Registered No. OC403986 (England and Wales)
"Square Meter" Property & Trading Llp
Unaudited accounts
for the year ended 5 April 2024
"Square Meter" Property & Trading Llp
LLP Information
for the year ended 5 April 2024
Designated members
Mr Sergey Kalnitsky
Registered Number
OC403986 (England and Wales)
Registered Office
6-9 The Square
Stockley Park
Uxbridge
Middlesex
UB11 1FW
England
"Square Meter" Property & Trading Llp
Statement of financial position
as at 5 April 2024
Cash at bank and in hand
151,489
3,308,270
Creditors: amounts falling due within one year
(793)
(316,779)
Net current assets
1,051,715
6,590,601
Net assets attributable to members
1,051,715
6,590,601
Loans and other debts due to members
1,051,715
6,590,601
Loans and other debts due to members
1,051,715
6,590,601
For the year ending 5 April 2024 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the members on 7 October 2024.
Mr Sergey Kalnitsky
Designated member
Limited Liability Partnership Registration No. OC403986
"Square Meter" Property & Trading Llp
Notes to the Accounts
for the year ended 5 April 2024
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
The accounts are presented in £ sterling.
At the time of approving the financial statements, the members have a reasonable expectation that the limited
liability partnership has adequate resources to continue in operational existence for the foreseeable future.
Thus the members continue to adopt the going concern basis of accounting in preparing the financial
statements.
Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax,
under contractual obligations which are performed gradually over time.
If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus
outside the control of the Limited Liability Partnership), then revenue is recognised only when the event
occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.
Members' participating interests
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. A
member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.
Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net. Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with
banks, other short-term liquid investments with original maturities of three months or less, and bank
overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
"Square Meter" Property & Trading Llp
Notes to the Accounts
for the year ended 5 April 2024
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is
measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
"Square Meter" Property & Trading Llp is a limited liability partnership, incorporated in England and Wales, registration number OC403986. Its registered office is 6-9 The Square, Stockley Park, Uxbridge, Middlesex, UB11 1FW, England.
3
Creditors: amounts falling due within one year
2024
2023
Other creditors
793
316,779
4
Loans and other debts due to members
2024
2023
Members' capital classified as a liability
2
2
Amounts due to members in respect of profits
1,051,713
6,590,599
Amounts falling due within one year
1,051,715
6,590,601
Loans and other debts due to members rank equally with debts due to other unsecured creditors in the event of a winding up.
"Square Meter" Property & Trading Llp
Notes to the Accounts
for the year ended 5 April 2024
5
Average number of employees
During the year the average number of employees was 2 (2023: 2).