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REGISTERED NUMBER: OC388296 (England and Wales)

















Report of the Members and

Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Generation Management LLP

Generation Management LLP (Registered number: OC388296)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Reconciliation of Members' Interests 5

Notes to the Financial Statements 7


Generation Management LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: Mr A Alzarrad
Mr M Alzarrad





REGISTERED OFFICE: Grove House
774 - 780 Wilmslow Road
Didsbury
Manchester
M20 2DR





REGISTERED NUMBER: OC388296 (England and Wales)





ACCOUNTANTS: Sterling Partners Limited
Chartered Accountants
Chartered Tax Advisors
2nd Floor, Grove House
774-780 Wilmslow Road
Didsbury
Manchester
Greater Manchester
M20 2DR

Generation Management LLP (Registered number: OC388296)

Report of the Members
for the Year Ended 31 March 2024

The members present their report with the financial statements of the LLP for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of providing letting and operating of own real estate.

DESIGNATED MEMBERS
The designated members during the year under review were:

Mr A Alzarrad
Mr M Alzarrad

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The loss for the year before members' remuneration and profit shares was £1,488 (2023 - £1,502 loss).

MEMBERS' INTERESTS
Repayment of capital will be paid out of the LLP's profit distribution. The profit share distribution effective 21/08/2020 is as follows: 50% A Alzarrad and 50% M Alzarrad (up to 20/08/2020: 40% A Aluzri, 30% A Alzarrad and 30% M Alzarrad).

There has been no transfer of members' interest from capital to debt during the year.

TRUST
The properties and corresponding assets, liabilities and non-capital transactions are held by Generation Management Properties Limited on behalf of the partners in trust.

ON BEHALF OF THE MEMBERS:





Mr A Alzarrad - Designated member


27 December 2024

Generation Management LLP (Registered number: OC388296)

Income Statement
for the Year Ended 31 March 2024

2024 2023
£    £   

TURNOVER - -

Administrative expenses (1,488 ) (1,502 )
OPERATING LOSS and
LOSS FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS




(1,488




)




(1,502




)

Generation Management LLP (Registered number: OC388296)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 5 1,399,989 1,395,122
Cash at bank 81,403 108,388
1,481,392 1,503,510
CREDITORS
Amounts falling due within one year 6 (1,314 ) (23,432 )
NET CURRENT ASSETS 1,480,078 1,480,078
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,480,078

1,480,078

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

1,480,078

1,480,078

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 1,480,078 1,480,078
Amounts due from members 5 (1,396,609 ) (1,395,122 )
83,469 84,956

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

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.

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

The financial statements were approved by the members of the LLP and authorised for issue on 27 December 2024 and were signed by:





Mr A Alzarrad - Designated member

Generation Management LLP (Registered number: OC388296)

Reconciliation of Members' Interests
for the Year Ended 31 March 2024


EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 1,480,078
Amount due from members (1,395,121 )
Balance at 1 April 2023 - 84,957 84,957
Loss for the financial year available
for discretionary division among
members


(1,488


)


-


(1,488


)


Members' interests after loss for the
year

(1,488

)

84,957

83,469

Other divisions of loss 1,488 (1,488 ) -
Amount due to members 1,480,078
Amount due from members (1,396,609 )
Balance at 31 March 2024 - 83,469 83,469

Generation Management LLP (Registered number: OC388296)

Reconciliation of Members' Interests
for the Year Ended 31 March 2024

EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 1,480,078
Amount due from members (1,393,620 )
Balance at 1 April 2022 - 86,458 86,458
Loss for the financial year available
for discretionary division among
members


(1,502


)


-


(1,502


)


Members' interests after loss for the
year

(1,502

)

86,458

84,956

Other divisions of loss 1,502 (1,502 ) -
Amount due to members 1,480,078
Amount due from members (1,395,122 )
Balance at 31 March 2023 - 84,956 84,956

Generation Management LLP (Registered number: OC388296)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Generation Management LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on cost

3. EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 1,500
DEPRECIATION
At 1 April 2023
and 31 March 2024 1,500
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts due from members 1,396,609 1,395,122
Related party loan 3,380 -
1,399,989 1,395,122

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Related party loan - 22,142
Accrued expenses 1,314 1,290
1,314 23,432

Generation Management LLP (Registered number: OC388296)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Loans from members 1,478,562 1,478,562
Amounts owed to members in respect of profits 1,516 1,516
1,480,078 1,480,078

Falling due within one year 1,480,078 1,480,078

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.
There is no provision for specific legally enforceable protection afforded to creditors in such an event.
There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members' other interests'.