Registered number OC427350
ROM Properties LLP
Unaudited Filleted Accounts
5 April 2024
ROM Properties LLP
Registered number: OC427350
Balance Sheet
as at 5 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,249,434 1,250,383
Current assets
Debtors 4 - 195
Cash at bank and in hand 83,794 44,578
83,794 44,773
Creditors: amounts falling due within one year 5 (4,680) (2,762)
Net current assets 79,114 42,011
Total assets less current liabilities 1,328,548 1,292,394
Creditors: amounts falling due after more than one year 6 (1,000,000) (1,000,000)
Net assets attributable to members 328,548 292,394
Represented by:
Loans and other debts due to members 7 6,718 (27,611)
Members' other interests
Members' capital classified as equity 321,830 320,005
328,548 292,394
Total members' interests
Loans and other debts due to members 7 6,718 (27,611)
Members' other interests 321,830 320,005
328,548 292,394
For the year ended 5 April 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 25 November 2024 and signed on their behalf by:
Mr K Morley & Mrs S Morley
Designated member
ROM Properties LLP
Notes to the Accounts
for the year ended 5 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 3 3
3 Tangible fixed assets
Land and buildings Motor vehicles Total
£ £ £
Cost
At 6 April 2023 1,246,586 12,000 1,258,586
At 5 April 2024 1,246,586 12,000 1,258,586
Depreciation
At 6 April 2023 - 8,203 8,203
Charge for the year - 949 949
At 5 April 2024 - 9,152 9,152
Net book value
At 5 April 2024 1,246,586 2,848 1,249,434
At 5 April 2023 1,246,586 3,797 1,250,383
4 Debtors 2024 2023
£ £
Trade debtors - 195
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other taxes and social security costs 2,642 367
Other creditors 2,038 2,395
4,680 2,762
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 1,000,000 1,000,000
7 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits 6,718 (27,611)
Amounts falling due within one year 6,718 (27,611)
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
ROM Properties LLP is a limited liability partnership incorporated in England. Its registered office is:
Unit 2 Ferry Road Office Park
Ferry Road, Riversway
Preston
Lancashire
PR2 2YH
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