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REGISTERED NUMBER: OC422614 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Verney House LLP

Verney House LLP (Registered number: OC422614)






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


Verney House LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: S L Edwards
R A J Smith





REGISTERED OFFICE: 10th Floor
240 Blackfriars Road
London
SE1 8NW





REGISTERED NUMBER: OC422614 (England and Wales)





ACCOUNTANTS: Verinder Powell Associates Ltd
Suite 5 Corum 2
Corum Office Park
Crown Way
Warmley
Bristol
BS30 8FJ

Verney House LLP (Registered number: OC422614)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 13,604,000 13,604,000

CURRENT ASSETS
Debtors 5 124,075 229,048
Cash at bank 751,915 417,856
875,990 646,904
CREDITORS
Amounts falling due within one year 6 288,660 149,856
NET CURRENT ASSETS 587,330 497,048
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO MEMBERS 14,191,330 14,101,048

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 13,850,000 13,850,000
Other reserves 341,330 251,048
14,191,330 14,101,048

TOTAL MEMBERS' INTERESTS
Members' other interests 14,191,330 14,101,048

Verney House LLP (Registered number: OC422614)

Balance Sheet - continued
31 March 2024


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 21 November 2024 and were signed by:




S L Edwards - Designated member




R A J Smith - Designated member


Verney House LLP (Registered number: OC422614)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


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.

There have been no material departures from the Financial Reporting Standard FRS 102 1A.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is recognised in the period to which it relates.

Investment property
Investment property is carried at fair value determined annually by the members. They have been guided by an independent firm, who have expertise in the field and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset, value the property. No depreciation is provided and changes determined by the members in fair value are recognised in profit or loss.

Interest income
Interest income is recognised in profit or loss using the effective interest method.

Verney House LLP (Registered number: OC422614)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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 discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

Profits of the LLP which are not yet divided among the members are shown under 'Other reserves' on the Balance Sheet, pending a discretionary decision to divide the profits.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2023 - 4 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 13,604,000
NET BOOK VALUE
At 31 March 2024 13,604,000
At 31 March 2023 13,604,000

The members considered £13,604,000 to be a fair reflection of the investment property's value as at 31 March 2024. This is based on a previous valuation performed by an external independent firm and the members do not consider the valuation to be materially different.

If the investment property has been recognised under the historic cost accounting rules, the property value would have been £14,713,209 (2023 - £14,713,209).

Verney House LLP (Registered number: OC422614)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 31,884 69,936
Other debtors 18,062 15,701
Prepayments and accrued income 74,129 143,411
124,075 229,048

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 11,562 3,965
Social security and other taxes 2,710 8,968
Other creditors 50,305 15,065
Accruals and deferred income 224,083 121,858
288,660 149,856