Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 4 |
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413,447 | 413,447 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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37,906 | 30,630 | |||
Creditors: amounts falling due within one year | 6 | (
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(
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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 |
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Net liabilities attributable to members | (
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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) |
Members' responsibilities:
The financial statements of KGB Corporation LLP (registered number:
Exmoor Hay & Straw Ltd
Designated member |
G.S. Brown Limited
Designated member |
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PFG Fabrication Limited
Designated member |
EQUITY Members' other interests |
Total members' interests | |
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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
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.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
The fair value is determined annually by the members, on an open market value for existing use basis.
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'.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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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 |
Investment property | |
£ | |
Valuation | |
As at 01 April 2023 |
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As at 31 March 2024 |
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The fair value is determined annually by the members, on an open market value for existing use basis.
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed to members |
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Accruals |
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2024 | 2023 | ||
£ | £ | ||
Other creditors |
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