Silverfin false 31/03/2024 01/04/2023 31/03/2024 Exmoor Hay & Straw Ltd 17/04/2013 G.S. Brown Limited 17/04/2013 PFG Fabrication Limited 17/04/2013 28 November 2024 OC384471 2024-03-31 OC384471 bus:Director1 2024-03-31 OC384471 bus:Director2 2024-03-31 OC384471 bus:Director3 2024-03-31 OC384471 2023-03-31 OC384471 core:CurrentFinancialInstruments 2024-03-31 OC384471 core:CurrentFinancialInstruments 2023-03-31 OC384471 core:Non-currentFinancialInstruments 2024-03-31 OC384471 core:Non-currentFinancialInstruments 2023-03-31 OC384471 2023-04-01 2024-03-31 OC384471 bus:FullAccounts 2023-04-01 2024-03-31 OC384471 bus:SmallEntities 2023-04-01 2024-03-31 OC384471 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC384471 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC384471 bus:Director1 2023-04-01 2024-03-31 OC384471 bus:Director2 2023-04-01 2024-03-31 OC384471 bus:Director3 2023-04-01 2024-03-31 OC384471 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: OC384471 (England and Wales)

KGB CORPORATION LLP

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

KGB CORPORATION LLP

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

KGB CORPORATION LLP

BALANCE SHEET

As at 31 March 2024
KGB CORPORATION LLP

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investment property 4 413,447 413,447
413,447 413,447
Current assets
Debtors 5 5,725 5,725
Cash at bank and in hand 32,181 24,905
37,906 30,630
Creditors: amounts falling due within one year 6 ( 521,676) ( 532,326)
Net current liabilities (483,770) (501,696)
Total assets less current liabilities (70,323) (88,249)
Creditors: amounts falling due after more than one year 7 0 ( 9,300)
Net liabilities attributable to members ( 70,323) ( 97,549)
Represented by
Members' other interests
Other reserves (70,323) (97,549)
(70,323) (97,549)
(70,323) (97,549)
Total members' interests
Members' other interests (70,323) (97,549)
(70,323) (97,549)

For the financial 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.

Members' responsibilities:

The financial statements of KGB Corporation LLP (registered number: OC384471) were approved and authorised for issue by the Board of Directors on 28 November 2024. They were signed on its behalf by:

Exmoor Hay & Straw Ltd
Designated member
G.S. Brown Limited
Designated member
PFG Fabrication Limited
Designated member
KGB CORPORATION LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 March 2024
KGB CORPORATION LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 31 March 2024
EQUITY
Members' other interests
Total members' interests
Other reserves Total
£ £
Balance at 01 April 2022 (107,743) (107,743)
Profit for the financial year available for discretionary division among members 10,194 10,194
Members' interest after profit for the financial year (97,549) (97,549)
Balance at 31 March 2023 (97,549) (97,549)
Profit for the financial year available for discretionary division among members 27,226 27,226
Members' interest after profit for the financial year (70,323) (70,323)
Balance at 31 March 2024 (70,323) (70,323)

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

KGB CORPORATION LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
KGB CORPORATION LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

KGB Corporation LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental revenue from leasing a pub and is recognised when rent is due.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
The fair value is determined annually by the members, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' 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 payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

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 Profit and Loss Account 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'.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

2024 2023
Number Number
Average number of members during the financial year 3 3

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 413,447
As at 31 March 2024 413,447

The fair value is determined annually by the members, on an open market value for existing use basis.

5. Debtors

2024 2023
£ £
Trade debtors 5,725 5,725

6. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to members 520,625 531,325
Accruals 1,051 1,001
521,676 532,326

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 0 9,300