Registered number
OC354263
Lynwood Drive LLP
Filleted Accounts
31 March 2024
Lynwood Drive LLP
Registered number: OC354263
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 195,130 195,130
Current assets
Cash at bank and in hand 30,658 29,012
Net current assets 30,658 29,012
Total assets less current liabilities 225,788 224,142
Net assets attributable to members 225,788 224,142
Represented by:
Loans and other debts due to members 4 225,788 224,573
Members' other interests
Other reserves - (431)
225,788 224,142
Total members' interests
Loans and other debts due to members 4 225,788 224,573
Members' other interests - (431)
225,788 224,142
For the year ended 31 March 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 23 October 2024 and signed on their behalf by:
A G Thorne
Designated member
Lynwood Drive LLP
Notes to the Accounts
for the year ended 31 March 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.
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 is not depreciated
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 April 2023 195,130
At 31 March 2024 195,130
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 195,130
At 31 March 2023 195,130
4 Loans and other debts due to members 2024 2023
£ £
Loans from members 205,958 205,958
Amounts due to members in respect of profits 19,830 18,615
225,788 224,573
Amounts falling due within one year 225,788 224,573
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
5 Other information
Lynwood Drive LLP is a limited liability partnership incorporated in England. Its registered office is:
43 Mornington Road
Chingford
London
E4 7DT
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