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Registered number: OC302512










ELLIS AND CUNNINGHAM LLP

AUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2024
 






 



 






 
ELLIS AND CUNNINGHAM LLP
REGISTERED NUMBER: OC302512

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 6 
1,829,000
1,896,000

Current assets
  

Debtors: amounts falling due within one year
 7 
8,542
-

Cash at bank and in hand
 8 
149,175
149,161

Creditors: Amounts Falling Due Within One Year
 9 
(24,596)
(24,861)

Net current assets
  
 
 
133,121
 
 
124,300

Total assets less current liabilities
  
1,962,121
2,020,300

Creditors: amounts falling due after more than one year
 10 
(215,444)
(230,436)

  

Net assets
  
1,746,677
1,789,864


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
276,000
276,000

Other amounts
 11 
593,054
569,240

  
869,054
845,240

Members' other interests
  

Other reserves classified as equity

  

877,623
944,624

  
 
877,623
 
944,624

  
1,746,677
1,789,864


Total members' interests
  

Loans and other debts due to members
 11 
869,054
845,240

Members' other interests
  
877,623
944,624

Members' funds
  
1,746,677
1,789,864


Page 1

 
ELLIS AND CUNNINGHAM LLP
REGISTERED NUMBER: OC302512

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




Mr W D Ellis
Designated member

Date: 20 December 2024

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
ELLIS AND CUNNINGHAM LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Other reserves
Total equity

£
£


At 1 April 2022
748,624
748,624


Comprehensive income for the year

Profit for year for discretionary division among members
196,000
196,000



At 1 April 2023
944,624
944,624


Comprehensive income for the year

Loss for year for discretionary division among members
(67,000)
(67,000)


At 31 March 2024
877,624
877,624

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
ELLIS AND CUNNINGHAM LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Ellis and Cunningham LLP is a Limited Liability Partnership, limited by members capital, incorporated in England and Wales. The LLP's registered office is 2 Randalls Lane, Burley, Ringwood, Hampshire, BH24 4HJ. The Partnership's company house registration number is OC302512.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies (see note 3).

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

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS102, the financial reporting standards applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to LLP. There were no material depatures from that standard. 

  
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benfits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Rental income is recognised over the life time of the lease.

 
2.4

Going concern

The accounts have been prepared on going concern basis because LLP continues to meet its liabilibities as and when they fall due. 

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance consts are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. 


Page 4

 
ELLIS AND CUNNINGHAM LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.7

Investment Property

Investment property is carried at fair value determined annually by a designated member and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

  
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.9

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The fair value of the investment properties are calculated based upon the rental yield of similar commercial property. There is not a single yield percentage but a small range. The value of the property will vary subject to the yield in the range chosen.

Page 5

 
ELLIS AND CUNNINGHAM LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Employees




The LLP has no employees.


5.


Information in relation to members

The total number of LLP members is 16 for the current year and 16 for the prior year.


6.


Investment property


Investment property

£



Valuation


At 1 April 2023
1,896,000


Surplus on revaluation
(67,000)



At 31 March 2024
1,829,000

The 2024 valuations were made by Mr W D Ellis, a designated member of the LLP, on an open market value for existing use basis.





7.


Debtors

2024
2023
£
£


Prepayments and accrued income
8,543
-



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
149,175
149,161


Page 6

 
ELLIS AND CUNNINGHAM LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
16,831
17,736

Accruals and deferred income
7,765
7,125

24,596
24,861



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank Loans
215,444
230,436


The bank loan is secured over the LLP's investment property.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Amounts payable via instalments
148,120
159,494



11.


Loans and other debts due to members





         Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Members' capital treated as debt
276,000
276,000

Other amounts due to members
593,054
569,240

869,054
845,240

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 7

 
ELLIS AND CUNNINGHAM LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Reconciliation of members' interests 






Equity
Members' other interests
Debt
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Members' capital (classified as debt)
Other amounts
Total
Total

£
£
£
£
£

Amounts due to members 

276,000
534,381
810,381


Balance at 1 April 2022 
748,624
276,000
534,382
810,382
1,559,006

Profit for the year available for discretionary division among members
 
196,000
-
-
-
196,000

Members' interests after profit for the year
944,624
276,000
534,382
810,382
1,755,006

Other division of profits
-
-
68,780
68,780
68,780

Drawings
-
-
(33,922)
(33,922)
(33,922)

Amounts due to members
 

276,000
569,240
845,240


Balance at 31 March 2023
944,624
276,000
569,240
845,240
1,789,864

Loss for the year available for discretionary division among members
 
(67,001)
-
-
-
(67,001)

Members' interests after profit for the year
877,623
276,000
569,240
845,240
1,722,863

Other division of losses
-
-
54,765
54,765
54,765

Drawings
-
-
(30,951)
(30,951)
(30,951)

Amounts due to members
 

276,000
593,054
869,054


Balance at 31 March 2024 
877,623
276,000
593,054
869,054
1,746,677

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 notes on pages 4 to 8 form part of these financial statements.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 20 December 2024 by Mark Nelligan FCA (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.


Page 8