REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ASD PROPERTY SOLUTIONS LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ASD PROPERTY SOLUTIONS LLP |
ASD PROPERTY SOLUTIONS LLP (REGISTERED NUMBER: OC370575) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ASD PROPERTY SOLUTIONS LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
ASD PROPERTY SOLUTIONS LLP (REGISTERED NUMBER: OC370575) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
2,279,024 |
2,501,226 |
ASD PROPERTY SOLUTIONS LLP (REGISTERED NUMBER: OC370575) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
2,279,024 |
1,280,469 |
MEMBERS' OTHER INTERESTS |
Capital accounts | - | 1,220,757 |
2,279,024 | 2,501,226 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 2,279,024 | 1,280,469 |
Members' other interests | - | 1,220,757 |
2,279,024 | 2,501,226 |
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 Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
ASD PROPERTY SOLUTIONS LLP (REGISTERED NUMBER: OC370575) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
ASD Property Solutions 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. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
No significant judgements have had to be made by management in preparing these financial statements. |
There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Loans to |
other |
participating |
interests |
£ |
At 1 January 2023 |
New in year | ( |
) |
At 31 December 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
ASD PROPERTY SOLUTIONS LLP (REGISTERED NUMBER: OC370575) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2016 | 214,000 |
Valuation in 2022 | 885,953 |
Cost | 1,225,047 |
2,325,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,525,047 | 1,525,047 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 336,360 | 363,492 |
ASD PROPERTY SOLUTIONS LLP (REGISTERED NUMBER: OC370575) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | FINANCIAL INSTRUMENTS |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties. |
Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Amounts shown as due as loans and other debts due to members rank pari pasu in relation to other creditors in the event of winding up. |