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REGISTERED NUMBER: OC445339 (England and Wales)













Unaudited Financial Statements

for the period

11 January 2023 to 31 March 2024

for

Smith One 2023 LLP

Smith One 2023 LLP (Registered number: OC445339)






Contents of the Financial Statements
for the period 11 January 2023 to 31 March 2024




Page

General Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Smith One 2023 LLP

General Information
for the period 11 January 2023 to 31 March 2024







DESIGNATED MEMBERS: T S Smith
S Smith





REGISTERED OFFICE: Atherton Holme Mill
Railway Street
Stacksteads
United Kingdom
OL13 0UF





REGISTERED NUMBER: OC445339 (England and Wales)





ACCOUNTANTS: Mayes Business Partnership Ltd
Chartered Certified Accountants
22-28 Willow Street
Accrington
Lancashire
BB5 1LP

Smith One 2023 LLP (Registered number: OC445339)

Abridged Balance Sheet
31 March 2024

Notes £    £   
FIXED ASSETS
Investment property 4 1,920,000

CURRENT ASSETS
Debtors 300,384
Cash at bank 5,982
306,366
CREDITORS
Amounts falling due within one year 15,132
NET CURRENT ASSETS 291,234
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,211,234

CREDITORS
Amounts falling due after more than one year 350,301
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,860,933

Smith One 2023 LLP (Registered number: OC445339)

Abridged Balance Sheet - continued
31 March 2024

Notes £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

6

34,297

MEMBERS' OTHER INTERESTS
Fair value reserve 7 1,826,636
1,860,933

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 6 34,297
Members' other interests 1,826,636
1,860,933

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 period 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.

All the members have consented to the preparation of an abridged Balance Sheet for the period ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 27 September 2024 and were signed by:





S Smith - Designated member

Smith One 2023 LLP (Registered number: OC445339)

Notes to the Financial Statements
for the period 11 January 2023 to 31 March 2024

1. STATUTORY INFORMATION

Smith One 2023 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

3. EMPLOYEE INFORMATION

The average number of employees during the period was NIL.

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 93,364
Revaluations 1,826,636
At 31 March 2024 1,920,000
NET BOOK VALUE
At 31 March 2024 1,920,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 1,826,636
Cost 93,364
1,920,000

Smith One 2023 LLP (Registered number: OC445339)

Notes to the Financial Statements - continued
for the period 11 January 2023 to 31 March 2024

5. SECURED DEBTS

The following secured debts are included within creditors:

£   
Bank loans 359,368

The bank loans and mortgages are secured on the investment properties.

6. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members are repayable once all other liabilities have been met.

7. RESERVES
Fair
value
reserve
£   
Revaluation in year 1,826,636
At 31 March 2024 1,826,636

8. RELATED PARTY DISCLOSURES

Some of the bank loans were used to fund investment property purchases by Smith Two 2022 Limited, a company in which the members are directors and hold the majority of the shares. The amount due from Smith Two 2002 Limited at the balance sheet date amounted to £273,235 and is included within Debtors Amounts Due Within One Year.