REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
VNM Developments LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
VNM Developments LLP |
VNM Developments LLP (Registered number: OC378914) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
General Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
VNM Developments LLP |
General Information |
for the Year Ended 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Rectory |
Springhead Road |
Northfleet |
Kent |
DA11 8HN |
VNM Developments LLP (Registered number: OC378914) |
Abridged Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
370,640 |
349,481 |
VNM Developments LLP (Registered number: OC378914) |
Abridged Balance Sheet - continued |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
3,880 |
2,721 |
MEMBERS' OTHER INTERESTS |
Fair value reserve |
370,640 | 349,481 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 3,880 | 2,721 |
Members' other interests | 366,760 | 346,760 |
Amounts due from members | (127,151 | ) | (129,445 | ) |
243,489 | 220,036 |
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 Profit and Loss Account has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
VNM Developments LLP (Registered number: OC378914) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
VNM Developments LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Rental income from operating leases (net of any incentives given to the lessees) is recognised when the right to receive payment is established. |
Tangible fixed assets |
Motor vehicles | - |
Investment property |
Investment property has been revalued to fair value at the balance sheet date by the members based on their own research and experience. There has been no independent professional valuation undertaken during the period. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
4. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
VNM Developments LLP (Registered number: OC378914) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Revaluations | 20,000 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2017 | 304,385 |
Valuation in 2019 | (7,626 | ) |
Valuation in 2021 | 20,000 |
Valuation in 2023 | 30,000 |
Valuation in 2024 | 20,000 |
Cost | 403,241 |
770,000 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
31.3.24 | 31.3.23 |
£ | £ |
Repayable otherwise than by instalments |
Mortgage due more than 5 years |
VNM Developments LLP (Registered number: OC378914) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Mortgages | 479,521 | 479,713 |
The bank loan is secured against the properties held within investment property. |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
31.3.24 | 31.3.23 |
£ | £ |
Amounts owed to members in respect of profits | 3,880 | 2,721 |
Falling due within one year | 3,880 | 2,721 |
10. | RELATED PARTY DISCLOSURES |
During the period, the LLP repaid £3,000 of loans from companies under the control of the members. At the end of the period, the amount owed to companies under the control of the members was £43,611 (2023: £46,611). The balance is included within creditors due within one year, is free of interest and repayable on demand. |