Registered number
OC430810
Richmond George Street LLP
Filleted Accounts
29 February 2024
Richmond George Street LLP
Registered number: OC430810
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,092,945 5,075,739
Current assets
Debtors 4 44,435 67,748
Cash at bank and in hand 136,146 179,324
180,581 247,072
Creditors: amounts falling due within one year 5 (4,340) (248,289)
Net current assets/(liabilities) 176,241 (1,217)
Total assets less current liabilities 5,269,186 5,074,522
Creditors: amounts falling due after more than one year 6 (2,505,236) (2,329,236)
Net assets attributable to members 2,763,950 2,745,286
Represented by:
Loans and other debts due to members 7 2,850,000 2,700,000
Members' other interests
Members' capital classified as equity 10,000 10,000
Other reserves (96,050) 35,286
(86,050) 45,286
2,763,950 2,745,286
Total members' interests
Loans and other debts due to members 7 2,850,000 2,700,000
Members' other interests (86,050) 45,286
2,763,950 2,745,286
For the year ended 29 February 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 11 October 2024 and signed on their behalf by:
Faisal Randeree
Designated member
Richmond George Street LLP
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
The accounts have been prepared on a going concern basis despite showing a net deficit in members' interest because the members will provide the necessary capital as and when required.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 March 2023 5,075,739
Additions 17,206
At 29 February 2024 5,092,945
Depreciation
At 29 February 2024 -
Net book value
At 29 February 2024 5,092,945
At 28 February 2023 5,075,739
The investment property is not depreciated and the members confirm that no impairment in value was noted as at Y/E.
4 Debtors 2024 2023
£ £
Trade debtors 41,097 1,837
Other debtors 3,338 65,911
44,435 67,748
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 50,004
Trade creditors 3,011 3,285
Other creditors 1,329 195,000
4,340 248,289
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,329,236 2,329,236
Other creditors 176,000 -
2,505,236 2,329,236
The loan from HBZ Plc is secured on the Llp's property at 46 George Street, Richmond TW9 1HJ.
7 Loans and other debts due to members 2024 2023
£ £
Loans from members 2,850,000 2,700,000
Amounts falling due within one year 2,850,000 2,700,000
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
Richmond George Street LLP is a limited liability partnership incorporated in England. Its registered office is:
First Floor
85 Strand
London
WC2R 0DW
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