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REGISTERED NUMBER:
NC001390
Expedia Capital (Property No.4) LLP |
|
Filleted Unaudited Abridged Financial Statements |
|
Expedia Capital (Property No.4) LLP |
|
Abridged Financial Statements |
|
Year ended 31 January 2024
Designated members and professional advisers |
1 |
|
|
Report to the members on the preparation of the unaudited statutory abridged financial statements |
2 |
|
|
Abridged statement of financial position |
3 |
|
|
Notes to the abridged financial statements |
5 |
|
|
Expedia Capital (Property No.4) LLP |
|
Designated Members and Professional Advisers |
|
Designated members |
Alison Johnston |
|
Colin Johnston |
|
|
Registered office |
Block D |
|
17 Heron Road |
|
Belfast |
|
BT3 9LE |
|
|
Accountants |
Hill Vellacott |
|
Chartered accountants |
|
22 Great Victoria Street |
|
Belfast |
|
BT2 7BA |
|
|
Expedia Capital (Property No.4) LLP |
|
Report to the Members on the Preparation of the Unaudited Statutory Abridged Financial Statements of
Expedia Capital (Property No.4) LLP |
|
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the abridged financial statements of Expedia Capital (Property No.4) LLP for the year ended 31 January 2024, which comprise the abridged statement of financial position and the related notes from the LLP's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the members of Expedia Capital (Property No.4) LLP, as a body. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Expedia Capital (Property No.4) LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Expedia Capital (Property No.4) LLP and its members, as a body, for our work or for this report.
It is your duty to ensure that Expedia Capital (Property No.4) LLP has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Expedia Capital (Property No.4) LLP. You consider that Expedia Capital (Property No.4) 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 abridged financial statements of Expedia Capital (Property No.4) 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 abridged financial statements.
Hill Vellacott
Chartered accountants
22 Great Victoria Street
Belfast
BT2 7BA
29 October 2024
Expedia Capital (Property No.4) LLP |
|
Abridged Statement of Financial Position |
|
31 January 2024
Fixed assets
Intangible assets |
4 |
1,000 |
1,000 |
|
|
|
|
Current assets
Creditors: amounts falling due within one year |
645,691 |
645,590 |
|
--------- |
--------- |
Net current liabilities |
111,118 |
109,583 |
|
--------- |
--------- |
Total assets less current liabilities |
(
110,118) |
(
108,583) |
|
--------- |
--------- |
Net liabilities |
(
110,118) |
(
108,583) |
|
--------- |
--------- |
|
|
|
Represented by:
Loans and other debts due to members
Members' other interests
Other reserves |
(110,118) |
(108,583) |
|
--------- |
--------- |
|
(110,118) |
(108,583) |
|
--------- |
--------- |
|
|
|
Total members' interests
Amounts due from members |
(1,373) |
(1,534) |
Loans and other debts due to members |
– |
– |
Members' other interests |
(110,118) |
(108,583) |
|
--------- |
--------- |
|
(111,491) |
(110,117) |
|
--------- |
--------- |
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 January 2024 the LLP 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
Expedia Capital (Property No.4) LLP |
|
Abridged Statement of Financial Position (continued) |
|
31 January 2024
These abridged financial statements were approved by the
members
and authorised for issue on
29 October 2024
, and are signed on their behalf by:
Colin Johnston |
Designated Member |
|
Registered number:
NC001390
Expedia Capital (Property No.4) LLP |
|
Notes to the Abridged Financial Statements |
|
Year ended 31 January 2024
The LLP is registered in Northern Ireland. The address of the registered office is Block D, 17 Heron Road, Belfast, BT3 9LE.
2. |
Statement of compliance |
|
|
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The LLP made a loss of £1,373 for the year and has negative reserves of £111,490 which included £508,748 owed to connected parties. The LLP is dependant upon the continued support from its connected parties who have indicated that they will not seek repayable of the of the amounts owed for the foreseeable future. As a result, the members have a reasonable expectation that the LLP has the adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements. When considering the going concern concept the members have considered a period on 12 months from the date that these financial statements are approved.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the abridged statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the abridged statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the abridged statement of financial position 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 abridged statement of financial position within 'Members' other interests'.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
|
£ |
Cost |
|
At 1 February 2023 and 31 January 2024 |
1,000 |
|
------- |
Amortisation |
|
At 1 February 2023 and 31 January 2024 |
– |
|
------- |
Carrying amount |
|
At 31 January 2024 |
1,000 |
|
------- |
At 31 January 2023 |
1,000 |
|
------- |
|
|
5. |
Related party transactions |
|
|
Expedia Capital (Property No.4) LLP
is connected to related parties by virtue of common control from the members. At the balance sheet date, the amount owed to Expedia Capital (Property No.4) LLP
from related parties was £533,046 (2023: £506,499). At the balance sheet date, the amount owed by Expedia Capital (Property No.4) LLP
to related parties was £508,748 (2023: £508,748). All related party balances are unsecured, interest free and repayable upon demand.