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19 September 2024
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No description of principal activity
2022-12-20
Sage Accounts Production Advanced 2023 - FRS102_2023
8,219,977
8,219,977
8,219,977
xbrli:pure
xbrli:shares
iso4217:GBP
OC445128
2022-12-20
2023-12-31
OC445128
2023-12-31
OC445128
2022-12-19
OC445128
bus:Director1
2022-12-20
2023-12-31
OC445128
bus:Director2
2022-12-20
2023-12-31
OC445128
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-20
2023-12-31
OC445128
core:AfterOneYear
2023-12-31
OC445128
core:WithinOneYear
2023-12-31
OC445128
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
OC445128
bus:SmallEntities
2022-12-20
2023-12-31
OC445128
bus:Audited
2022-12-20
2023-12-31
OC445128
bus:SmallCompaniesRegimeForAccounts
2022-12-20
2023-12-31
OC445128
bus:LimitedLiabilityPartnershipLLP
2022-12-20
2023-12-31
OC445128
bus:FullAccounts
2022-12-20
2023-12-31
REGISTERED NUMBER:
OC445128
48-52 York Street Operating LLP |
|
Filleted Financial Statements |
|
48-52 York Street Operating LLP |
|
Period from 20 December 2022 to 31 December 2023
Statement of Financial Position |
1 |
|
|
Notes to the Financial Statements |
3 |
|
|
48-52 York Street Operating LLP |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
4 |
8,219,977 |
|
|
|
Current assets
Creditors: amounts falling due within one year |
6 |
46,424 |
|
--------- |
Net current assets |
429,270 |
|
------------ |
Total assets less current liabilities |
8,649,247 |
|
|
|
Creditors: amounts falling due after more than one year |
7 |
8,649,247 |
|
------------ |
Net liabilities |
– |
|
------------ |
|
|
|
Represented by:
Loans and other debts due to members
Members' other interests
Other reserves |
– |
|
---- |
|
– |
|
---- |
|
|
Total members' interests
Amounts due from members |
(393,494) |
Loans and other debts due to members |
– |
Members' other interests |
– |
|
--------- |
|
(393,494) |
|
--------- |
|
|
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of income and retained earnings has not been delivered.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) regulations 2008) with respect to accounting records and the preparation of financial statements.
48-52 York Street Operating LLP |
|
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
members
and authorised for issue on
19 September 2024
, and are signed on their behalf by:
Bridges Property Alternatives Fund V (General Partner) LLP (in its capacity as General Partner of Bridges Property Alternatives Fund V LP |
ROK 48/52 LLP |
Designated Member |
Designated Member |
|
|
Registered number:
OC445128
48-52 York Street Operating LLP |
|
Notes to the Financial Statements |
|
Period from 20 December 2022 to 31 December 2023
The LLP is registered in England and Wales. The address of the registered office is 38 Seymour Street, London, W1H 7BP, England.
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).
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.
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 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.
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 Income Statement 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 Income Statement and are equity appropriations in the Statement of Financial Position.
Other amounts applied to members, for example 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 Income Statement 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'.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in Other Comprehensive Income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in Other Comprehensive Income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
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, in which case they are 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy).
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
|
Freehold property |
|
£ |
Cost |
|
At 20 December 2022 |
– |
Additions |
8,219,977 |
|
------------ |
At 31 December 2023 |
8,219,977 |
|
------------ |
Depreciation |
|
At 20 December 2022 and 31 December 2023 |
– |
|
------------ |
Carrying amount |
|
At 31 December 2023 |
8,219,977 |
|
------------ |
|
|
|
31 Dec 23 |
|
£ |
Other debtors |
475,694 |
|
--------- |
|
|
6.
Creditors:
amounts falling due within one year
|
31 Dec 23 |
|
£ |
Other creditors |
46,424 |
|
-------- |
|
|
7.
Creditors:
amounts falling due after more than one year
|
31 Dec 23 |
|
£ |
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest |
8,649,247 |
|
------------ |
|
|
The auditor's report dated
19 September 2024
was
unqualified
.
The senior statutory auditor was
Cathal Maneely
, for and on behalf of
Maneely Mc Cann Chartered Accountants
.
9. |
Related party transactions |
|
|
Control The Designated Members of
48-52 York Street Operating LLP
, Bridges Property Alternatives Fund V (General Partner) LLP (acting in its capacity as General Partner of Bridges Property Alternatives Fund V LLP) and ROK 48/52 LLP
, are also Designated Members of 48-52 York Street Investment LLP. Transactions During the period 48-52 York Street Operating LLP
made purchases from 48-52 York Street Investment LLP. At the period end 48-52 York Street Investment LLP was owed £8,649,247 by 48-52 York Street Operating LLP
.