Potters Lane LLP OC419960 false 2023-04-06 2024-04-05 2024-04-05 The principal activity of the company is property investment. Digita Accounts Production Advanced 6.30.9574.0 true OC419960 2023-04-06 2024-04-05 OC419960 2024-04-05 OC419960 core:CurrentFinancialInstruments 2024-04-05 OC419960 core:WithinOneYear 2024-04-05 OC419960 bus:SmallEntities 2023-04-06 2024-04-05 OC419960 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 OC419960 bus:FilletedAccounts 2023-04-06 2024-04-05 OC419960 bus:SmallCompaniesRegimeForAccounts 2023-04-06 2024-04-05 OC419960 bus:RegisteredOffice 2023-04-06 2024-04-05 OC419960 bus:PartnerLLP1 2023-04-06 2024-04-05 OC419960 bus:PartnerLLP3 2023-04-06 2024-04-05 OC419960 bus:PartnerLLP4 2023-04-06 2024-04-05 OC419960 bus:PartnerLLP5 2023-04-06 2024-04-05 OC419960 bus:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 OC419960 countries:AllCountries 2023-04-06 2024-04-05 OC419960 2023-04-05 OC419960 2022-04-06 2023-04-05 OC419960 2023-04-05 OC419960 core:CurrentFinancialInstruments 2023-04-05 OC419960 core:WithinOneYear 2023-04-05 iso4217:GBP xbrli:pure

Registration number: OC419960

Potters Lane LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2024

 

Potters Lane LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Balance Sheet

2

Statement of Changes in Members’ Interests

4

Notes to the Financial Statements

5

 

Potters Lane LLP

Limited liability partnership information

Designated members

Ms S J Walker

Mrs J L Farquharson

Abdon Holdings Limited

Mr R H Close-Smith
 

Registered office

18 Princelet Street
London
E1 6QH

Accountants

Young & Co
Chartered Accountants
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

Potters Lane LLP

(Registration number: OC419960)
Balance Sheet as at 5 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

3

1,722,684

1,722,684

Current assets

 

Cash and short-term deposits

 

10,242

8,728

Creditors: Amounts falling due within one year

4

(41,346)

(41,476)

Net current liabilities

 

(31,104)

(32,748)

Net assets attributable to members

 

1,691,580

1,689,936

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

(8,420)

(10,064)

Members’ other interests

 

Members' capital classified as equity

 

1,700,000

1,700,000

   

1,691,580

1,689,936

Total members' interests

 

Loans and other debts due to members

 

(8,420)

(10,064)

Equity

 

1,700,000

1,700,000

   

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 Board and authorised for issue on 22 November 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Abdon Holdings Limited
Designated member

.........................................
Mr R H Close-Smith
Designated member

 

Potters Lane LLP

Statement of Changes in Members’ Interests
At 5 April 2024

 

Equity

 

Loans and other debts due to/(from) members

   

Members' capital
£

Total equity
£

Members' capital classified as a liability
£

Total debt
£

Total
2024
£

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

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 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.

2

Particulars of employees

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

3

Investment property

2024
£

At 6 April

1,722,684

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.

4

Creditors: Amounts falling due within one year

2024
£

2023
£

Other creditors

-

130

Accruals and deferred income

33,851

33,836

Taxation and social security

7,495

7,510

41,346

41,476

5

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.