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Registration number: OC418580

GNVPrice LLP

Unaudited Financial Statements

for the period from 1 September 2023 to 31 March 2024

 

GNVPrice LLP

Contents

Limited liability partnership information

1

Members' Report

2

Accountants' Report

3

Financial Statements

4 to 9

Balance Sheet

4

Notes to the Financial Statements

6

 

GNVPrice LLP

Limited liability partnership information

Designated members

Mrs V M Price

Mr D W Price

Mr S G Price
 

Registered office

7-9 Macon Court
Crewe
Cheshire
CW1 6EA

Accountants

Alextra Group Limited
Certified Chartered Accountants
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

GNVPrice LLP

Members' Report for the period from 1 September 2023 to 31 March 2024

The members present their report and the unaudited financial statements for the period from 1 September 2023 to 31 March 2024.

Designated members

The members who held office during the period were as follows:

Mrs V M Price

Mr D W Price

Mr S G Price

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to limited liability partnerships.

Approved by the Board on 24 November 2024 and signed on its behalf by:

.........................................
Mrs V M Price
Designated member

 

Chartered Certified Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
GNVPrice LLP
for the Period Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of GNVPrice LLP for the period ended 31 March 2024 set out on pages 4 to 9 from the limited liability partnership's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the members of GNVPrice LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of GNVPrice LLP and state those matters that we have agreed to state to the members of GNVPrice LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GNVPrice LLP and its members as a body for our work or for this report.

It is your duty to ensure that GNVPrice LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of GNVPrice LLP. You consider that GNVPrice LLP is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of GNVPrice LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Alextra Group Limited
Certified Chartered Accountants
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

24 November 2024

 

GNVPrice LLP

(Registration number: OC418580)
Balance Sheet as at 31 March 2024

Note

31 March 2024
 £

31 August 2023
 £

Fixed assets

 

Tangible assets

3

1,752,762

1,752,331

Current assets

 

Debtors

4

1,424

3,556

Cash and short-term deposits

 

22,074

19,204

 

23,498

22,760

Creditors: Amounts falling due within one year

5

(3,769)

(2,653)

Net current assets

 

19,729

20,107

Total assets less current liabilities

 

1,772,491

1,772,438

Creditors: Amounts falling due after more than one year

6

(1,592,500)

(1,592,500)

Net assets attributable to members

 

179,991

179,938

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

160,097

143,227

Other reserves

 

19,894

36,711

 

179,991

179,938

   

179,991

179,938

Total members' interests

 

Equity

 

179,991

179,938

   

179,991

179,938

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Members Report and Profit and Loss Account has been taken.

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

 

GNVPrice LLP

(Registration number: OC418580)
Balance Sheet as at 31 March 2024 (continued)

The financial statements of GNVPrice LLP (registered number OC418580) were approved by the Board and authorised for issue on 24 November 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mrs V M Price
Designated member

 

GNVPrice LLP

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of GNVPrice LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Individual fixed assets costing £250.00 or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% straight line basis

Office equipment

3 year straight line basis

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

 

GNVPrice LLP

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024 (continued)

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 0 (2023 - 0).

 

GNVPrice LLP

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024 (continued)

3

Tangible fixed assets

Freehold land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost

At 1 September 2023

1,752,222

273

-

1,752,495

Additions

-

-

565

565

At 31 March 2024

1,752,222

273

565

1,753,060

Depreciation

At 1 September 2023

-

164

-

164

Charge for the year

-

24

110

134

At 31 March 2024

-

188

110

298

Net book value

At 31 March 2024

1,752,222

85

455

1,752,762

At 31 August 2023

1,752,222

109

-

1,752,331

 

GNVPrice LLP

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024 (continued)

3

Tangible fixed assets (continued)

Revaluation

The fair value of the limited liability partnership's land and buildings was valued on 14 August 2017 by an independent valuer. The name and qualification of the independent valuer are Barnes & Barnes Chartered Surveyors & Valuers.
 

4

Debtors

31 March 2024
 £

31 August 2023
 £

Other debtors

1,424

3,556

Total current trade and other debtors

1,424

3,556

5

Creditors: Amounts falling due within one year

31 March 2024
 £

31 August 2023
 £

Trade creditors

876

-

Other creditors

2,893

2,653

3,769

2,653

6

Creditors: Amounts falling due after more than one year

31 March 2024
 £

31 August 2023
 £

Other creditors

1,592,500

1,592,500

7

Prior period adjustments

The accounts have been restated to incorporate an adjustment to the presentation of the liabilities of the LLP and the member's capital accounts.

Summary of prior year accounting impact:

Increase in Creditors: Amounts falling due after more than one year of £1,592,500

Decrease in members' equity of £1,592,500