Registration number:
Potters Lane LLP
for the Year Ended 5 April 2024
Potters Lane LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
Potters Lane LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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Potters Lane LLP
(Registration number: OC419960)
Balance Sheet as at 5 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
(8,420) |
(10,064) |
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Members’ other interests |
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Members' capital classified as equity |
1,700,000 |
1,700,000 |
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1,691,580 |
1,689,936 |
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Total members' interests |
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Loans and other debts due to members |
(8,420) |
(10,064) |
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Equity |
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1,691,580 |
1,689,936 |
Potters Lane LLP
(Registration number: OC419960)
Balance Sheet as at 5 April 2024
For the year ending 5 April 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. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.
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.
The financial statements of Potters Lane LLP (registered number OC419960) were approved by the
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Potters Lane LLP
Statement of Changes in Members’ Interests
At 5 April 2024
Equity |
Loans and other debts due to/(from) members |
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Members' capital |
Total equity |
Members' capital classified as a liability |
Total debt |
Total |
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Members' interest at 6 April 2023 |
1,700,000 |
1,700,000 |
(10,064) |
(10,064) |
1,689,936 |
Members' remuneration charged as an expense |
- |
- |
139,644 |
139,644 |
139,644 |
Members' interests after total comprehensive income |
1,700,000 |
1,700,000 |
129,580 |
129,580 |
1,829,580 |
Drawings (including tax payments) |
- |
- |
(138,000) |
(138,000) |
(138,000) |
At 5 April 2024 |
1,700,000 |
1,700,000 |
(8,420) |
(8,420) |
1,691,580 |
Potters Lane LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
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 under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
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 Potters Lane 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, excluding discounts, rebates, VAT and other sales tax or duty.
Potters Lane LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Members' remuneration and division of profits
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.
other taxes policy
Investment properties
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Hire purchase and leasing
Assets held for use in operating leases are included as a separate category in fixed assets at cost and depreciated over their useful life.
Rental income from operating leases is recognised on a straight line basis over the term of the lease.
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.
Potters Lane LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Investment property |
2024 |
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At 6 April |
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The members do not believe there to have been any change in the fair value of the investment property since it was acquired.
There has been no valuation of investment property by an independent valuer.
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Other creditors |
- |
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Accruals and deferred income |
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Taxation and social security |
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Control |
The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.