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REGISTERED NUMBER: OC423129
Manchester 2 Limited Liability Partnership
Unaudited Financial Statements
25 December 2023
Manchester 2 Limited Liability Partnership
Financial Statements
Year ended 25 December 2023
Contents
Page
Members' report
1
Statement of comprehensive income
2
Statement of financial position
3
Reconciliation of members' interests
5
Notes to the financial statements
7
Manchester 2 Limited Liability Partnership
Members' Report
Year ended 25 December 2023
The members present their report and the unaudited financial statements of the LLP for the year ended 25 December 2023 .
Principal activities
The principal activity of the company during the period was property investment.
Designated members
The designated members who served the LLP during the year were as follows:
Boultbee Estates (NO1) Limited
Groom Properties Limited
R.M. Hatter
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings when profits have been allocated to them, subject to sufficient maintenance of working capital. Drawings are determined after the end of each calendar quarter.
New members are required to subscribe a minimum level of capital and any subsequent capital requirements maybe determined by unanimous consent of the members. Withdrawal of capital maybe allowed on refinance of the investment property or upon sale.
This report was approved by the members on 25 September 2024 and signed on behalf of the members by:
Boultbee Estates (NO1) Limited
Designated Member
Registered office:
Formal House
60 St Georges Place
Cheltenham
GL50 3PN
Manchester 2 Limited Liability Partnership
Statement of Comprehensive Income
Year ended 25 December 2023
2023
2022
Note
£
£
Turnover
976,021
889,264
Other external charges
593,073
597,358
Fair value adjustment/(gain)/loss on disposal/depreciation
14,367
( 135,492)
Other operating expenses
25,146
37,363
---------
---------
Operating profit
343,435
390,035
Other interest receivable and similar income
2,406
561
Interest payable and similar expenses
126,089
144,628
---------
---------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
219,752
245,968
---------
---------
All the activities of the LLP are from continuing operations.
Manchester 2 Limited Liability Partnership
Statement of Financial Position
25 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
5,343,099
5,357,466
Current assets
Debtors
5
34,013
47,460
Cash at bank and in hand
475,100
423,892
---------
---------
509,113
471,352
Creditors: amounts falling due within one year
6
2,401,993
236,419
------------
---------
Net current (liabilities)/assets
( 1,892,880)
234,933
------------
------------
Total assets less current liabilities
3,450,219
5,592,399
Creditors: amounts falling due after more than one year
7
2,115,932
------------
------------
Net assets
3,450,219
3,476,467
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
Members' other interests
Members' capital classified as equity
2,127,101
2,153,349
Other reserves
1,323,118
1,323,118
------------
------------
3,450,219
3,476,467
------------
------------
Total members' interests
Loans and other debts due to members
Members' other interests
3,450,219
3,476,467
------------
------------
3,450,219
3,476,467
------------
------------
These financial statements have been prepared 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'.
For the year ending 25 December 2023 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Manchester 2 Limited Liability Partnership
Statement of Financial Position (continued)
25 December 2023
These financial statements were approved by the members and authorised for issue on 25 September 2024 , and are signed on their behalf by:
Boultbee Estates (NO1) Limited
Designated Member
Registered number: OC423129
Manchester 2 Limited Liability Partnership
Reconciliation of Members' Interests
Year ended 25 December 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
£
Balance at 26 December 2022
2,153,349
1,323,118
3,476,467
3,476,467
Profit for the financial year available for discretionary division among members
219,752
219,752
219,752
------------
------------
------------
----
----
------------
Members' interests after profit for the year
2,153,349
1,542,870
3,696,219
3,696,219
Other division of profits
(219,752)
(219,752)
219,752
219,752
Introduced by members
(6,562)
(6,562)
(6,562)
Repayments of capital
(19,686)
(19,686)
(19,686)
Drawings
(219,752)
(219,752)
(219,752)
------------
------------
------------
---------
---------
------------
Balance at 25 December 2023
2,127,101
1,323,118
3,450,219
3,450,219
------------
------------
------------
---------
---------
------------
Manchester 2 Limited Liability Partnership
Reconciliation of Members' Interests (continued)
Year ended 25 December 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total 2022
£
£
£
£
£
£
Balance at 26 December 2021
2,298,071
1,169,427
3,467,498
3,467,498
Profit for the financial year available for discretionary division among members
245,968
245,968
245,968
------------
------------
------------
----
----
------------
Members' interests after profit for the year
2,298,071
1,415,395
3,713,466
3,713,466
Other division of profits
(92,277)
(92,277)
92,277
92,277
Introduced by members
Repayments of capital
(144,722)
(144,722)
(144,722)
Drawings
(92,277)
(92,277)
(92,277)
------------
------------
------------
--------
--------
------------
Balance at 25 December 2022
2,153,349
1,323,118
3,476,467
3,476,467
------------
------------
------------
--------
--------
------------
Manchester 2 Limited Liability Partnership
Notes to the Financial Statements
Year ended 25 December 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Formal House, 60 St Georges Place, Cheltenham, GL50 3PN.
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).
3.
Accounting policies
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.
Revenue recognition
Turnover represents rents,service charges and insurance receivable, stated net of Value Added Tax.
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 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 statement of comprehensive income 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.
Manchester 2 Limited Liability Partnership
Notes to the Financial Statements (continued)
Year ended 25 December 2023
3. Accounting policies (continued)
Members' participation rights (continued)
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 statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and 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 statement of comprehensive income 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 subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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 .
4.
Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost
At 26 December 2022 and 25 December 2023
5,300,000
88,712
5,388,712
------------
--------
------------
Depreciation
At 26 December 2022
31,246
31,246
Charge for the year
14,367
14,367
------------
--------
------------
At 25 December 2023
45,613
45,613
------------
--------
------------
Carrying amount
At 25 December 2023
5,300,000
43,099
5,343,099
------------
--------
------------
At 25 December 2022
5,300,000
57,466
5,357,466
------------
--------
------------
Investment property at stated at fair value as determined by the designated members at the period end. One of the designated members is a member of The Royal Institute of Chartered Surveyors.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 25 December 2023
Aggregate cost
5,806,641
Aggregate depreciation
------------
Carrying value
5,806,641
------------
At 25 December 2022
Aggregate cost
5,806,641
Aggregate depreciation
------------
Carrying value
5,806,641
------------
5.
Debtors
2023
2022
£
£
Trade debtors
11,722
Other debtors
22,291
47,460
--------
--------
34,013
47,460
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,135,000
Trade creditors
66,959
79,904
Social security and other taxes
22,529
18,506
Other creditors
177,505
138,009
------------
---------
2,401,993
236,419
------------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,115,932
----
------------
8.
Charges on assets
Bank loans are secured by a charge in respect of investment properties and other assets.