REGISTERED NUMBER:
OC441448
48-52 York Street Investment LLP |
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Filleted Financial Statements |
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48-52 York Street Investment LLP |
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Statement of Financial Position |
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31 March 2024
Current assets
Stocks |
4,762,848 |
4,788,571 |
Debtors |
4 |
8,725,241 |
121,285 |
Cash at bank and in hand |
609 |
739 |
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13,488,698 |
4,910,595 |
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Creditors: amounts falling due within one year |
5 |
3,089,953 |
42,019 |
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Net current assets |
10,398,745 |
4,868,576 |
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Total assets less current liabilities |
10,398,745 |
4,868,576 |
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Net assets |
10,398,745 |
4,868,576 |
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Represented by:
Loans and other debts due to members
Other amounts |
6 |
10,398,745 |
4,868,576 |
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Members' other interests
Other reserves |
– |
– |
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10,398,745 |
4,868,576 |
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Total members' interests
Loans and other debts due to members |
6 |
10,398,745 |
4,868,576 |
Members' other interests |
– |
– |
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10,398,745 |
4,868,576 |
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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 Investment LLP |
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Statement of Financial Position (continued) |
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31 March 2024
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 |
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Registered number:
OC441448
48-52 York Street Investment LLP |
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Notes to the Financial Statements |
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Year ended 31 March 2024
The LLP is registered in England and Wales. The address of the registered office is 38 Seymour Street, London, WH1 7BP.
2. |
Statement of compliance |
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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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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'.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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. 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.
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.
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2024 |
2023 |
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£ |
£ |
Amounts owed by group undertakings and undertakings in which the LLP has a participating interest |
8,700,847 |
– |
Other debtors |
24,394 |
121,285 |
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8,725,241 |
121,285 |
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The debtors above include the following amounts falling due after more than one year:
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2024 |
2023 |
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£ |
£ |
Amounts owed by group undertakings and undertakings in which the LLP has a participating interest |
8,700,847 |
– |
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5.
Creditors:
amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
Trade creditors |
2,133,100 |
38,419 |
Other creditors |
956,853 |
3,600 |
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3,089,953 |
42,019 |
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6. |
Loans and other debts due to members |
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|
|
2024 |
2023 |
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£ |
£ |
Amounts owed to members in respect of profits |
10,398,745 |
4,868,576 |
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The auditor's report dated
19 September 2024
was
unqualified
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The senior statutory auditor was
Cathal Maneely
, for and on behalf of
Maneely Mc Cann Chartered Accountants
.
8. |
Related party transactions |
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Control The Designated Members of
48-52 York Street Investment 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 Operating LLP. Transactions During the year 48-52 York Street Investment LLP
made sales to 48-52 York Street Operating LLP. At the year end 48-52 York Street Operating LLP owed £8,700,847 (2023: Nil) to 48-52 York Street Investment LLP
.