REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
LIBERTY CO-INVEST II LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
LIBERTY CO-INVEST II LLP |
LIBERTY CO-INVEST II LLP (REGISTERED NUMBER: OC441906) |
Contents of the Financial Statements |
for the year ended 31 MARCH 2024 |
Page |
General Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LIBERTY CO-INVEST II LLP |
General Information |
for the year ended 31 MARCH 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Thistledown Barn |
204 Holcot Road |
Sywell |
Northampton |
Northamptonshire |
NN6 0BG |
LIBERTY CO-INVEST II LLP (REGISTERED NUMBER: OC441906) |
Abridged Balance Sheet |
31 MARCH 2024 |
2024 | 2023 |
£ | £ |
CURRENT ASSETS |
Debtors |
Investments |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
1,317,490 |
630,000 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
MEMBERS' OTHER INTERESTS |
Capital accounts | 1,317,490 | 630,000 |
1,317,490 | 630,000 |
TOTAL MEMBERS' INTERESTS |
Members' other interests | 1,317,490 | 630,000 |
Amounts due from members | - | (4,192 | ) |
1,317,490 | 625,808 |
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. |
LIBERTY CO-INVEST II LLP (REGISTERED NUMBER: OC441906) |
Abridged Balance Sheet - continued |
31 MARCH 2024 |
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 Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
LIBERTY CO-INVEST II LLP (REGISTERED NUMBER: OC441906) |
Notes to the Financial Statements |
for the year ended 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Liberty Co-Invest II 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 |
Accounting convention |
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, 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 prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. |
LIBERTY CO-INVEST II LLP (REGISTERED NUMBER: OC441906) |
Notes to the Financial Statements - continued |
for the year ended 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial |
Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial |
instruments. |
Financial instruments are recognised in the limited liability partnership's statement of financial position |
when the limited liability partnership becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when |
there is a legally 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. |
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. |
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. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss , are assessed for indicators of |
impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that |
occurred after the initial recognition of the financial asset, the estimated future cash flows have been |
affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the |
present value of the estimated cash flows discounted at the asset’s original effective interest rate. The |
impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was |
recognised, the impairment is reversed. The reversal is such that the current carrying amount does not |
exceed what the carrying amount would have been, had the impairment not previously been recognised. |
The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire |
or are settled, or when the limited liability partnership transfers the financial asset and substantially all the |
risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are |
retained but control of the asset has transferred to another party that is able to sell the asset in its entirety |
to an unrelated third party. |
LIBERTY CO-INVEST II LLP (REGISTERED NUMBER: OC441906) |
Notes to the Financial Statements - continued |
for the year ended 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Classification of financial liabilities |
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 limited liability partnership after deducting all of its liabilities. |
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. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the limited liability partnership ’s obligations expire or are |
discharged or cancelled. |
Equity instruments |
Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of |
direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no |
longer at the discretion of the limited liability partnership. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |