REGISTERED NUMBER: |
PRISCOL INVESTMENTS LLP |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024 |
REGISTERED NUMBER: |
PRISCOL INVESTMENTS LLP |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024 |
PRISCOL INVESTMENTS LLP (REGISTERED NUMBER: OC325473) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PRISCOL INVESTMENTS LLP |
GENERAL INFORMATION |
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Beckwith Barn |
Warren Estate |
Lordship Road |
Chelmsford |
Essex |
CM1 3WT |
PRISCOL INVESTMENTS LLP (REGISTERED NUMBER: OC325473) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank | 8 |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
858,071 |
868,224 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
858,071 |
868,224 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 858,071 | 868,224 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
PRISCOL INVESTMENTS LLP (REGISTERED NUMBER: OC325473) |
BALANCE SHEET - continued |
31 MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
PRISCOL INVESTMENTS LLP (REGISTERED NUMBER: OC325473) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Priscol Investments LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
Amounts in these financial statements are rounded to the nearest Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Summary of significant accounting policies |
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. |
Judgements and key sources of estimation uncertainty |
No significant judgements have had to be made by management in preparing these financial statements. The members have made key assumptions in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. The valuation method is further described in Note 15 together with the valuation of the property at the reporting date. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met. |
Turnover represents rents, insurance and service charges received for the period, net of value added tax.Turnover is recognised in line with the period the properties are rented. |
PRISCOL INVESTMENTS LLP (REGISTERED NUMBER: OC325473) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Fixtures and fittings | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation of a tangible fixed asset begins when it is in the location and condition necessary available for the use intended. |
Tangible fixed asset depreciation is included in administrative expenses in the Income Statement. |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. |
Investment property |
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in Income Statement in the period in which they arise. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. |
Borrowing costs |
All borrowing costs are recognised in the Income Statement in the period in which they are incurred. |
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, such as plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the Income Statement. |
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in the Income Statement. |
PRISCOL INVESTMENTS LLP (REGISTERED NUMBER: OC325473) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Members' capital and repayment of capital |
In accordance with the LLP agreement, the firm determines the amount of profit to be treated as members’ fixed remuneration. This profit is treated as allocated. The members’ agreement sets out the % required to be automatically allocated. Allocated profit is included within ‘loans and other debts due to members’ in ‘other amounts’. |
Drawings are treated as payments on account of profit allocation and are only repayable to the LLP in so far as there are insufficient profits to allocate against such drawings. Any drawings in excess of total profits allocated would be included within ‘amounts due from members’ within debtors. |
The capital requirements of the partnership are determined by the members/Board and are reviewed regularly. |
Taxation |
Tax payable on the profits arising in the LLP are a personal tax liability of the members of the LLP and therefore are not included as a tax charge or provision within these financial statements. |
4. | EMPLOYEE INFORMATION |
The average number of employees during the period was NIL (2023 - NIL). |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 July 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 June 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 June 2023 |
PRISCOL INVESTMENTS LLP (REGISTERED NUMBER: OC325473) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024 |
6. | INVESTMENT PROPERTY - continued |
The fair value of the property at the balance sheet date is based on a recent valuation carried out by the members of the limited liability partnership, who are not professionally qualified valuers. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
8. | CASH AT BANK |
2024 | 2023 |
£ | £ |
Bank account | 32,907 | 38,603 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2024 | 2023 |
£ | £ |
Amounts owed to members in respect of profits | 858,071 | 868,224 |
Falling due within one year | 858,071 | 868,224 |
In the event of a winding up, amounts in 'Loans & other debts due to/from members' would rank equally to other unsecured creditors. No protection is afforded in respect of items shown under 'Members other interests'. |