0 false false false false false false false false false false false false false false false false false No description of principal activity 2022-09-15 Sage Accounts Production Advanced 2023 - FRS102_2023 12,200,000 7,941 7,941 12,192,059 12,200,000 xbrli:pure xbrli:shares iso4217:GBP OC421482 2022-09-15 2023-09-30 OC421482 2023-09-30 OC421482 2022-09-14 OC421482 2021-09-15 2022-09-14 OC421482 2022-09-14 OC421482 2021-09-14 OC421482 bus:Director3 2022-09-15 2023-09-30 OC421482 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 OC421482 core:WithinOneYear 2023-09-30 OC421482 core:WithinOneYear 2022-09-14 OC421482 core:AfterOneYear 2023-09-30 OC421482 core:AfterOneYear 2022-09-14 OC421482 core:FurnitureFittings 2023-09-30 OC421482 core:LandBuildings core:OwnedOrFreeholdAssets 2022-09-14 OC421482 core:FurnitureFittings 2022-09-14 OC421482 core:LandBuildings core:OwnedOrFreeholdAssets 2022-09-15 2023-09-30 OC421482 bus:SmallEntities 2022-09-15 2023-09-30 OC421482 bus:AuditExemptWithAccountantsReport 2022-09-15 2023-09-30 OC421482 bus:SmallCompaniesRegimeForAccounts 2022-09-15 2023-09-30 OC421482 bus:LimitedLiabilityPartnershipLLP 2022-09-15 2023-09-30 OC421482 bus:FullAccounts 2022-09-15 2023-09-30 OC421482 core:AfterOneYear 2022-09-15 2023-09-30
REGISTERED NUMBER: OC421482
Silver Street 79 LLP
Filleted Unaudited Financial Statements
For the year ended
30 September 2023
Silver Street 79 LLP
Statement of Financial Position
30 September 2023
30 Sep 23
14 Sep 22
Note
£
£
Fixed assets
Tangible assets
4
12,192,059
12,200,000
Current assets
Debtors
5
232,527
360,225
Cash at bank and in hand
9,277
99,964
---------
---------
241,804
460,189
Creditors: amounts falling due within one year
6
386,090
446,848
---------
---------
Net current (liabilities)/assets
( 144,286)
13,341
-------------
-------------
Total assets less current liabilities
12,047,773
12,213,341
Creditors: amounts falling due after more than one year
7
7,732,324
7,909,870
-------------
-------------
Net assets
4,315,449
4,303,471
-------------
-------------
Represented by:
Loans and other debts due to members
Other amounts
8
4,315,449
4,303,471
------------
------------
Members' other interests
Other reserves
------------
------------
4,315,449
4,303,471
------------
------------
Total members' interests
Loans and other debts due to members
8
4,315,449
4,303,471
Members' other interests
------------
------------
4,315,449
4,303,471
------------
------------
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.
For the period ending 30 September 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 .
Silver Street 79 LLP
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the members and authorised for issue on 26 September 2024 , and are signed on their behalf by:
Mr N Morjaria
Designated Member
Registered number: OC421482
Silver Street 79 LLP
Notes to the Financial Statements
Period from 15 September 2022 to 30 September 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 38 Newdigate Road, Coventry, United Kingdom, CV6 5ES.
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.
Going concern
The partnership has reported losses again but the members continue to provide significant financial support to the partnership which has continued post year-end.
Revenue recognition
Rental income from operating leases is recognised on a straight-line basis over the term of the lease.
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 income and retained earnings 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 statement of income and retained earnings 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 income and retained earnings 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property
-
25% WDV on Furniture and fittings element
Financial instruments
The LLP holds basic financial instruments as defined by FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:- Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measure at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4.
Tangible assets
Freehold property
£
Cost
At 15 September 2022 and 30 September 2023
12,200,000
-------------
Depreciation
At 15 September 2022
Charge for the period
7,941
-------------
At 30 September 2023
7,941
-------------
Carrying amount
At 30 September 2023
12,192,059
-------------
At 14 September 2022
12,200,000
-------------
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
Fixtures and fittings
Total
£
£
£
At 30 September 2023
Aggregate cost
14,213,641
56,469
14,270,110
Aggregate depreciation
(32,646)
(32,646)
-------------
--------
-------------
Carrying value
14,213,641
23,823
14,237,464
-------------
--------
-------------
At 14 September 2022
Aggregate cost
14,213,641
56,469
14,270,110
Aggregate depreciation
(24,705)
(24,705)
-------------
--------
-------------
Carrying value
14,213,641
31,764
14,245,405
-------------
--------
-------------
5.
Debtors
30 Sep 23
14 Sep 22
£
£
Other debtors
232,527
360,225
---------
---------
6. Creditors: amounts falling due within one year
30 Sep 23
14 Sep 22
£
£
Bank loans and overdrafts
160,000
140,000
Trade creditors
611
Social security and other taxes
21,464
28,067
Other creditors
204,626
278,170
---------
---------
386,090
446,848
---------
---------
The bank loan is secured against the property included in fixed assets.
7. Creditors: amounts falling due after more than one year
30 Sep 23
14 Sep 22
£
£
Bank loans and overdrafts
7,732,324
7,909,870
------------
------------
The bank loan is secured against the property included in fixed assets.
8.
Loans and other debts due to members
30 Sep 23
14 Sep 22
£
£
Amounts owed to members in respect of profits
4,315,449
4,303,471
------------
------------
9.
Related party transactions
At the end of the year the partnership had the following balances outstanding with entities under common control as follows: Silver Street Management 79 Limited - £62,519 owed by the company (2022 - £32,481 owed to the company) Silver Street Developments Limited - £1,875 owed to the company (2022 - £1,875 owed to the company) Coventry Parkside Developments LLP - £15,000 owed to the partnership (2022 - £Nil) Silver Street Developments Partnership - £3,670 owed to the partnership (2022 - £2,314)