REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Godwit Haven LLP |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Godwit Haven LLP |
Godwit Haven LLP (Registered number: OC396598) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
General Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Godwit Haven LLP |
General Information |
for the Year Ended 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
28 Church Road |
Stanmore |
Middlesex |
HA7 4XR |
Godwit Haven LLP (Registered number: OC396598) |
Statement of Financial Position |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
6,095,481 |
6,079,216 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
125,495 |
69,230 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 9,569,986 | 9,609,986 |
Fair value reserve | 8 | ( |
) | ( |
) |
6,095,481 | 6,079,216 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 125,495 | 69,230 |
Members' other interests | 5,969,986 | 6,009,986 |
Amounts due from members | 5 | - | (12 | ) |
6,095,481 | 6,079,204 |
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. |
Godwit Haven LLP (Registered number: OC396598) |
Statement of Financial Position - continued |
31 March 2024 |
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 |
Godwit Haven LLP (Registered number: OC396598) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Godwit Haven LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the Uk and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
Turnover |
Income comprises rent receivable and other income from investment properties net of value added tax and is recognised on an accruals basis. Benefits provided to lessees in the form of rent free periods and capital contributions are treated as a reduction in the overall return on the lease and are recognised on a straight line basis over the full term of the lease. |
Investment property |
Initial measurement |
Investment properties are initially measured at cost. |
Subsequent measurement |
Investment properties are measured at fair value at each reporting date with changes in fair values recognised in profit or loss. No depreciation is provided in respect of investment properties. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2024 | 6,000,000 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 9,600,000 | 9,600,000 |
The investment properties were valued on an open market basis on 31 March 2024 by the members . |
Godwit Haven LLP (Registered number: OC396598) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts due from members | - | 12 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
VAT | 15,221 | 27,607 |
Other creditors |
Accruals and deferred income |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank pari passu with other unsecured creditors in the event of a winding up of the LLP. There are no restrictions on the ability of the members to reduce the amount of members’ other interests. |
8. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2023 |
and 31 March 2024 | ( |
) |
9. | RELATED PARTY DISCLOSURES |
During the year, the LLP paid Mr P Gudka £9,000 (2023: £18,000) for accountancy services. The LLP also paid Mr G E Smith £9,000 (2023: £18,000) for property consultancy services. Both, Mr P Gudka and Mr G E Smith are designated members. |
At the reporting date, the LLP was owed £35,000 (2023: £75,000) by KOP Pavement Shopping Limited, a company related by virtue of common ownership. This amount is unsecured, interest-free and repayable on demand. |