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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of Warstone Properties LLP have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the period ending 28 February 2024 in accordance with Section 444(2A) of the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
REGISTERED NUMBER: OC360048
WARSTONE PROPERTIES LLP
UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
28 February 2024
WARSTONE PROPERTIES LLP
ABRIDGED FINANCIAL STATEMENTS
PERIOD ENDED 28 FEBRUARY 2024
Contents
Page
Designated members and professional advisers
1
Members' report
2
Abridged statement of income and retained earnings
4
Abridged statement of financial position
5
Reconciliation of members' interests
7
Notes to the abridged financial statements
9
WARSTONE PROPERTIES LLP
DESIGNATED MEMBERS AND PROFESSIONAL ADVISERS
Designated members
J N Doyle
M Riley
Registered office
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
Accountants
Langard Lifford Hall Limited
Accountants and Registered Auditors
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
WARSTONE PROPERTIES LLP
MEMBERS' REPORT
PERIOD ENDED 28 FEBRUARY 2024
The members present their report and the unaudited abridged financial statements of the LLP for the period ended 28 February 2024 .
Principal activities
The principal activity of the company during the year was that of property ownership and letting.
Designated members
The designated members who served the LLP during the period were as follows:
J N Doyle
M Riley
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 5 November 2024 and signed on behalf of the members by:
J N Doyle
Designated Member
Registered office:
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
WARSTONE PROPERTIES LLP
ABRIDGED STATEMENT OF INCOME AND RETAINED EARNINGS
PERIOD ENDED 28 FEBRUARY 2024
Period from
Year to
1 Jan 22 to
28 Feb 24
28 Feb 23
Note
£
£
Gross profit
Administrative expenses
1,585
1,643
------------
------------
Operating loss
4
( 1,585)
( 1,643)
Interest payable and similar expenses
780
1,228
------------
------------
Loss for the financial period before members' remuneration and profit shares available for discretionary division among members
(2,365)
(2,871)
------------
------------
All the activities of the LLP are from continuing operations.
WARSTONE PROPERTIES LLP
ABRIDGED STATEMENT OF FINANCIAL POSITION
28 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
136,195
136,203
Current assets
Debtors
24,018
24,008
Cash at bank and in hand
22,404
35,851
------------
------------
46,422
59,859
Creditors: amounts falling due within one year
10,900
11,980
------------
------------
Net current assets
35,522
47,879
------------
------------
Total assets less current liabilities
171,717
184,082
Creditors: amounts falling due after more than one year
15,838
25,838
------------
------------
Net assets
155,879
158,244
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
6
155,879
158,244
------------
------------
Members' other interests
Other reserves
------------
------------
155,879
158,244
------------
------------
Total members' interests
Loans and other debts due to members
6
155,879
158,244
Members' other interests
------------
------------
155,879
158,244
------------
------------
These abridged financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
WARSTONE PROPERTIES LLP
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
28 February 2024
For the period ending 28 February 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the members and authorised for issue on 5 November 2024 , and are signed on their behalf by:
J N Doyle
Designated Member
Registered number: OC360048
WARSTONE PROPERTIES LLP
RECONCILIATION OF MEMBERS' INTERESTS
PERIOD ENDED 28 FEBRUARY 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2024
£
£
£
£
£
Balance at 1 March 2023
158,244
158,244
158,244
Loss for the financial period available for discretionary division among members
(2,365)
(2,365)
(2,365)
------------
------------
------------
------------
------------
Members' interests after loss for the period
(2,365)
(2,365)
158,244
158,244
155,879
Other division of profits
2,365
2,365
(2,365)
(2,365)
------------
------------
------------
------------
------------
Balance at 28 February 2024
155,879
155,879
155,879
------------
------------
------------
------------
------------
WARSTONE PROPERTIES LLP
RECONCILIATION OF MEMBERS' INTERESTS (continued)
PERIOD ENDED 28 FEBRUARY 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
Balance at 1 January 2022
161,115
161,115
161,115
Loss for the financial period available for discretionary division among members
(2,871)
(2,871)
(2,871)
------------
------------
------------
------------
------------
Members' interests after loss for the period
(2,871)
(2,871)
161,115
161,115
158,244
Other division of profits
2,871
2,871
(2,871)
(2,871)
------------
------------
------------
------------
------------
Balance at 28 February 2023
158,244
158,244
158,244
------------
------------
------------
------------
------------
WARSTONE PROPERTIES LLP
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
PERIOD ENDED 28 FEBRUARY 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the abridged statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the abridged statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the abridged statement of income and retained earnings and are equity appropriations in the abridged statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the abridged statement of financial position within 'Loans and other debts due to members' and are charged to the abridged statement of income and retained earnings within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the abridged statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Operating loss
Operating profit or loss is stated after charging:
Period from
Year to
1 Jan 22 to
28 Feb 24
28 Feb 23
£
£
Depreciation of tangible assets
8
10
------------
------------
5.
Tangible assets
£
Cost
At 1 March 2023 and 28 February 2024
136,738
------------
Depreciation
At 1 March 2023
535
Charge for the period
8
------------
At 28 February 2024
543
------------
Carrying amount
At 28 February 2024
136,195
------------
At 28 February 2023
136,203
------------
6.
Loans and other debts due to members
2024
2023
£
£
Loans from members
40,850
40,850
Amounts owed to members in respect of profits
115,029
117,394
------------
------------
155,879
158,244
------------
------------