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Registration number: OC448377

RSK Newcastle Property LLP

Annual Report and Unaudited Financial Statements

for the period from 26 July 2023 to 31 March 2024

 

RSK Newcastle Property LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 6

Balance Sheet

2

Notes to the Financial Statements

4

 

RSK Newcastle Property LLP

Limited liability partnership information

Designated members

RSK Group Limited

RSK Investments (Newcastle) LLP
 

Registered office

Spring Lodge
172 Chester Road
Helsby
Cheshire
WA6 0AR

Accountants

UHY Ross Brooke
Suite I Windrush Court
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY

 

RSK Newcastle Property LLP

(Registration number: OC448377)
Balance Sheet as at 31 March 2024

Note

2024
£

Fixed assets

 

Investment property

3

425,730

Current assets

 

Debtors

4

11,577

Cash and short-term deposits

 

320

 

11,897

Creditors: Amounts falling due within one year

5

(12,627)

Net current liabilities

 

(730)

Net assets attributable to members

 

425,000

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

425,000

   

425,000

Total members' interests

 

Equity

 

425,000

   

425,000

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of RSK Newcastle Property LLP (registered number OC448377) were approved by the Board and authorised for issue on 19 November 2024. They were signed on behalf of the limited liability partnership by:

 

RSK Newcastle Property LLP

(Registration number: OC448377)
Balance Sheet as at 31 March 2024

.........................................
RSK Investments (Newcastle) LLP
Designated member

 

RSK Newcastle Property LLP

Notes to the Financial Statements for the Period from 26 July 2023 to 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of RSK Newcastle Property LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

 

RSK Newcastle Property LLP

Notes to the Financial Statements for the Period from 26 July 2023 to 31 March 2024

Investment properties

Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 0.

3

Investment property

2024
£

Additions

425,730

There has been no valuation of investment property by an independent valuer.

 

RSK Newcastle Property LLP

Notes to the Financial Statements for the Period from 26 July 2023 to 31 March 2024

4

Debtors

2024
£

Trade debtors

11,577

Total current trade and other debtors

11,577

5

Creditors: Amounts falling due within one year

2024
£

Other creditors

9,197

Accruals and deferred income

1,740

Taxation and social security

1,690

12,627

6

Control

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.