Limited Liability Partnership registration number OC336476 (England and Wales)
MADEJSKI ARK LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
MADEJSKI ARK LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Sir R J Madejski OBE, DL
The Leatherne Bottel Limited
LLP registration number
OC336476
Registered office
1 London Street
Reading
Berkshire
RG1 4QW
Accountants
Myers Clark
Egale 1
80 St Albans Road
Watford
Hertfordshire
WD17 1DL
MADEJSKI ARK LLP
CONTENTS
Page
Members' report
1
Accountants' report
3
Statement of comprehensive income
4
Balance sheet
5
Notes to the financial statements
6 - 11
MADEJSKI ARK LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The members present their report and financial statements for the year ended 31 March 2024.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Sir R J Madejski OBE, DL
The Leatherne Bottel Limited
Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.

Approved by the members on 30 September 2024 and signed on behalf by:
30 September 2024
Sir R J Madejski OBE, DL
Designated Member
MADEJSKI ARK LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MADEJSKI ARK LLP
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MADEJSKI ARK LLP FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Madejski Ark LLP for the year ended 31 March 2024 which comprise the Statement of Total Comprehensive Income, the Balance Sheet and the related notes from the limited liability partnership’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the limited liability partnership's members of Madejski Ark LLP, as a body, in accordance with the terms of our engagement letter dated 8 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Madejski Ark LLP and state those matters that we have agreed to state to the limited liability partnership's members of Madejski Ark LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Madejski Ark LLP and its members as a body, for our work or for this report.

It is your duty to ensure that Madejski Ark LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Madejski Ark LLP. You consider that Madejski Ark LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Madejski Ark LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Myers Clark
16 October 2024
Chartered Accountants
Egale 1
80 St Albans Road
Watford
Hertfordshire
WD17 1DL
MADEJSKI ARK LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2024
2023
Notes
£
£
Turnover
790,084
770,773
Administrative expenses
(157,235)
(146,138)
Profit for the financial year before taxation
632,849
624,635
Profit for the financial year before members' remuneration and profit shares
632,849
624,635
Profit for the financial year before members' remuneration and profit shares
632,849
624,635
Members' remuneration charged as an expense
-
-
Profit for the financial year available for discretionary division among members
632,849
624,635
MADEJSKI ARK LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
4,000,000
4,000,000
Current assets
Debtors
4
63,942
63,942
Cash at bank and in hand
105,661
250,771
169,603
314,713
Creditors: amounts falling due within one year
5
(94,765)
(81,503)
Net current assets
74,838
233,210
Total assets less current liabilities and net assets attributable to members
4,074,838
4,233,210
Represented by:
Loans and other debts due to members within one year
7
Other amounts
6,515,769
6,674,141
Members' other interests
7
Members' capital classified as equity
2,571,068
2,571,068
Other reserves classified as equity
(5,011,999)
(5,011,999)
4,074,838
4,233,210

For the financial year ended 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008).

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

The financial statements were approved by the members and authorised for issue on 30 September 2024 and are signed on their behalf by:
30 September 2024
Sir R J Madejski OBE, DL
Designated member
Limited Liability Partnership registration number OC336476 (England and Wales)
MADEJSKI ARK LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
1
Accounting policies
Limited liability partnership information

Madejski Ark LLP is a limited liability partnership incorporated in England and Wales. The registered office is 1 London Street, Reading, Berkshire, RG1 4QW.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, 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.

1.2
Turnover

Turnover represents rent receivable net of VAT from the investment properties owned by the LLP. Rent is recognised in the accounts over the term of lease, taking into account the initial rent free period.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members',

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MADEJSKI ARK LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' 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.

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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow limited liability partnership 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 receipts discounted at a market rate of interest.

MADEJSKI ARK LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
4,000,000

Investment property comprises various properties held for rental income. The fair value of the investment property has been arrived at on the basis of a valuation carried out at by Haslams Chartered Surveyors, who are not connected with the limited liability partnership. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The original cost of the properties was £9,011,999. The difference between the fair value of the properties and the original cost is shown in the 'Reconciliation of Members' Interest' note of the accounts under other reserves.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
63,942
63,942
MADEJSKI ARK LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
21,244
8,032
Other creditors
73,521
73,471
94,765
81,503
6
Deferred income
2024
2023
£
£
Other deferred income
53,285
53,285
MADEJSKI ARK LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
7
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 April 2023
2,571,068
(5,011,999)
(2,440,931)
6,674,141
6,674,141
4,233,210
Profit for the financial year available for discretionary division among members
-
632,849
632,849
-
-
632,849
Members' interests after profit for the year
2,571,068
(4,379,150)
(1,808,082)
6,674,141
6,674,141
4,866,059
Allocation of profit for the financial year
-
(632,849)
(632,849)
-
-
(632,849)
-
-
-
632,849
632,849
632,849
Repayment of debt (including members' capital classified as a liability)
-
-
-
(791,221)
(791,221)
(791,221)
Members' interests at 31 March 2024
2,571,068
(5,011,999)
(2,440,931)
6,515,769
6,515,769
4,074,838
MADEJSKI ARK LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

 

There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members' other interests'.

MADEJSKI ARK LLP
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200falsefalseOC3364762023-04-012024-03-31OC336476bus:PartnerLLP12023-04-012024-03-31OC336476bus:PartnerLLP22023-04-012024-03-31OC3364762024-03-31OC3364762022-04-012023-03-31OC336476bus:LimitedLiabilityPartnershipLLP2023-04-012024-03-31OC336476bus:FRS1022023-04-012024-03-31OC336476bus:AuditExemptWithAccountantsReport2023-04-012024-03-31OC336476bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP