0 false false false false false false false false false false false false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NC000585 2023-02-01 2024-01-31 NC000585 2024-01-31 NC000585 2023-01-31 NC000585 2022-02-01 2023-01-31 NC000585 2023-01-31 NC000585 2022-01-31 NC000585 core:PlantMachinery 2023-02-01 2024-01-31 NC000585 core:FurnitureFittings 2023-02-01 2024-01-31 NC000585 bus:Director1 2023-02-01 2024-01-31 NC000585 bus:Director2 2023-02-01 2024-01-31 NC000585 core:WithinOneYear 2024-01-31 NC000585 core:WithinOneYear 2023-01-31 NC000585 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 NC000585 core:FurnitureFittings 2023-01-31 NC000585 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 NC000585 core:PlantMachinery 2024-01-31 NC000585 core:FurnitureFittings 2024-01-31 NC000585 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 NC000585 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 NC000585 core:FurnitureFittings 2023-01-31 NC000585 bus:SmallEntities 2023-02-01 2024-01-31 NC000585 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 NC000585 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NC000585 bus:LimitedLiabilityPartnershipLLP 2023-02-01 2024-01-31 NC000585 bus:FullAccounts 2023-02-01 2024-01-31 NC000585 core:KeyManagementPersonnel 2023-02-01 2024-01-31
REGISTERED NUMBER: NC000585
Maryland Property LLP
Filleted Unaudited Financial Statements
31 January 2024
Maryland Property LLP
Statement of Financial Position
31 January 2024
2024
2023
(restated)
Note
£
£
Fixed assets
Tangible assets
4
5,645,438
5,369,237
Current assets
Debtors
5
68,560
237,395
Cash at bank and in hand
607,481
353,233
---------
---------
676,041
590,628
Creditors: amounts falling due within one year
6
3,807,011
3,913,860
------------
------------
Net current liabilities
3,130,970
3,323,232
------------
------------
Total assets less current liabilities
2,514,468
2,046,005
------------
------------
Net assets
2,514,468
2,046,005
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
7
2,514,468
2,046,005
------------
------------
Members' other interests
Other reserves
------------
------------
2,514,468
2,046,005
------------
------------
Total members' interests
Loans and other debts due to members
7
2,514,468
2,046,005
Members' other interests
------------
------------
2,514,468
2,046,005
------------
------------
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 January 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 .
Maryland Property LLP
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the members and authorised for issue on 27 November 2024 , and are signed on their behalf by:
Mr. P. D. Marshall
Mrs. S. P. McCurry
Designated Member
Designated Member
Registered number: NC000585
Maryland Property LLP
Notes to the Financial Statements
Year ended 31 January 2024
1.
General information
The LLP is registered in Northern Ireland. The address of the registered office is 95 Knockbracken Road, Moneyrea, Newtownards, Co. Down, BT23 6BF.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Current and deferred taxation
Taxation on a members’ share of the LLP’s profits is solely the personal liability of the individual members and consequently is not dealt with in these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
25% straight line
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Investment property
Investment property is property held to earn rental income, or for capital appreciation, or both, which is not rented to a group entity, held primarily for the provision of social benefits, or is a mixed-used property where the fair value of the investment component of the property cannot be reliably measured.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Profits, drawings and capital
Profits are allocated between members using a fixed percentage share. The members are entitled to draw, on account of profit, such sums as may from time to time be mutually agreed. Drawings are restricted to prudent levels, taking into account working capital requirements, until the results for the year and individual members’ profit allocations have been determined. The capital necessary for carrying on the business of the LLP is determined with regard to the short-, medium- and long-term needs of the partnership. and contributed by the members as required.
4.
