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REGISTERED NUMBER: NC001439
Expedia Capital (Newtownards) LLP
Filleted Unaudited Abridged Financial Statements
31 January 2024
Expedia Capital (Newtownards) LLP
Abridged Financial Statements
Year ended 31 January 2024
Contents
Page
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 (Newtownards) 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 (Newtownards) LLP
Report to the Members on the Preparation of the Unaudited Statutory Abridged Financial Statements of Expedia Capital (Newtownards) 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 (Newtownards) 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 (Newtownards) LLP, as a body. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Expedia Capital (Newtownards) 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 (Newtownards) LLP and its members, as a body, for our work or for this report.
It is your duty to ensure that Expedia Capital (Newtownards) 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 (Newtownards) LLP. You consider that Expedia Capital (Newtownards) 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 (Newtownards) 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 (Newtownards) LLP
Abridged Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
4
1,000
1,000
Tangible assets
5
222,582
219,832
---------
---------
223,582
220,832
Current assets
Debtors
50,825
20,762
Cash at bank and in hand
1,725
94
--------
--------
52,550
20,856
Creditors: amounts falling due within one year
399,397
351,623
---------
---------
Net current liabilities
346,847
330,767
---------
---------
Total assets less current liabilities
( 123,265)
( 109,935)
---------
---------
Net liabilities
( 123,265)
( 109,935)
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
Members' other interests
Other reserves
(123,265)
(109,935)
---------
---------
(123,265)
(109,935)
---------
---------
Total members' interests
Amounts due from members
(44,210)
(13,330)
Loans and other debts due to members
Members' other interests
(123,265)
(109,935)
---------
---------
(167,475)
(123,265)
---------
---------
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 .
Expedia Capital (Newtownards) LLP
Abridged Statement of Financial Position (continued)
31 January 2024
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.
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: NC001439
Expedia Capital (Newtownards) LLP
Notes to the Abridged Financial Statements
Year ended 31 January 2024
1.
General information
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).
3.
Accounting policies
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 £44,210 for the year and has negative reserves of £123,265. The LLP is dependant upon the continued support from its lenders and connected parties, the members are confident that this support will continue. 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.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
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.
4.
Intangible assets
£
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.
Tangible assets
£
Cost
At 1 February 2023
219,832
Additions
2,750
---------
At 31 January 2024
222,582
---------
Depreciation
At 1 February 2023 and 31 January 2024
---------
Carrying amount
At 31 January 2024
222,582
---------
At 31 January 2023
219,832
---------
Estimates are made in respect of the market value of investment property. When assessing the market value of these assets, factors including current rent receivable and available data on current yields and activity are considered.
6.
Charges on assets
Included in creditors' amounts following due within one year is a loan of £160,000 (2023: £160,000), secured by a fixed and floating charge covering all the property or undertakings at the LLP.
7.
Related party transactions
Expedia Capital (Newtownards) LLP is connected to related parties by virtue of common control from the designated members. At the balance sheet date, the amount owed to Expedia Capital (Newtownards) LLP from related parties was £600 (2023: £600). At the balance sheet date, the amount owed by Expedia Capital (Newtownards) LLP to related parties was £137,534 (2023: £102,385). All related party balances are unsecured, interest free and repayable upon demand.