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REGISTERED NUMBER: OC348882 (England and Wales)










THE VRC YOGANATHAN LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






THE VRC YOGANATHAN LLP (REGISTERED NUMBER: OC348882)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 7

THE VRC YOGANATHAN LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: Barleybind Limited
V Yoganathan
Dr C Yoganathan





REGISTERED OFFICE: Cilymaenllwyd Care Home
Beech Grove
Pwll
Llanelli
Dyfed
SA15 4RB





REGISTERED NUMBER: OC348882 (England and Wales)





ACCOUNTANTS: Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

THE VRC YOGANATHAN LLP (REGISTERED NUMBER: OC348882)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,328 4,658
Investment property 5 1,097,205 1,097,205
1,099,533 1,101,863

CURRENT ASSETS
Debtors 6 10,000 17,660
Cash at bank 117,632 108,793
127,632 126,453
CREDITORS
Amounts falling due within one year 7 41,145 43,109
NET CURRENT ASSETS 86,487 83,344
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,186,020

1,185,207

CREDITORS
Amounts falling due after more than one year 8 432,173 458,299
NET ASSETS ATTRIBUTABLE TO
MEMBERS

753,847

726,908

THE VRC YOGANATHAN LLP (REGISTERED NUMBER: OC348882)

BALANCE SHEET - continued
31 MARCH 2024

2024 2023
Notes £    £    £    £   

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

242,781

215,842

MEMBERS' OTHER INTERESTS
Capital accounts 511,066 511,066
753,847 726,908

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 242,781 215,842
Members' other interests 511,066 511,066
753,847 726,908

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 23 September 2024 and were signed by:





Dr C Yoganathan - Designated member

THE VRC YOGANATHAN LLP (REGISTERED NUMBER: OC348882)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

The VRC Yoganathan LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents rent receivable and is accounted for on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an assets carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value; net of transaction costs. and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans. are measured initially at fair value, net of transaction costs, and ar measured subsequently at amortised cost using the effective interest method.

THE VRC YOGANATHAN LLP (REGISTERED NUMBER: OC348882)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Finance costs
Finance costs are charged to the Statement of Comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

Allocation of profits and drawings
Capital profits and losses arising are allocated on the basis set out in the partnership agreement.

Income profits and losses will be allocated as a 5% C Yoganathan and V Yoganathan split equally and 95% to Barleybird Limited.

The final allocation and distribution of profits is made once the annual financial statements are approved.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 102,318
DEPRECIATION
At 1 April 2023 97,660
Charge for year 2,330
At 31 March 2024 99,990
NET BOOK VALUE
At 31 March 2024 2,328
At 31 March 2023 4,658

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,097,205
NET BOOK VALUE
At 31 March 2024 1,097,205
At 31 March 2023 1,097,205

The members are satisfied that the valuation at balance sheet date reflect fair value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 10,000 11,000
Prepayments - 6,660
10,000 17,660

THE VRC YOGANATHAN LLP (REGISTERED NUMBER: OC348882)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 40,145 42,109
Accrued expenses 1,000 1,000
41,145 43,109

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 40,146 84,219
Bank loans - 2-5 years 120,436 168,437
Bank loans more 5 yr by instal 271,591 205,643
432,173 458,299

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 271,591 205,643

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 472,318 500,408

The bank loan is secured by a fixed charge against the Investment property held by the LLP and also a negative pledge.

10. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 242,781 215,842

Falling due within one year 242,781 215,842

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of winding up. There is no provision for specific legally enforceable protection afforded to creditors in such an event. There are no restrictions or limitations on the ability of the members to reduce the amount of Members' other interests

11. RELATED PARTY DISCLOSURES

Included within other debtors is an amount due from Barleybind Limited of £10,000 (2023 £11,000), a company which has a controlling interest.

An amount of £76,512 (2023: £70,742) was charged to Barleybind Limited, a company which has a controlling interest.

ACCOUNTANTS' REPORT TO THE MEMBERS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
THE VRC YOGANATHAN LLP

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of The VRC Yoganathan LLP for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of The VRC Yoganathan LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The VRC Yoganathan LLP and state those matters that we have agreed to state to the members of The VRC Yoganathan LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The VRC Yoganathan LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that The VRC Yoganathan LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The VRC Yoganathan LLP. You consider that The VRC Yoganathan LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The VRC Yoganathan LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA


23 September 2024