REGISTERED NUMBER: |
TEY GARDENS LLP |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2024 |
REGISTERED NUMBER: |
TEY GARDENS LLP |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2024 |
TEY GARDENS LLP (REGISTERED NUMBER: OC329601) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 | to | 4 |
Notes to the Financial Statements | 5 | to | 9 |
TEY GARDENS LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
TEY GARDENS LLP (REGISTERED NUMBER: OC329601) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 3,062,668 | 2,600,570 |
TEY GARDENS LLP (REGISTERED NUMBER: OC329601) |
BALANCE SHEET - continued |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
11 |
1,187,709 |
1,075,611 |
MEMBERS' OTHER INTERESTS |
Fair value reserve | 12 |
3,062,668 | 2,600,570 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 11 | 1,187,709 | 1,075,611 |
Members' other interests | 1,874,959 | 1,524,959 |
3,062,668 | 2,600,570 |
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. |
TEY GARDENS LLP (REGISTERED NUMBER: OC329601) |
BALANCE SHEET - continued |
31 MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
TEY GARDENS LLP (REGISTERED NUMBER: OC329601) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Tey Gardens LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£) and the financial statements |
are rounded to the nearest Pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. |
The financial statements have been prepared under the historical cost convention modified to include investment properties at fair value. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Deprecation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the the following bases: |
Plant and machinery | 25% straight line |
Residual value is calculated on prices prevailing at the reporting date after estimated costs of disposal for the asset as if it were the at the age and in the condition expected at the end of its useful life. |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
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. |
Fixed asset investments |
Fixed asset investments are stated at cost less provision for diminution in value. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. Is is valued on the basis of direct costs. Provision is made for foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
Financial instruments |
Basic financial instruments are measured at amortised cost. |
TEY GARDENS LLP (REGISTERED NUMBER: OC329601) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Members' participation rights |
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. A members 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. |
Profits are divided only after a decision by the LLP or its representative, so the LLP has an unconditional right to refuse payment. Such profits are classed as equity rather than liabilities. They are therefore shown as residual amounts available for discretionary distribution amongst members in arriving at the result in the year and are shown as appropriations of equity when they are allocated. |
Losses are divided only after a decision by the LLP or its representative and therefore remain in equity until such a decision is made. |
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 that they exceed debts due from a specific member. |
All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests. |
Taxation |
The taxation payable on the partnership profits is solely the personal liability of the individual members. Consequently neither the partnership taxation nor the related deferred taxation arising in respect of the partnership are accounted for in these financial statements. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
TEY GARDENS LLP (REGISTERED NUMBER: OC329601) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Interest |
in other |
participating | Other |
interests | investments | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 | 175,000 | 175,001 |
NET BOOK VALUE |
At 31 March 2024 | 175,000 | 175,001 |
At 31 March 2023 | 175,000 | 175,001 |
The original cost of the fixed asset investments was £105,001. |
TEY GARDENS LLP (REGISTERED NUMBER: OC329601) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Revaluations | 350,000 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The investment property is subject to an annual revaluation based on the present market value, which is carried out by the designated members. |
The historical cost of the investment property is £1,125,041 (2023: £1,125,041). |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts due from related undertaking |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loan |
Trade creditors |
Amounts due to related undertaking |
Other taxes and social security |
Other creditors |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loan |
TEY GARDENS LLP (REGISTERED NUMBER: OC329601) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2024 | 2023 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loan | 97,610 | 147,955 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
At the year end, the bank loan was secured by way of a debenture over the LLP's assets in favour of Lloyds TSB Bank PLC, dated 26 May 2010. This charge was satisfied on 18 June 2024. |
The bank loan was also secured by way of a mortgage over the property known as Tey Gardens, Church Lane, Little Tey, Colchester in favour of Lloyds TSB Bank PLC, dated 14 July 2010. This charge was also satisfied on 18 June 2024. |
11. | 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. |
12. | MEMBERS OTHER INTERESTS |
Fair |
value |
reserve |
£ |
At 1 April 2023 |
Fair value adjustment | 350,000 |
At 31 March 2024 |