Registered number
OC419573
Linburn Properties and Homes LLP
Filleted Accounts
31 March 2024
Linburn Properties and Homes LLP
Registered number: OC419573
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 9,505 11,183
Current assets
Stocks 3,893,768 4,048,873
Debtors 4 30,293 30,248
Cash at bank and in hand 44,866 50,091
3,968,927 4,129,212
Creditors: amounts falling due within one year 5 (25,636) (25,754)
Net current assets 3,943,291 4,103,458
Total assets less current liabilities 3,952,796 4,114,641
Creditors: amounts falling due after more than one year 6 (1,927,580) (2,169,878)
Net assets attributable to members 2,025,216 1,944,763
Represented by:
Loans and other debts due to members 7 (427,841) (406,645)
Members' other interests
Members' capital classified as equity 1,279,060 1,279,060
Revaluation reserve 650,802 674,812
Other reserves 523,195 397,536
2,453,057 2,351,408
2,025,216 1,944,763
Total members' interests
Loans and other debts due to members 7 (427,841) (406,645)
Members' other interests 2,453,057 2,351,408
2,025,216 1,944,763
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 20.05.24 and signed on their behalf by:
Mrs L Milburn
Designated member
Linburn Properties and Homes 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.
Turnover
Turnover represents the value of services provided to customers.
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.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Motor vehicles 25% reducing balance
Fixtures, fittings and equipment 15% reducing balance
Stocks
Stock is valued at the lower of cost and net realisable value.
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.
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
Fixtures fittings and equipment
£
Cost
At 1 April 2023 24,798
At 31 March 2024 24,798
Depreciation
At 1 April 2023 13,615
Charge for the year 1,678
At 31 March 2024 15,293
Net book value
At 31 March 2024 9,505
At 31 March 2023 11,183
4 Debtors 2024 2023
£ £
Other debtors 30,293 30,248
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 25,636 25,754
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,927,580 2,169,878
7 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits (427,841) (406,645)
Amounts falling due within one year (427,841) (406,645)
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Revaluation reserve 2024 2023
£ £
At 1 April 2023 674,812 674,812
Loss on revaluation of land and buildings (24,010) -
At 31 March 2024 650,802 674,812
9 Other information
Linburn Properties and Homes LLP is a limited liability partnership incorporated in England. Its registered office is:
Britannia House
16 Hall Quay
Great Yarmouth
NR30 1HP
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