Limited Liability Partnership registration number OC313659 (England and Wales)
TANNERS BANK PROPERTY LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TANNERS BANK PROPERTY LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
TANNERS BANK PROPERTY LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
129,716
134,882
Current assets
Debtors
4
12,000
Cash at bank and in hand
48,885
54,125
60,885
54,125
Creditors: amounts falling due within one year
5
(25,661)
(28,363)
Net current assets
35,224
25,762
Total assets less current liabilities and net assets attributable to members
164,940
160,644
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
89,693
91,779
Members' other interests
Members' capital classified as equity
33,750
33,750
Other reserves classified as equity
41,497
35,115
164,940
160,644
The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
The financial statements were approved by the members and authorised for issue on 9 September 2024 and are signed on their behalf by:
2024-09-09
Patrick Reynolds
Designated member
Limited Liability Partnership registration number OC313659 (England and Wales)
TANNERS BANK PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information
Tanners Bank Property LLP is a limited liability partnership incorporated in England and Wales. The registered office is 73 The Rise, Sevenoaks, Kent, TN13 1RL.
The limited liability partnership's principal activity is disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover represents rent receivable.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
The leasehold property is being depreciated over the period of the lease.
1.4
Impairment of fixed 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.
1.5
Financial instruments
The limited liability partnership only has financial instruments which are classified as basic financial instruments.
2
Judgements and key sources of estimation uncertainty
In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
TANNERS BANK PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 and 31 March 2024
225,000
Depreciation and impairment
At 1 April 2023
90,118
Depreciation charged in the year
5,166
At 31 March 2024
95,284
Carrying amount
At 31 March 2024
129,716
At 31 March 2023
134,882
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,000
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
25,661
28,363
6
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.