2 false false false false false false false false false false false false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 1,018 303 179 482 536 715 xbrli:pure xbrli:shares iso4217:GBP OC438634 2023-04-01 2024-03-31 OC438634 2024-03-31 OC438634 2023-03-31 OC438634 2022-04-01 2023-03-31 OC438634 2023-03-31 OC438634 2022-03-31 OC438634 bus:Director1 2023-04-01 2024-03-31 OC438634 bus:Director2 2023-04-01 2024-03-31 OC438634 core:WithinOneYear 2024-03-31 OC438634 core:WithinOneYear 2023-03-31 OC438634 bus:SmallEntities 2023-04-01 2024-03-31 OC438634 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC438634 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC438634 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC438634 bus:FullAccounts 2023-04-01 2024-03-31 OC438634 core:OfficeEquipment 2023-04-01 2024-03-31 OC438634 core:OfficeEquipment 2024-03-31 OC438634 core:OfficeEquipment 2023-03-31
REGISTERED NUMBER: OC438634
NORTON AND COMPANY PROPERTY ASSET MANAGEMENT LLP
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
NORTON AND COMPANY PROPERTY ASSET MANAGEMENT LLP
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
536
715
Current assets
Debtors
6
7,803
6,999
Cash at bank and in hand
110,999
104,677
------------
------------
118,802
111,676
Creditors: amounts falling due within one year
7
( 6,994)
( 3,753)
------------
------------
Net current assets
111,808
107,923
------------
------------
Total assets less current liabilities
112,344
108,638
------------
------------
Net assets
112,344
108,638
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
8
112,344
108,638
------------
------------
Members' other interests
Other reserves
------------
------------
112,344
108,638
------------
------------
Total members' interests
Loans and other debts due to members
8
112,344
108,638
Members' other interests
------------
------------
112,344
108,638
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
NORTON AND COMPANY PROPERTY ASSET MANAGEMENT LLP
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 1 July 2024 , and are signed on their behalf by:
D M Norton
Dove Haigh Phillips LLP
Designated Member
Designated Member
Registered number: OC438634
NORTON AND COMPANY PROPERTY ASSET MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 11 Park Square East, Leeds, LS1 2NG.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is the total amount receivable for services provided during the period. Revenue is recognised when the right to consideration has been obtained through performance under each contract. Revenue in respect of conditional or contingent fee arrangements is recognised when the contingent event occurs.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 2 (2023: 2 ).
5.
Tangible assets
Office and computer equipment
£
Cost
At 1 April 2023 and 31 March 2024
1,018
------------
Depreciation
At 1 April 2023
303
Charge for the year
179
------------
At 31 March 2024
482
------------
Carrying amount
At 31 March 2024
536
------------
At 31 March 2023
715
------------
6.
Debtors
2024
2023
£
£
Trade debtors
6,240
6,000
Prepayments and accrued income
1,563
999
------------
------------
7,803
6,999
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
2,673
2,500
Social security and other taxes
4,321
1,253
------------
------------
6,994
3,753
------------
------------
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
112,344
108,638
------------
------------
2024
2023
£
£
Allocation:
D M Norton
89,800
77,138
Dove Haigh Phillips LLP
22,544
31,500
------------
------------
112,344
108,638
------------
------------