Registered number: OC302512
ELLIS AND CUNNINGHAM LLP
AUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
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ELLIS AND CUNNINGHAM LLP
REGISTERED NUMBER: OC302512
BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Loans and other debts due to members within one year
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Members' capital classified as a liability
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Other reserves classified as equity
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Loans and other debts due to members
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Page 1
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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:
The notes on pages 4 to 8 form part of these financial statements.
Page 2
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ELLIS AND CUNNINGHAM LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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Comprehensive income for the year
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Profit for year for discretionary division among members
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Comprehensive income for the year
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Loss for year for discretionary division among members
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The notes on pages 4 to 8 form part of these financial statements.
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Page 3
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ELLIS AND CUNNINGHAM LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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
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Basis of preparation of financial statements
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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:
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Compliance with accounting standards
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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.
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.
The accounts have been prepared on going concern basis because LLP continues to meet its liabilibities as and when they fall due.
Interest income is recognised in profit or loss using the effective interest method.
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
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ELLIS AND CUNNINGHAM LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
Short term debtors are measured at transaction price, less any impairment.
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Division and distribution of profits
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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.
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.
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Cash and cash equivalents
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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.
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.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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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
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ELLIS AND CUNNINGHAM LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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The LLP has no employees.
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Information in relation to members
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The total number of LLP members is 16 for the current year and 16 for the prior year.
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.
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Prepayments and accrued income
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Cash and cash equivalents
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Page 6
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ELLIS AND CUNNINGHAM LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The bank loan is secured over the LLP's investment property.
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The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
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Amounts payable via instalments
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Loans and other debts due to members
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Loans and other debts due to members may be further analysed as follows:
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Members' capital treated as debt
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Other amounts due to members
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
Page 7
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ELLIS AND CUNNINGHAM LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Reconciliation of members' interests
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Equity
Members' other interests
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Debt
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as debt)
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Other division of profits
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Loss for the year available for discretionary division among members
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Members' interests after profit for the year
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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.
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
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