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Registered number: OC442716













Monument Gosforth LLP

Financial statements
Information for filing with the registrar

31 March 2024




 
Monument Gosforth LLP


Balance sheet
At 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
100,000
100,000

  
100,000
100,000

Current assets
  

Debtors: amounts falling due within one year
 5 
3,925,000
3,925,000

  

Net assets
  
4,025,000
4,025,000


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a loan
  
3,925,000
3,925,000

  
3,925,000
3,925,000

Members' other interests
  

Members' capital classified as equity
  
100,000
100,000

  
 
4,025,000
 
4,025,000


Total members' interests
  

Loans and other debts due to members
  
3,925,000
3,925,000

Members' other interests
  
100,000
100,000

Members' surplus
  
4,025,000
4,025,000


1

 
Monument Gosforth LLP

    
Balance sheet (continued)
At 31 March 2024

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

The entity was entitled to exemption from audit under section 480 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 12 November 2024.




Tom Wooldridge on behalf of Monument Real Estate Management Limited
Designated member

Registered number: OC442716
The notes on pages 3 to 5 form part of these financial statements. 

2

 
Monument Gosforth LLP
 
 

Notes to the financial statements
Period ended 31 March 2024

1.


General information

The LLP is domiciled and registered in England and Wales. The registered office is Hay & Kilner, The Lumen, St. James' Boulevard, Newcastle Helix, Newcastle upon Tyne, NE4 5BZ.

2.Accounting policies

 
2.1

Statement of compliance

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies.

 
2.2

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits based upon the method outlined in the member's agreement.

 
2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.


3.


Employees

The average number of employees during the year was nil (2023: nil).

3

 
Monument Gosforth LLP
 
 

Notes to the financial statements
Period ended 31 March 2024

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 April 2023
100,000



At 31 March 2024
100,000





Subsidiary undertaking


The following was a subsidiary undertaking of the LLP:

Name

Principal activity

Class of shares

Holding

Project Gosforth Limited
Property management
Ordinary
100%


Aggregate of share capital and reserves
Profit/(loss)
2024
2023
        £
        £
        £
        £
Project Gosforth Limited

322,026

151,828

473,854
 
322,026
 


5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
3,925,000
3,925,000

3,925,000
3,925,000


4

 
Monument Gosforth LLP
 
 

Notes to the financial statements
Period ended 31 March 2024

6.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
3,925,000
3,925,000

3,925,000
3,925,000

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
3,925,000
3,925,000

3,925,000
3,925,000

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


7.


Contingent liabilities

The company is party to a multilateral guarantee with Project Gosforth Limited to support the borrowings from that company's bankers. At 31 March 2024 the borrowings to which the guarantee refers totalled £5,942,494 (2023: £6,305,000).


8.


Related party transactions

During the year, the LLP had no transactions with it's subsidiary company, Project Gosforth Limited, the balance owed to the LLP at the year end was £3,925,000 (2023: £3,925,000). The loan is unsecured, interest free and repayable on demand.

5