Company No:
Contents
DESIGNATED MEMBERS | Mrs C Field |
Mr M J Field |
REGISTERED OFFICE | 4 Saviours Court |
Alexandra Park Road | |
Wood Green | |
N22 7AZ | |
England | |
United Kingdom |
REGISTERED NUMBER | OC320527 (England and Wales) |
CHARTERED ACCOUNTANTS | Gravita III LLP |
Aldgate Tower | |
2 Leman Street | |
London | |
E1 8FA | |
United Kingdom |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 4 |
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1,000,000 | 1,000,000 | |||
Current assets | ||||
Cash at bank and in hand |
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35,342 | 24,427 | |||
Creditors: amounts falling due within one year | 5 | (
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(
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Net current assets/(liabilities) | 2,591 | (9,145) | ||
Total assets less current liabilities | 1,002,591 | 990,855 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 369,377 | 347,685 | ||
369,377 | 347,685 | |||
Loans and other debts due to members after more than one year | ||||
Other amounts | (27,167) | (33,787) | ||
(27,167) | (33,787) | |||
Members' other interests | ||||
Members' capital classified as equity | 245,600 | 245,600 | ||
Revaluation reserve | 384,141 | 384,141 | ||
629,741 | 629,741 | |||
971,951 | 943,639 | |||
Total members' interests | ||||
Loans and other debts due to members | 342,210 | 313,898 | ||
Members' other interests | 629,741 | 629,741 | ||
971,951 | 943,639 |
Members' responsibilities:
The financial statements of CMZ Property LLP (registered number:
Mr M J Field
Designated member |
EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | ||||
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Members' capital (classified as equity) | Revaluation reserves | Other reserves | Total | Other amounts | Total | |
£ | £ | £ | £ | £ | £ | |
Amounts due to members | 295,123 | |||||
Balance at 01 April 2022 | 245,600 | 384,141 | 0 | 629,741 | 295,123 | 924,864 |
Profit for the financial year available for discretionary division among members | 0 | 0 | 52,562 | 52,562 | 0 | 52,562 |
Members' interest after profit for the financial year | 245,600 | 384,141 | 52,562 | 682,303 | 295,123 | 977,426 |
Division of profit | 0 | 0 | (52,562) | (52,562) | 52,562 | 0 |
Drawings | 0 | 0 | 0 | 0 | (33,787) | (33,787) |
Amounts due to members | 313,898 | |||||
Balance at 31 March 2023 | 245,600 | 384,141 | 0 | 629,741 | 313,898 | 943,639 |
Profit for the financial year available for discretionary division among members | 0 | 0 | 55,479 | 55,479 | 0 | 55,479 |
Members' interest after profit for the financial year | 245,600 | 384,141 | 55,479 | 685,220 | 313,898 | 999,118 |
Division of profit | 0 | 0 | (55,479) | (55,479) | 55,479 | 0 |
Drawings | 0 | 0 | 0 | 0 | (27,167) | (27,167) |
Amounts due to members | 342,210 | |||||
Balance at 31 March 2024 | 245,600 | 384,141 | 0 | 629,741 | 342,210 | 971,951 |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
CMZ Property LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 4 Saviours Court, Alexandra Park Road, Wood Green, N22 7AZ, England, United Kingdom.
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, 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 presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 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 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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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 being measured at 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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2023 |
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At 31 March 2024 |
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Accumulated depreciation | |||
At 01 April 2023 |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 31 March 2023 |
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Investment property | |
£ | |
Valuation | |
As at 01 April 2023 |
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As at 31 March 2024 |
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Valuation
The investment property valuation basis has been determined by reference to its associated open market disposal value. The members believe that this valuation remains appropriate at the year end.
2024 | 2023 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Other taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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