Registered number
OC320633
West Innes Partnership Llp
Filleted Accounts
5 April 2024
West Innes Partnership Llp
Registered number: OC320633
Balance Sheet
as at 5 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 935,253 970,338
Current assets
Cash at bank and in hand 50 1,100
Creditors: amounts falling due within one year 4 (31,090) (31,168)
Net current liabilities (31,040) (30,068)
Total assets less current liabilities 904,213 940,270
Creditors: amounts falling due after more than one year 5 (40,777) (208,938)
Net assets attributable to members 863,436 731,332
Represented by:
Loans and other debts due to members 7 407,436 511,761
Members' other interests
Revaluation reserve 456,000 219,571
863,436 731,332
Total members' interests
Loans and other debts due to members 7 407,436 511,761
Members' other interests 456,000 219,571
863,436 731,332
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 3 January 2025 and signed on their behalf by:
K Innes
Designated member
West Innes Partnership 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 rental of investment properties. Turnover from the rental of investment properties is recognised on a receipts basis.
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Investment properties not depreciated
Plant and machinery over 4 years
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.
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 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 6 April 2023 970,000 1,673 971,673
Revaluation 236,429 236,429
Disposals (271,429) - (271,429)
At 5 April 2024 935,000 1,673 936,673
Depreciation
At 6 April 2023 - 1,335 1,335
Charge for the year - 85 85
At 5 April 2024 - 1,420 1,420
Net book value
At 5 April 2024 935,000 253 935,253
At 5 April 2023 970,000 338 970,338
Freehold land and buildings: 2024 2023
£ £
Historical cost 479,000 695,000
Cumulative depreciation based on historical cost - -
479,000 695,000
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 25,723 21,625
Other taxes and social security costs 2,117 1,668
Other creditors 3,250 7,875
31,090 31,168
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 40,777 208,938
6 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 66,500 230,563
Bank loans are secured over the properties to which they relate.
7 Loans and other debts due to members 2024 2023
£ £
Members capital classified as debt 407,436 511,761
Amounts falling due within one year 407,436 511,761
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Revaluation reserve 2024 2023
£ £
At 6 April 2023 219,571 219,571
Gain on revaluation of land and buildings 236,429 -
At 5 April 2024 456,000 219,571
9 Events after the reporting date
Properties with an original cost of £119,000 and carrying value of £135,000 were sold after the year end.
10 Controlling party
The Llp partners are jointly in control of the business.
11 Other information
West Innes Partnership Llp is a limited liability partnership incorporated in England. Its registered office is:
1 Oxford Street
Whitstable
Kent
CT5 1DB
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