Limited Liability Partnership registration number OC401374 (England and Wales)
FOUNDATIONS PRS LLP
FOUNDATION REAL ESTATE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FOUNDATIONS PRS LLP
FOUNDATION REAL ESTATE
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Simian Ventures Limited
Mr J R E D'Arcy
LLP registration number
OC401374
Registered office
Ground Floor
6 Queen Street
Leeds
West Yorkshire
United Kingdom
LS1 2TW
Accountants
TC Group
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
FOUNDATIONS PRS LLP
FOUNDATION REAL ESTATE
CONTENTS
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 9
FOUNDATIONS PRS LLP
FOUNDATION REAL ESTATE
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
36,162
48,577
Current assets
Debtors
4
-
16,800
Cash at bank and in hand
66,310
57,304
66,310
74,104
Creditors: amounts falling due within one year
5
(21,993)
(30,380)
Net current assets
44,317
43,724
Total assets less current liabilities
80,479
92,301
Creditors: amounts falling due after more than one year
6
(11,636)
(46,069)
Net assets attributable to members
68,843
46,232
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
68,843
46,232
FOUNDATIONS PRS LLP
FOUNDATION REAL ESTATE
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 3 December 2024 and are signed on their behalf by:
03 December 2024
Mr J R E D'Arcy
Designated member
Limited Liability Partnership Registration No. OC401374
FOUNDATIONS PRS LLP
FOUNDATION REAL ESTATE
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Current financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2024
£
£
£
Amounts due to members
46,232
Members' interests at 1 April 2023
46,232
46,232
46,232
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
124,383
124,383
124,383
Members' interests after loss and remuneration for the year
170,615
170,615
170,615
Introduced by members
797
797
797
Drawings
(102,569)
(102,569)
(102,569)
Members' interests at 31 March 2024
68,843
68,843
68,843
FOUNDATIONS PRS LLP
FOUNDATION REAL ESTATE
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Prior financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2023
£
£
£
Amounts due to members
25,298
Members' interests at 1 April 2022
25,298
25,298
25,298
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
112,004
112,004
112,004
Members' interests after loss and remuneration for the year
137,302
137,302
137,302
Introduced by members
55,000
55,000
55,000
Drawings
(146,070)
(146,070)
(146,070)
Members' interests at 31 March 2023
46,232
46,232
46,232
FOUNDATIONS PRS LLP
FOUNDATION REAL ESTATE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Limited liability partnership information

Foundations PRS LLP is a limited liability partnership incorporated in England and Wales. The registered office is Ground Floor, 6 Queen Street, Leeds, West Yorkshire, United Kingdom, LS1 2TW.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.3
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

FOUNDATIONS PRS LLP
FOUNDATION REAL ESTATE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Straight line
Computer Equipment
33% Straight line
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
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 current liabilities.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

FOUNDATIONS PRS LLP
FOUNDATION REAL ESTATE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

1.8
Taxation

The taxation payable on the partnership profits is solely the personal liability of the individual members consequently neither partnership taxation nor related deferred taxation arising in respect of the partnership are accounted for in these financial statements.

FOUNDATIONS PRS LLP
FOUNDATION REAL ESTATE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Fixtures and fittings
Computer Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
4,886
4,806
49,950
59,642
Depreciation and impairment
At 1 April 2023
309
3,471
7,285
11,065
Depreciation charged in the year
1,225
523
10,667
12,415
At 31 March 2024
1,534
3,994
17,952
23,480
Carrying amount
At 31 March 2024
3,352
812
31,998
36,162
At 31 March 2023
4,577
1,335
42,665
48,577
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
16,800
FOUNDATIONS PRS LLP
FOUNDATION REAL ESTATE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,701
9,952
Obligations under finance leases
-
3,155
Trade creditors
1,137
1,559
Other taxation and social security
5,405
9,964
Accruals and deferred income
5,750
5,750
21,993
30,380

The obligations under finance leases are secured on the specific assets purchased under the hire purchase agreement.

6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
11,636
20,852
Obligations under finance leases
-
25,217
11,636
46,069

The obligations under finance leases are secured on the specific assets purchased under the hire purchase agreement.

7
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

8
Ultimate controlling party

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.

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