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Registration number: OC444603

KJA Acetown LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2024

 

KJA Acetown LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 6

Balance Sheet

2

Notes to the Financial Statements

4

 

KJA Acetown LLP

Limited liability partnership information

Designated members

Dr K M Ho

Ms K G Ang
 

Registered office

21 Navigation Business Village
Navigation Way
Ashton on Ribble
Preston
PR2 2YP

Principal place of business

5 Ploughmans Walk
Lincoln
LN2 4NH

Accountants

Rotherham Taylor Limited
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

KJA Acetown LLP

(Registration number: OC444603)
Balance Sheet as at 5 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

1,454,945

1,614,282

Current assets

 

Cash and short-term deposits

 

33,690

5,931

Creditors: Amounts falling due within one year

4

(5,713)

(3,512)

Net current assets

 

27,977

2,419

Total assets less current liabilities

 

1,482,922

1,616,701

Creditors: Amounts falling due after more than one year

5

(886,112)

(1,049,543)

Net assets attributable to members

 

596,810

567,158

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

12,795

(8,852)

Members’ other interests

 

Members' capital classified as equity

 

584,015

576,010

   

596,810

567,158

Total members' interests

 

Loans and other debts due to members

 

12,795

(8,852)

Equity

 

584,015

576,010

   

596,810

567,158

For the year ending 5 April 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

 

KJA Acetown LLP

(Registration number: OC444603)
Balance Sheet as at 5 April 2024

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of KJA Acetown LLP (registered number OC444603) were approved by the Board and authorised for issue on 9 December 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Dr K M Ho
Designated member

.........................................
Ms K G Ang
Designated member

 

KJA Acetown LLP

Notes to the Financial Statements for the Year Ended 5 April 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of KJA Acetown LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, exclkuding discounts, rebates, VAT and other sales tax or duty

Members' remuneration and division of profits

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

 

KJA Acetown LLP

Notes to the Financial Statements for the Year Ended 5 April 2024

Investment properties

Investment property is recognised at cost on inital recognition. Subsequently, the investment property is measured at fair value at the reporting date with any changes recognised in the profit and loss account.

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 2 (2023 - 2).

 

KJA Acetown LLP

Notes to the Financial Statements for the Year Ended 5 April 2024

3

Investment Properties

Investment Properties
£

Office equipment
£

Total
£

Cost

At 6 April 2023

1,614,282

-

1,614,282

Additions

-

995

995

Disposals

(160,000)

-

(160,000)

At 5 April 2024

1,454,282

995

1,455,277

Depreciation

Charge for the year

-

332

332

At 5 April 2024

-

332

332

Net book value

At 5 April 2024

1,454,282

663

1,454,945

At 5 April 2023

1,614,282

-

1,614,282

4

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans and overdrafts

2,333

2,312

Other creditors

194

-

Accruals and deferred income

3,186

1,200

5,713

3,512

5

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans and overdrafts

886,112

1,049,543