liability Partnership
Financial Statements
Year ended 31st 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 (Harrogate) Limited Liability Partnership
Members' Report
Year ended 31st 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 year was property investment.
Designated members
The designated members who served the LLP during the year were as follows:
Retail Growth LLP
Boultbee Brooks (Harrogate 2) 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 2 September 2024 and signed on behalf of the members by:
L.Roberts;Director of a member of a designated member of Boultbee Brooks(Harrogate 2) LLP
Registered office:
Formal House
60 St Georges Place
Cheltenham
GL50 3PN
Boultbee Brooks (Harrogate) Limited Liability Partnership
Statement of Comprehensive Income
Year ended 31st December 2023
2023
2022
Note
£
£
Turnover
2,165,762
1,798,362
Fair value adjustment investment property/gain on disposal
( 75,335)
36,019
Other operating expenses
1,493,325
1,111,832
------------
------------
Operating profit
4
747,772
650,511
Other interest receivable and similar income
10,242
2,168
Interest payable and similar expenses
358,689
188,865
------------
------------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
399,325
463,814
------------
------------
All the activities of the LLP are from continuing operations.
Boultbee Brooks (Harrogate) Limited Liability Partnership
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
11,055,000
11,055,000
Current assets
Debtors
6
207,970
145,676
Cash at bank and in hand
714,124
1,000,170
---------
------------
922,094
1,145,846
Creditors: amounts falling due within one year
7
799,332
881,759
---------
------------
Net current assets
122,762
264,087
-------------
-------------
Total assets less current liabilities
11,177,762
11,319,087
Creditors: amounts falling due after more than one year
8
4,730,895
4,815,329
-------------
-------------
Net assets
6,446,867
6,503,758
-------------
-------------
Represented by:
Loans and other debts due to members
Other amounts
10
2,005,410
2,137,636
Members' other interests
Members' capital classified as equity
3,659,999
3,659,999
Other reserves
781,458
706,123
------------
------------
6,446,867
6,503,758
------------
------------
Total members' interests
Loans and other debts due to members
10
2,005,410
2,137,636
Members' other interests
4,441,457
4,366,122
------------
------------
6,446,867
6,503,758
------------
------------
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 31st 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 (Harrogate) Limited Liability Partnership
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the members and authorised for issue on 2 September 2024 , and are signed on their behalf by:
L.Roberts; Director of a member of the designated member of Boultbee Brooks (Harrogate 2) LLP
Registered number: OC398906
Boultbee Brooks (Harrogate) Limited Liability Partnership
Reconciliation of Members' Interests
Year ended 31st 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 1st January 2023
3,659,999
706,123
4,366,122
2,137,636
2,137,636
6,503,758
Profit for the financial year available for discretionary division among members
399,325
399,325
399,325
------------
------------
------------
------------
------------
------------
Members' interests after profit for the year
3,659,999
1,105,448
4,765,447
2,137,636
2,137,636
6,903,083
Other division of profits
(323,990)
(323,990)
323,990
323,990
Drawings
(456,216)
(456,216)
(456,216)
------------
------------
------------
------------
------------
------------
Balance at 31st December 2023
3,659,999
781,458
4,441,457
2,005,410
2,005,410
6,446,867
------------
------------
------------
------------
------------
------------
Boultbee Brooks (Harrogate) Limited Liability Partnership
Reconciliation of Members' Interests (continued)
Year ended 31st 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 1st January 2022
3,659,999
742,142
4,402,141
2,289,319
2,289,319
6,691,460
Profit for the financial year available for discretionary division among members
463,814
463,814
463,814
------------
------------
------------
------------
------------
------------
Members' interests after profit for the year
3,659,999
1,205,956
4,865,955
2,289,319
2,289,319
7,155,274
Other division of profits
(499,833)
(499,833)
499,833
499,833
Drawings
(651,516)
(651,516)
(651,516)
------------
------------
------------
------------
------------
------------
Balance at 31st December 2022
3,659,999
706,123
4,366,122
2,137,636
2,137,636
6,503,758
------------
------------
------------
------------
------------
------------
Boultbee Brooks (Harrogate) Limited Liability Partnership
Notes to the Financial Statements
Year ended 31st 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 rent, service charges, insurance and dilapidation income receivable 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 (Harrogate) Limited Liability Partnership
Notes to the Financial Statements (continued)
Year ended 31st 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'.
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.
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 profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Fair value adjustments to investment property
( 75,335)
36,019
--------
--------
5.
Tangible assets
Freehold property
£
Cost
At 1st January 2023 and 31st December 2023
11,055,000
-------------
Depreciation
At 1st January 2023 and 31st December 2023
-------------
Carrying amount
At 31st December 2023
11,055,000
-------------
At 31st December 2022
11,055,000
-------------
The investment property was valued at its open market value by a director of an ultimate designated member. 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 31st December 2023
Aggregate cost
11,427,390
Aggregate depreciation
-------------
Carrying value
11,427,390
-------------
At 31st December 2022
Aggregate cost
11,502,725
Aggregate depreciation
-------------
Carrying value
11,502,725
-------------
6.
Debtors
2023
2022
£
£
Trade debtors
81,337
39,098
Other debtors
126,633
106,578
---------
---------
207,970
145,676
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
84,433
84,433
Trade creditors
539,632
576,247
Other creditors
175,267
221,079
---------
---------
799,332
881,759
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,730,895
4,815,329
------------
------------
The bank loan is secured by a charge over the investment property and other assets. It is repayable within five years by instalments.
9.
Financial instruments
Financial assets and liabilities are accounted for on an amortised cost basis.
10.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
2,005,410
2,137,636
------------
------------
11.
Controlling party
The parent is Boultbee Brooks (Harrogate 2) LLP whose registered address is Formal House,60 St Georges Place,Cheltenham,GL50 3PN.