Registered number
OC349266
Citygate Developments East Anglia LLP
Filleted Accounts
5 April 2024
Citygate Developments East Anglia LLP
Registered number: OC349266
Balance Sheet
as at 5 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,950,000 1,950,000
Current assets
Debtors 4 27,447 344,484
Cash at bank and in hand 45,033 34,772
72,480 379,256
Creditors: amounts falling due within one year 5 (109,286) (110,784)
Net current (liabilities)/assets (36,806) 268,472
Total assets less current liabilities 1,913,194 2,218,472
Creditors: amounts falling due after more than one year 6 (71,000) (421,000)
Net assets attributable to members 1,842,194 1,797,472
Represented by:
Loans and other debts due to members 8 143,744 99,022
Members' other interests
Members' capital classified as equity 200,000 200,000
Revaluation reserve 1,498,450 1,498,450
1,698,450 1,698,450
1,842,194 1,797,472
Total members' interests
Loans and other debts due to members 8 143,744 99,022
Members' other interests 1,698,450 1,698,450
1,842,194 1,797,472
For the year ended 5 April 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 6 November 2024 and signed on their behalf by:
A.Jones
Designated member
I.Reid
Designated member
Citygate Developments East Anglia LLP
Notes to the Accounts
for the year ended 5 April 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Investment property is shown at its open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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
Investment Property
£
Cost
At 6 April 2023 1,950,000
At 5 April 2024 1,950,000
Depreciation
At 5 April 2024 -
Net book value
At 5 April 2024 1,950,000
At 5 April 2023 1,950,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 459,050 459,050
Cumulative depreciation based on historical cost - -
459,050 459,050
The Investment Property was revalued by Carter Jonas, Chartered Surveyors on an open market basis in October 2020. The members believe this is still an appropriate valuation.
4 Debtors 2024 2023
£ £
Other debtors 27,447 344,484
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 50,000 50,000
Other creditors 59,286 60,784
109,286 110,784
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 71,000 421,000
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 121,000 471,000
The bank loan is secured by a legal charge on the investment property
8 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits 143,744 99,022
Amounts falling due within one year 143,744 99,022
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
9 Revaluation reserve 2024 2023
£ £
At 6 April 2023 1,498,450 1,498,450
At 5 April 2024 1,498,450 1,498,450
10 Other information
Citygate Developments East Anglia LLP is a limited liability partnership incorporated in England. Its registered office is:
16 Queen Street
Norwich
NR2 4SG
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