Registered number
OC440842
ATIRSTAM INVEST LLP
FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 JANUARY 2024
DV L & CO ACCOUNTANTS
48 MELFORD ROAD
WALTHAMSTOW
LONDON E17 7EL
ATIRSTAM INVEST LLP
Report and accounts
Contents
Page
LLP information 1
Members' report 2
Accountants' report 3
Profit and loss account 4
Balance sheet 5
Reconciliation of members' interests 6
Notes to the accounts 7 - 8
For members' information only:
Detailed profit and loss accounts 9 - 11
Members Report 12
ATIRSTAM INVEST LLP
LLP Information
Designated members
Mr Mehala Sundaralingam
Mr Kishotharan Sundaralingam
Accountants
DVL & CO
48
Melford Road
London
United Kingdom
E17 7EL
Bankers
HSBC
128 High Street
Berkshire
SL1 1JF
Solicitors
HCB Solicitors
297-299 Kenton Road
Kenton
Harrow
HA3 8RR
Registered office
86-90
Pual Street
London
EC2A 4NE
Registered number
OC440842
ATIRSTAM INVEST LLP
Members' Report
The members present their report and accounts for the year ended 31 January 2024.
Principal activities
The LLP's principal activity during the year was renting the own properties.
Designated members
The following persons served as designated members during the year:
Mrs Mehala Sundaralingam
Mr Kishotharan Sundaralingam
Policy with respect to members' drawings and subscription and repayment of members' capital
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP. New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amount of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 28 October 2024 and signed on their behalf by:
Mr K Sundaralingam
Designated member
ATIRSTAM INVEST LLP
Profit and Loss Account
for the year ended 31 January 2024
2024 2023
£ £
Fees - 750
Administrative expenses (1,731) (5,036)
Rental income 39,600 21,450
Operating profit 37,869 17,164
Interest payable (37,862) (20,254)
Profit/(loss) before members' remuneration and profit share 7 (3,090)
Profit/(loss) for the financial year available for discretionary division among members 7 (3,090)
Continuing Operations
None of the company's activities were acquired or discontinued during the
above two financial years.
Total recognised gains and losses
The company made no recognised gains or losses other than profit/loss
for the above two financial years.
ATIRSTAM INVEST LLP
Registered number: OC440842
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,968,850 1,968,850
Current assets
Cash at bank and in hand 1,048 1,390
Creditors: amounts falling due within one year 4 (750) (750)
Net current assets 298 640
Total assets less current liabilities 1,969,148 1,969,490
Creditors: amounts falling due after more than one year 5 (1,241,379) (1,241,379)
Net assets attributable to members 727,769 728,111
Represented by:
Members' other interests
Members' capital classified as equity 730,852 731,201
Other reserves (3,083) (3,090)
727,769 728,111
727,769 728,111
Total members' interests
Members' other interests 727,769 728,111
727,769 728,111
For the year ended 31 January 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 28 October 2024 and signed on their behalf by:
Mr K Sundaralingam
Designated member
ATIRSTAM INVEST LLP
Notes to the Accounts
for the year ended 31 January 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.
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
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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 February 2023 1,968,850
At 31 January 2024 1,968,850
Depreciation
At 31 January 2024 -
Net book value
At 31 January 2024 1,968,850
At 31 January 2023 1,968,850
4 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 750 750
5 Creditors: amounts falling due after one year 2,024 2,023
£ £
Bank loans 1,241,379 1,241,379
6 Loans
Creditors include:
Secured bank loans 1,241,379 1,241,379
The bank loans are secured over the investment properties owned by the members.
7 Other information
ATIRSTAM INVEST LLP is a limited liability partnership incorporated in England. Its registered office is:
86-90
Pual Street
London
EC2A 4NE
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