REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 |
FOR |
LINCOLN AND CONTINENTAL LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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: |
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: |
LINCOLN AND CONTINENTAL LLP (REGISTERED NUMBER: OC397796) |
INCOME STATEMENT |
for the Year Ended 5th April 2024 |
5/4/24 | 5/4/23 |
£ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT |
Interest receivable and similar income |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
LINCOLN AND CONTINENTAL LLP (REGISTERED NUMBER: OC397796) |
BALANCE SHEET |
5th April 2024 |
5/4/24 | 5/4/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
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 |
NET BOOK VALUE |
At 5th April 2024 |
At 5th April 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5/4/24 | 5/4/23 |
£ | £ |
Trade debtors |
Prepayments |
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 |
Accrued expenses |
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. |