Limited Liability Partnership registration number OC444728 (England and Wales)
TAMAR WATERSIDE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TAMAR WATERSIDE LLP
CONTENTS
Page
Statement of financial position
1
Reconciliation of members' interests
2
Notes to the financial statements
3 - 5
TAMAR WATERSIDE LLP
STATEMENT OF FINANCIAL POSITION
AS AT 29 NOVEMBER 2023
29 November 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investment property
3
2,474,258
Current assets
Debtors
4
1,151
Creditors: amounts falling due within one year
5
(2,950)
Net current liabilities
(1,799)
Total assets less current liabilities and net assets attributable to members
2,472,459
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(15,607)
Other amounts
2,388,066
2,372,459
Members' other interests
Members' capital classified as equity
100,000
2,472,459

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial period ended 29 November 2023 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 5 November 2024 and are signed on their behalf by:
05 November 2024
Dr A J Reynard
Designated member
Limited Liability Partnership registration number OC444728 (England and Wales)
TAMAR WATERSIDE LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 29 NOVEMBER 2023
- 2 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Amounts due to members
-
Members' interests at 21 November 2022
-
-
-
-
-
-
Loss for the period available for discretionary division among members
-
(15,607)
(15,607)
-
-
(15,607)
Members' interests after loss for the period
-
(15,607)
(15,607)
-
-
(15,607)
Allocation of loss for the period
-
15,607
15,607
(15,607)
(15,607)
-
Introduced by members
100,000
-
100,000
2,388,066
2,388,066
2,488,066
Members' interests at 29 November 2023
100,000
-
100,000
2,372,459
2,372,459
2,472,459
Amounts due to members
2,372,459
2,372,459
TAMAR WATERSIDE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 NOVEMBER 2023
- 3 -
1
Accounting policies
Limited liability partnership information

Tamar Waterside LLP is a limited liability partnership incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

These financial statements for the period ended 29 November 2023 are the first financial statements of Tamar Waterside LLP. The LLP was incorporated on 21 November 2022 and therefore the financial statements are for a period of more than one year.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Members' participating interests

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. A member's 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.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

TAMAR WATERSIDE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

TAMAR WATERSIDE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2023
- 5 -
2
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2023
Number
Total
-
0
3
Investment property
2023
£
Fair value
At 21 November 2022
-
Additions
2,474,258
At 29 November 2023
2,474,258

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 29 November 2023 by the designated members of the LLP. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

4
Debtors
2023
Amounts falling due within one year:
£
Other debtors
1,151
5
Creditors: amounts falling due within one year
2023
£
Other creditors
2,950
6
Loans and other debts due to members
2023
£
Analysis of loans
Amounts falling due within one year
2,372,459
2,372,459

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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