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REGISTERED NUMBER: OC319348 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

LINNELL VOLUME LLP

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LINNELL VOLUME LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: Linnell Investments S.A.
Ascari Energy Limited





REGISTERED OFFICE: Sterling House
27 Hatchlands Road
Redhill
Surrey
RH1 6RW





REGISTERED NUMBER: OC319348 (England and Wales)





ACCOUNTANTS: GBJ Financial Limited
Sterling House
27 Hatchlands Road
Redhill
Surrey
RH1 6RW

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment property 4 12,500,000 14,820,484

CURRENT ASSETS
Debtors 5 1,649,663 681,452
Cash at bank 494,105 623,730
2,143,768 1,305,182
CREDITORS
Amounts falling due within one year 6 2,374,389 1,569,961
NET CURRENT LIABILITIES (230,621 ) (264,779 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,269,379

14,555,705

CREDITORS
Amounts falling due after more than one
year

7

9,553,839

9,073,449
NET ASSETS ATTRIBUTABLE TO
MEMBERS

2,715,540

5,482,256

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

BALANCE SHEET - continued
31 MARCH 2024

2024 2023
Notes £ £ £ £
LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

1,728,570

1,819,873

MEMBERS' OTHER INTERESTS
Other reserves (1,815,771 ) (2,010,997 )
Fair value reserve 9 2,802,741 5,673,380
2,715,540 5,482,256

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 1,728,570 1,819,873
Members' other interests 986,970 3,662,383
2,715,540 5,482,256

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 8 November 2024 and were signed by:





Linnell Investments S.A. - Designated member

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Linnell Volume LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rental income net of VAT.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Revenue recognition
Rental income represents rents due for the period, calculated on an accruals basis.

Allocation of profits and drawings
Proceeds from the sale of investment property are allocated to Linnell Investments S.A., as a Designated Member, and dealt with as described in the accounts of that company.

Taxation
The taxation payable on the LLP's profits is a personal liability of the members during the period.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 April 2023 14,820,484
Additions 550,155
Revaluations (2,870,639 )
At 31 March 2024 12,500,000
NET BOOK VALUE
At 31 March 2024 12,500,000
At 31 March 2023 14,820,484

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. INVESTMENT PROPERTY - continued

The investment properties were valued on an open market basis by a firm of Independent Chartered Surveyors as at 6th September 2023. The members consider the current market value to be £14,820,484 at year end.

Fair value at 31 March 2024 is represented by:
£
Valuation in 2016 1,106
Valuation in 2017 1,438,988
Valuation in 2020 983,285
Valuation in 2022 3,250,000
Valuation in 2023 (2,870,639 )
Cost 9,697,260
12,500,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 69,663 31,452
Other debtors 1,580,000 650,000
1,649,663 681,452

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 146,000 141,540
Trade creditors 199 11,314
Amounts owed to group undertakings 1,804,738 986,749
Taxation and social security 38,133 28,456
Other creditors 385,319 401,902
2,374,389 1,569,961

The bank loan is secured by a fixed and floating charge over the assets of the limited liability partnership.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans 6,351,000 6,104,610
Other creditors 3,202,839 2,968,839
9,553,839 9,073,449

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

The bank loan is secured by a fixed and floating charge over the assets of the limited liability partnership.

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

Linnell Volume LLP's profits are allocated retrospectively to the Designated Member, Linnell Investments S.A. Accordingly, there is no automatic division of profits or losses among the members, and only certain fixed shares of profit are allocated at the balance sheet date. As a result, the balance of profits available for division among the members on the balance sheet date is included in members' other interests, and drawings by members on account of profits for the period are classified as amounts due from members.

Members' other interests rank after unsecured creditors, and loans and other debts due to members rank pari passu with unsecured creditors in the event of winding up. The amount of capital Linnell Investments S.A. is required to subscribe is determined by the requirements of the project of the partnership and will only be withdrawn on completion of the project.

9. RESERVES
Fair value
reserve
£
At 1 April 2023 5,673,380
Investment property revaluation (2,870,639 )
At 31 March 2024 2,802,741