REGISTERED NUMBER: |
Quidnet Capital Partners LLP |
Report of the Members and |
Unaudited Financial Statements |
for the period |
1 January 2023 to 31 March 2024 |
REGISTERED NUMBER: |
Quidnet Capital Partners LLP |
Report of the Members and |
Unaudited Financial Statements |
for the period |
1 January 2023 to 31 March 2024 |
Quidnet Capital Partners LLP (Registered number: OC354519) |
Contents of the Financial Statements |
for the period 1 January 2023 to 31 March 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
Quidnet Capital Partners LLP |
General Information |
for the period 1 January 2023 to 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Aireside House |
Aireside Business Centre |
Royd Ings Avenue |
Keighley |
West Yorkshire |
BD21 4BZ |
Quidnet Capital Partners LLP (Registered number: OC354519) |
Report of the Members |
for the period 1 January 2023 to 31 March 2024 |
The members present their report with the financial statements of the LLP for the period 1 January 2023 to 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the period under review was that of real estate investment and asset management. |
DESIGNATED MEMBERS |
The designated members during the period under review were: |
RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS |
The loss for the period before members' remuneration and profit shares was £20,309 (2022 - £15,095 loss). |
MEMBERS' INTERESTS |
MEMBERS' REMUNERATION |
Members are remunerated solely out of the profits of the LLP and are required to make their own provision for pensions. |
MEMBERS' CAPITAL |
The capital requirements, which all the members are required to subscribe to, are determined by the designated members. On retirement a member's capital is repaid at the value contributed. |
Details of changes in members' capital in the year are detailed in note 9 to the financial statements. |
MEMBERS' DRAWINGS AND ALLOCATION OF PROFIT |
Usually the designated members set the level of interim profit allocations and members' monthly drawings after considering the working capital needs of the LLP. To the extent that interim profit allocations exceed drawings, then the excess profit is included in the balance sheet under loans and other debts due to members. Should drawings exceed the allocated profits, then the excess in included in debtors. The same treatment is used for members who retire during the year. |
The final allocation of profits and distribution to members is made after assessing each member's contribution for the year and after the financial statements are approved. |
ON BEHALF OF THE MEMBERS: |
Quidnet Capital Partners LLP (Registered number: OC354519) |
Income Statement |
for the period 1 January 2023 to 31 March 2024 |
Period |
1.1.23 |
to | Year Ended |
31.3.24 | 31.12.22 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
OPERATING LOSS and |
LOSS FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
( |
) |
Quidnet Capital Partners LLP (Registered number: OC354519) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.12.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
60,718 |
67,487 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
60,718 |
67,487 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 60,718 | 67,487 |
Amounts due from members | 7 | (48,002 | ) | (34,462 | ) |
12,716 | 33,025 |
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. |
Quidnet Capital Partners LLP (Registered number: OC354519) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Quidnet Capital Partners LLP (Registered number: OC354519) |
Notes to the Financial Statements |
for the period 1 January 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
Quidnet Capital Partners LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Plant and machinery etc | - |
All tangible fixed assets are at cost less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Assets held under finance lease are depreciated in the same manner as owned assets. |
Renewals, repairs and maintenance are charged to profit and loss during the period in which they are incurred. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a mixture of methods. The depreciation bases are as detailed above. |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are credited or charged to the income statement. |
Impairment of fixed assets |
At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indications exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
Where an impairment loss subsequently reserves, the carrying amount of the asset is increased to the revised estimate of its recoverable amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised as income immediately. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Quidnet Capital Partners LLP (Registered number: OC354519) |
Notes to the Financial Statements - continued |
for the period 1 January 2023 to 31 March 2024 |
3. | EMPLOYEE INFORMATION |
The average number of employees during the period was NIL (2022 - NIL). |
4. | OPERATING LOSS |
The operating loss is stated after charging: |
Period |
1.1.23 |
to | Year Ended |
31.3.24 | 31.12.22 |
£ | £ |
Depreciation - owned assets |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 January 2023 |
Charge for period |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 December 2022 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 December 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.12.22 |
£ | £ |
Other debtors |
Quidnet Capital Partners LLP (Registered number: OC354519) |
Notes to the Financial Statements - continued |
for the period 1 January 2023 to 31 March 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.12.22 |
£ | £ |
Other creditors |