REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Generation Management LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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: |
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: |
Generation Management LLP (Registered number: OC388296) |
Income Statement |
for the Year Ended 31 March 2024 |
2024 | 2023 |
£ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
OPERATING LOSS and |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
( |
) |
Generation Management LLP (Registered number: OC388296) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
Tangible fixed assets |
Motor vehicles | - |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Motor |
vehicles |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
and 31 March 2024 |
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 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Related party loan | - | 22,142 |
Accrued expenses |
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'. |