Limited Liability Partnership registration number OC359197 (England and Wales)
DOWNHAM INVESTMENTS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DOWNHAM INVESTMENTS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
R A Currell
C Currell
Limited liability partnership number
OC359197
Registered office
9 Bonhill Street
London
EC2A 4DJ
Accountants
Begbies
9 Bonhill Street
London
EC2A 4DJ
DOWNHAM INVESTMENTS LLP
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
DOWNHAM INVESTMENTS LLP
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,140,000
1,140,000
Current assets
Debtors
5
780
15,000
Cash at bank and in hand
29,853
30,412
30,633
45,412
Creditors: amounts falling due within one year
6
(38,883)
(41,513)
Net current (liabilities)/assets
(8,250)
3,899
Total assets less current liabilities
1,131,750
1,143,899
Creditors: amounts falling due after more than one year
7
(479,299)
(490,877)
Net assets attributable to members
652,451
653,022
Represented by:
Other amounts
(208,619)
(208,048)
Members' other interests
8
Members' capital classified as equity
100
100
Revaluation reserve
860,970
860,970
652,451
653,022
Total members' interests
8
Loans and other debts due to members
(208,619)
(208,048)
Members' other interests
861,070
861,070
652,451
653,022

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

DOWNHAM INVESTMENTS LLP
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

For the financial year ended 31 December 2023 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 17 September 2024 and are signed on their behalf by:
17 September 2024
C Currell
Designated member
Limited Liability Partnership Registration No. OC359197
DOWNHAM INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Limited liability partnership information

Downham Investments LLP is a limited liability partnership incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to limited liability partnerships subject to the small limited liability partnerships' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts receivable for rent and services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement.

 

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

DOWNHAM INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

 

Financial instruments are recognised when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment.

 

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.

 

Basic financial Liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Financial liabilities are derecognised when the limited liability partnership’s contractual obligations expire or are discharged or cancelled.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

DOWNHAM INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2023
2022
£
£
Turnover
Rent and ground rent receivable
75,000
77,938
DOWNHAM INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
1,140,000

The members consider that the investment properties are stated at open market value.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
780
15,000
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
16,400
16,400
Taxation and social security
3,421
5,801
Other creditors
19,062
19,312
38,883
41,513
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
479,299
490,877

Bank loans are secured by a first mortgage over the leasehold property at 33 Downham Road, London N1 5AA

DOWNHAM INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Revaluation
reserve
Total
Loans and other debts due to members
Total
2023
£
£
£
£
£
Amount due to members
(208,048)
Members' interests at 1 January 2023
100
860,970
861,070
(208,048)
653,022
Members' remuneration charged as an expense
-
-
-
34,430
34,430
Members' interests after loss and remuneration for the year
100
860,970
861,070
(173,618)
687,452
Repayment of debt (including members' capital classified as a liability)
-
-
-
(35,001)
(35,001)
Members' interests at 31 December 2023
100
860,970
861,070
(208,619)
652,451
Amounts due to members
(208,619)
(208,619)
9
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

10
Control

The LLP is controlled by the designated members.

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