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REGISTERED NUMBER: OC397796 (England and Wales)















REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024

FOR

LINCOLN AND CONTINENTAL LLP

LINCOLN AND CONTINENTAL LLP (REGISTERED NUMBER: OC397796)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 5th April 2024




Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Reconciliation of Members' Interests 6

Notes to the Financial Statements 8


LINCOLN AND CONTINENTAL LLP

GENERAL INFORMATION
for the Year Ended 5th April 2024







DESIGNATED MEMBERS: Adca Investments Limited
Mrs J M Calnan
S J S Lark
R J L Philpott
Mrs L F Philpott
J D Powell
N Shadagopan
Mrs L J Calnan
Mrs V T Millard
Mrs J Powell
S R J Calnan





REGISTERED OFFICE: 3 Ulva Road
Putney
London
SW15 6AP





REGISTERED NUMBER: OC397796 (England and Wales)





ACCOUNTANTS: Stephenson Nuttall & Co
Chartered Accountants
Ossington Chambers
6-8 Castle Gate
Newark
Nottinghamshire
NG24 1AX

LINCOLN AND CONTINENTAL LLP (REGISTERED NUMBER: OC397796)

REPORT OF THE MEMBERS
for the Year Ended 5th April 2024

The members present their report with the financial statements of the LLP for the year ended 5th April 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of property rental.

DESIGNATED MEMBERS
The designated members during the year under review were:

Adca Investments Limited
Mrs J M Calnan
S J S Lark
R J L Philpott
Mrs L F Philpott
J D Powell
N Shadagopan
Mrs L J Calnan
Mrs V T Millard
Mrs J Powell
S R J Calnan

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £685,864 (2023 - £627,587 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:





R J L Philpott - Designated member


10th October 2024

LINCOLN AND CONTINENTAL LLP (REGISTERED NUMBER: OC397796)

INCOME STATEMENT
for the Year Ended 5th April 2024

5/4/24 5/4/23
£    £   

TURNOVER 1,213,881 1,200,239

Cost of sales 524,873 568,448
GROSS PROFIT 689,008 631,791

Administrative expenses 3,237 4,211
OPERATING PROFIT 685,771 627,580

Interest receivable and similar income 93 7
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




685,864




627,587

LINCOLN AND CONTINENTAL LLP (REGISTERED NUMBER: OC397796)

BALANCE SHEET
5th April 2024

5/4/24 5/4/23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 9,124,144 9,124,144

CURRENT ASSETS
Debtors 5 244,611 225,600
Cash at bank 9,514 13,843
254,125 239,443
CREDITORS
Amounts falling due within one year 6 231,710 216,150
NET CURRENT ASSETS 22,415 23,293
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

9,146,559

9,147,437

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

8,254,059

8,254,937

MEMBERS' OTHER INTERESTS
Capital accounts 892,500 892,500
9,146,559 9,147,437

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 8,254,059 8,254,937
Members' other interests 892,500 892,500
9,146,559 9,147,437

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 5th April 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.

LINCOLN AND CONTINENTAL LLP (REGISTERED NUMBER: OC397796)

BALANCE SHEET - continued
5th April 2024


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

The financial statements were approved by the members of the LLP and authorised for issue on 10th October 2024 and were signed by:





R J L Philpott - Designated member

LINCOLN AND CONTINENTAL LLP (REGISTERED NUMBER: OC397796)

RECONCILIATION OF MEMBERS' INTERESTS
for the Year Ended 5th April 2024


EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 6th April 2023 892,500 - 892,500
Profit for the financial year available for discretionary
division among members

-

685,864

685,864
Members' interests after profit for the year 892,500 685,864 1,578,364
Other divisions of profit - (685,864 ) (685,864 )
Drawings on account and distributions of profit - - -
Balance at 5th April 2024 892,500 - 892,500

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£    £   
Amount due to members 8,254,937
Amount due from members -
Balance at 6th April 2023 8,254,937 9,147,437
Profit for the financial year available for discretionary
division among members

-

685,864

Members' interests after profit for the year 8,254,937 9,833,301
Other divisions of profit 685,864 -
Drawings on account and distributions of profit (686,742 ) (686,742 )
Amount due to members 8,254,059
Amount due from members -
Balance at 5th April 2024 8,254,059 9,146,559

LINCOLN AND CONTINENTAL LLP (REGISTERED NUMBER: OC397796)

RECONCILIATION OF MEMBERS' INTERESTS
for the Year Ended 5th April 2024

EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 6th April 2022 892,500 - 892,500
Profit for the financial year available for discretionary
division among members

-

627,587

627,587
Members' interests after profit for the year 892,500 627,587 1,520,087
Other divisions of profit - (627,587 ) (627,587 )
Introduced by members 70,415 - 70,415
Repayments of capital (70,415 ) - (70,415 )
Repayments of debt - - -
Drawings on account and distributions of profit - - -
Balance at 5th April 2023 892,500 - 892,500

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£    £   
Amount due to members 8,214,260
Amount due from members -
Balance at 6th April 2022 8,214,260 9,106,760
Profit for the financial year available for discretionary
division among members

-

627,587

Members' interests after profit for the year 8,214,260 9,734,347
Other divisions of profit 627,587 -
Introduced by members 638,738 709,153
Repayments of capital - (70,415 )
Repayments of debt (638,738 ) (638,738 )
Drawings on account and distributions of profit (586,910 ) (586,910 )
Amount due to members 8,254,937
Amount due from members -
Balance at 5th April 2023 8,254,937 9,147,437

LINCOLN AND CONTINENTAL LLP (REGISTERED NUMBER: OC397796)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 5th April 2024

1. STATUTORY INFORMATION

Lincoln and Continental 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 rents receivable, excluding value added tax.

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 year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 6th April 2023
and 5th April 2024 9,124,144
NET BOOK VALUE
At 5th April 2024 9,124,144
At 5th April 2023 9,124,144

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5/4/24 5/4/23
£    £   
Trade debtors 34,767 14,822
Prepayments 209,844 210,778
244,611 225,600

LINCOLN AND CONTINENTAL LLP (REGISTERED NUMBER: OC397796)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 5th April 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5/4/24 5/4/23
£    £   
VAT 10,363 8,125
Receipts in advance 218,269 205,425
Accrued expenses 3,078 2,600
231,710 216,150

7. LOANS AND OTHER DEBTS DUE TO MEMBERS
5/4/24 5/4/23
£    £   
Loans from members 8,095,972 8,095,972
Amounts owed to members in respect of profits 158,087 158,965
8,254,059 8,254,937

Falling due within one year 158,087 158,965
Falling due after more than one year 8,095,972 8,095,972
8,254,059 8,254,937

Loans and other debts due to members rank equally with other unsecured creditors.