Registered number
OC307964
T & R Partnership LLP
Filleted Accounts
5 April 2024
T & R Partnership LLP
Registered number: OC307964
Balance Sheet
as at 5 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,118,277 2,184,277
Current assets
Debtors 4 10,082 10,107
Cash at bank and in hand 22,802 40,343
32,884 50,450
Creditors: amounts falling due within one year 5 (2,125) (1,460)
Net current assets 30,759 48,990
Total assets less current liabilities 2,149,036 2,233,267
Net assets attributable to members 2,149,036 2,233,267
Represented by:
Loans and other debts due to members 6 511,345 531,606
Members' other interests
Revaluation reserve 1,637,691 1,701,661
2,149,036 2,233,267
Total members' interests
Loans and other debts due to members 6 511,345 531,606
Members' other interests 1,637,691 1,701,661
2,149,036 2,233,267
For the year ended 5 April 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 11 July 2024 and signed on their behalf by:
T S B Marlow R Sandford
Designated members
T & R Partnership LLP
Notes to the Accounts
for the year ended 5 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets consist of freehold properties and have been valued by the partners. The freehold properties are not owned by T&R Partnership LLP, but by the partners.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 6 April 2023 2,184,277
Disposals (66,000)
At 5 April 2024 2,118,277
Depreciation
At 5 April 2024 -
Net book value
At 5 April 2024 2,118,277
At 5 April 2023 2,184,277
4 Debtors 2024 2023
£ £
Trade debtors 7,899 7,947
Other debtors 2,183 2,160
10,082 10,107
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,250 1,250
Other creditors 875 210
2,125 1,460
6 Loans and other debts due to members 2024 2023
£ £
Members capital classified as debt 531,606 531,834
Amounts due to members in respect of profits (20,261) (228)
511,345 531,606
Amounts falling due within one year 511,345 531,606
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Revaluation reserve 2024 2023
£ £
At 6 April 2023 1,701,661 1,701,661
Other movements (63,970) -
At 5 April 2024 1,637,691 1,701,661
8 Controlling party
The Entity is controlled by its designated members.
9 Other information
T & R Partnership LLP is a limited liability partnership incorporated in England. Its registered office is:
9 Darwell Close
St Leonards on Sea
East Sussex
TN38 9TN
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