Tangible assets
Investment property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 February 2023 (as restated)
5,368,237
161,102
5,529,339
Additions
34,001
34,001
Revaluations
250,000
250,000
------------
--------
---------
------------
At 31 January 2024
5,618,237
34,001
161,102
5,813,340
------------
--------
---------
------------
Depreciation
At 1 February 2023
160,102
160,102
Charge for the year
6,800
1,000
7,800
------------
--------
---------
------------
At 31 January 2024
6,800
161,102
167,902
------------
--------
---------
------------
Carrying amount
At 31 January 2024
5,618,237
27,201
5,645,438
------------
--------
---------
------------
At 31 January 2023
5,368,237
1,000
5,369,237
------------
--------
---------
------------
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 31 January 2024
Aggregate cost
5,120,596
Aggregate depreciation
(602,813)
------------
Carrying value
4,517,783
------------
At 31 January 2023
Aggregate cost
5,120,596
Aggregate depreciation
(501,001)
------------
Carrying value
4,619,595
------------
5.
Debtors
2024
2023
(restated)
£
£
Trade debtors
66,237
Other debtors
2,323
237,395
--------
---------
68,560
237,395
--------
---------
6. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
3,741,599
3,860,268
Accruals and deferred income
61,812
49,993
Other creditors
3,600
3,599
------------
------------
3,807,011
3,913,860
------------
------------
Bank loans and overdrafts are secured by a charge over the LLP's land and property, by fixed and floating charges over the assets of the LLP and by a guarantee provided by a limited company which is controlled by the two designated members of the LLP.
7.
Loans and other debts due to members
2024
2023
(restated)
£
£
Amounts owed to members in respect of profits
2,514,468
2,046,005
------------
------------
Within amounts owed to members in respect of profits is £497,641 (2023 - £247,641) resulting from fair value increases in investment properties held by the partnership.
Loans and other debts due to members (other than members' capital classified as debt) rank equally in relation to other creditors who are unsecured in the event of a winding up. There are no restrictions on the ability of the members to reduce the amount of "Members other interests".
8.
Charges on assets
Bank loans and overdrafts are secured by a charge over the LLP's land and property, by fixed and floating charges over the assets of the LLP and by a guarantee provided by a limited company which is controlled by the two designated members of the LLP.
9.
Related party transactions
During the period, the partnership leased property to a limited company in which the LLP's designated members are shareholders and directors. The amount of income recognised in the profit and loss account from that lease totalled £779,205 (2023 - £669,250). At the balance sheet date, the company owed the LLP £66,237 (2023 - £nil). The LLP owed the company £3,600 (2024 - £3,600). All amounts are payable on an interest free basis. During the period, the partnership received £150,000 in settlement of a loan due to a family member of the LLP's designated members. At the balance sheet date no amounts remained outstanding (2023 - £150,000). The loan was provided on an interest free basis.
10.
Commitments, guarantees and contingencies
Bank loans and overdrafts are secured by a charge over the LLP's land and property, by fixed and floating charges over the assets of the LLP and by a guarantee provided by a limited company which is controlled by the two designated members of the LLP.
11.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The LLP transitioned to FRS 102 on 1 February 2022.
Reconciliation of equity
1 February 2022
As previously stated
Effect of transition
FRS102 (as restated)
£
£
£
Fixed assets
4,611,827
398,589
5,010,416
Current assets
660,602
660,602
Creditors: amounts falling due within one year
(4,141,448)
(4,141,448)
Net current liabilities
(3,480,846)
(3,480,846)
Total assets less current liabilities
1,130,981
398,589
1,529,570
Net assets
1,130,981
398,589
1,529,570
Loans and other debts due to members
(1,130,981)
(398,589)
(1,529,570)
31 January 2023
As previously stated
Effect of transition
FRS102 (as restated)
£
£
£
Fixed assets
4,620,595
748,642
5,369,237
Current assets
590,628
590,628
Creditors: amounts falling due within one year
(3,913,860)
(3,913,860)
Net current liabilities
(3,323,232)
(3,323,232)
Total assets less current liabilities
1,297,363
748,642
2,046,005
Net assets
1,297,363
748,642
2,046,005
Loans and other debts due to members
(1,297,363)
(748,642)
(2,046,005)