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REGISTERED NUMBER: OC424348
Boultbee Brooks (Clarendon House) Limited Liability Partnership
Unaudited Financial Statements
31 December 2023
Boultbee Brooks (Clarendon House) 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 (Clarendon House) 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 company held a property for investment purposes.
Designated members
The designated members who served the LLP during the year were as follows:
Retail Growth LLP
Boultbee Estates (No 1) Limited
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 13 September 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 (Clarendon House) Limited Liability Partnership
Statement of Comprehensive Income
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
12,631
365,350
Loss on disposal/Fair value adjustment investment property
669,044
Other operating expenses
411
155,405
--------
---------
Operating profit/(loss)
12,220
( 459,099)
Other interest receivable and similar income
2,662
877
--------
---------
Profit/(loss) for the financial year before members' remuneration and profit shares available for discretionary division among members
14,882
(458,222)
--------
---------
Boultbee Brooks (Clarendon House) Limited Liability Partnership
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Current assets
Debtors
4
12,586
32,031
Cash at bank and in hand
168,496
184,834
---------
---------
181,082
216,865
Creditors: amounts falling due within one year
5
61,875
112,540
---------
---------
Net current assets
119,207
104,325
---------
---------
Total assets less current liabilities
119,207
104,325
---------
---------
Net assets
119,207
104,325
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
14,882
Members' other interests
Members' capital classified as equity
104,325
160,716
Other reserves
(56,391)
---------
---------
119,207
104,325
---------
---------
Total members' interests
Loans and other debts due to members
14,882
Members' other interests
104,325
104,325
---------
---------
119,207
104,325
---------
---------
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 (Clarendon House) Limited Liability Partnership
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the members and authorised for issue on 13 September 2024 , and are signed on their behalf by:
L.Roberts director of designated member Boultbee Estates (NO.1) Limited
Registered number: OC424348
Boultbee Brooks (Clarendon House) 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
160,716
(56,391)
104,325
104,325
Profit for the financial year available for discretionary division among members
14,882
14,882
14,882
---------
--------
---------
----
----
---------
Members' interests after profit for the year
160,716
(41,509)
119,207
119,207
Other division of profits
(14,882)
(14,882)
14,882
14,882
Repayments of capital
Reclassifications
(56,391)
56,391
---------
--------
---------
--------
--------
---------
Balance at 31 December 2023
104,325
104,325
14,882
14,882
119,207
---------
--------
---------
--------
--------
---------
Boultbee Brooks (Clarendon House) 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
4,780,716
4,780,716
401,831
401,831
5,182,547
Loss for the financial year available for discretionary division among members
(458,222)
(458,222)
(458,222)
------------
---------
------------
---------
---------
------------
Members' interests after loss for the year
4,780,716
(458,222)
4,322,494
401,831
401,831
4,724,325
Other division of profits
401,831
401,831
(401,831)
(401,831)
Repayments of capital
(4,620,000)
(4,620,000)
(4,620,000)
Reclassifications
------------
---------
------------
---------
---------
------------
Balance at 31 December 2022
160,716
(56,391)
104,325
104,325
------------
---------
------------
---------
---------
------------
Boultbee Brooks (Clarendon House) 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.
Going concern
The LLP has disposed of its investment property. When it has settled all amounts outstanding to creditors and collected amounts due, it will be dissolved.
Revenue recognition
Turnover represents amounts rents 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.
Boultbee Brooks (Clarendon House) Limited Liability Partnership
Notes to the Financial Statements (continued)
Year ended 31 December 2023
3. Accounting policies (continued)
Members' participation rights (continued)
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.
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'.
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.
Debtors
2023
2022
£
£
Trade debtors
9,989
10,445
Other debtors
2,597
21,586
--------
--------
12,586
32,031
--------
--------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
16,097
34,970
Other creditors
45,778
77,570
--------
---------
61,875
112,540
--------
---------
6.
Controlling party
The parent company is Boultbee Estates (NO.1) Limited whose registered office is; Formal House, 60 St Georges Place, Cheltenham, GL50 3PN.