Limited Liability Partnership Registration No. OC354888 (England and Wales)
Oakridge Commercial LLP
Annual report and unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Oakridge Commercial LLP
Contents
Page
Statement of financial position
1
Reconciliation of members' interests
2
Notes to the financial statements
3 - 7
Oakridge Commercial LLP
Statement of financial position
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
50,000
550,000
Investments
4
-
230,000
50,000
780,000
Current assets
Debtors
5
3,053
1,373
Cash at bank and in hand
1,395,245
785,623
1,398,298
786,996
Creditors: amounts falling due within one year
6
(8,441)
(26,196)
Net current assets
1,389,857
760,800
Total assets less current liabilities and net assets attributable to members
1,439,857
1,540,800
Represented by:
Members' other interests
Members' capital classified as equity
1,439,857
1,540,800
1,439,857
1,540,800

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

For the financial year ended 31 March 2024 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 24 September 2024 and are signed on their behalf by:
24 September 2024
Kevin Bird
Designated member
Limited Liability Partnership Registration No. OC354888
Oakridge Commercial LLP
Reconciliation of members' interests
For the year ended 31 March 2024
2
Current financial year
Equity
Total
Members' other interests
Members'
interests
Members' capital (classified as equity)
Other reserves
Total
2024
£
£
£
Members' interests at 1 April 2023
1,540,800
-
1,540,800
Profit for the financial year available for discretionary division among members
-
16,771
16,771
Members' interests after profit for the year
1,540,800
16,771
1,557,571
Other divisions of profits
16,771
(16,771)
-
Repayments of capital
(117,714)
-
(117,714)
Members' interests at 31 March 2024
1,439,857
-
1,439,857
Prior financial year
Equity
Total
Members' other interests
Members'
interests
Members' capital (classified as equity)
Other reserves
Total
2023
£
£
£
Members' interests at 1 April 2022
2,109,310
-
2,109,310
Profit for the financial year available for discretionary division among members
-
60,321
60,321
Members' interests after profit for the year
2,109,310
60,321
2,169,631
Other divisions of profits
60,321
(60,321)
-
Repayments of capital
(628,831)
-
(628,831)
Members' interests at 31 March 2023
1,540,800
-
1,540,800
Oakridge Commercial LLP
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Limited liability partnership information

Oakridge Commercial LLP is a limited liability partnership incorporated in England and Wales. The registered office is 2 The Ridgeway, Iver, Buckinghamshire, SL0 9HW.

 

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 December 2021, 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 companies subject to the small companies 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 freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised to the extent that is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, valued added tax and other sales taxes.

 

Revenue is recognised in line with the rental agreement.

1.3
Members' participating interests

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. 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.

Oakridge Commercial LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

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
Fixed asset investments

Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
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.

1.7
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.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Oakridge Commercial LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
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.

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

Oakridge Commercial LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Investment property
2024
£
Fair value
At 1 April 2023
550,000
Disposals
(500,000)
At 31 March 2024
50,000

The fair valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and in the members opinion is representative of the valuation at 31 March 2024.

 

4
Fixed asset investments
2024
2023
£
£
Investments
-
230,000
Movements in fixed asset investments
Other investments
£
Cost or valuation
At 1 April 2023
230,000
Disposals
(230,000)
At 31 March 2024
-
Carrying amount
At 31 March 2024
-
At 31 March 2023
230,000
Oakridge Commercial LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
1,373
Other debtors
3,053
-
3,053
1,373
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,651
19,926
Taxation and social security
-
479
Other creditors
5,790
5,791
8,441
26,196
7
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.

8
Related party transactions

During the year Oakridge Commercial LLP charged a company with a common director and controlling shareholder, rent and associated charges amounting to £nil (2023: £60,269).

 

During the year Oakridge Commercial LLP sold investment property to a company with a common director and controlling shareholder at a market value of £500,000.

 

Within other debtors is a balance of £3,053 (2023: £1,372) due from a company with a common director and controlling shareholder.

9
Ultimate controlling party

The ultimate controlling party is Kevin Bird, by virtue of his majority shareholding in Birds Garage Limited. Birds Garage Limited is a member of the LLP.

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