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REGISTERED NUMBER: OC323689 (England and Wales)















REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

FOR

BARNET O'BRIEN LLP

BARNET O'BRIEN LLP (REGISTERED NUMBER: OC323689)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024










Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


BARNET O'BRIEN LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 5 APRIL 2024







DESIGNATED MEMBERS: F E Barnet
D P O'Brien
K O'Brien





REGISTERED OFFICE: Suites 3 & 4 Pacific
Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ





REGISTERED NUMBER: OC323689 (England and Wales)





ACCOUNTANTS: John Kerr - Chartered Accountants
375 Eaton Road
West Derby
Liverpool
Merseyside
L12 2AH

BARNET O'BRIEN LLP (REGISTERED NUMBER: OC323689)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 5 APRIL 2024


The members present their report with the financial statements of the LLP for the year ended 5 April 2024.

DESIGNATED MEMBERS
The designated members during the year under review were:

F E Barnet
D P O'Brien
K O'Brien

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £5,599 (2023 - £17,522 loss).

MEMBERS' INTERESTS
The capital requirements of the partnership are determined from time to time by the members. Each member is required to subscribe a proportion of this capital. On leaving the partnership, a member's capital is repaid. During the accounting period members may make drawings from allocated profits. The level and timing of members' drawings is decided by the members, taking into account the partnership's cash requirements for operating and investing activities.

ON BEHALF OF THE MEMBERS:





D P O'Brien - Designated member


20 December 2024

BARNET O'BRIEN LLP (REGISTERED NUMBER: OC323689)

INCOME STATEMENT
FOR THE YEAR ENDED 5 APRIL 2024

5.4.24 5.4.23
Notes £    £   

TURNOVER - -

Administrative expenses 7,100 16,296
(7,100 ) (16,296 )

Rents receivable 21,802 21,664
Fair value adjustments on
investment property - (1,836 )
14,702 3,532

Interest receivable and similar income 265 351
14,967 3,883
Transfer on revaluation
of investment property
from fair value reserve - (14,891 )
14,967 (11,008 )

Interest payable and similar expenses 9,368 6,514
PROFIT/(LOSS) FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND
PROFIT SHARES


5,599


(17,522


)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND
PROFIT SHARES


5,599


(17,522


)

Members' remuneration charged as an expense 4 (5,599 ) 17,522
PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY DIVISION
AMONG MEMBERS


-


-

BARNET O'BRIEN LLP (REGISTERED NUMBER: OC323689)

BALANCE SHEET
5 APRIL 2024

5.4.24 5.4.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 260,000 260,000

CURRENT ASSETS
Debtors 6 10,845 1,800
Cash at bank 4,288 40,947
15,133 42,747
CREDITORS
Amounts falling due within one year 7 22,906 24,685
NET CURRENT (LIABILITIES)/ASSETS (7,773 ) 18,062
TOTAL ASSETS LESS CURRENT LIABILITIES 252,227 278,062

CREDITORS
Amounts falling due after more than one year 8 125,486 138,960
NET ASSETS ATTRIBUTABLE TO MEMBERS 126,741 139,102

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

156,522

168,883

MEMBERS' OTHER INTERESTS
Fair value reserve 11 (29,781 ) (29,781 )
126,741 139,102

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 156,522 168,883
Members' other interests (29,781 ) (29,781 )
126,741 139,102

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 5 April 2024.

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.

BARNET O'BRIEN LLP (REGISTERED NUMBER: OC323689)

BALANCE SHEET - continued
5 APRIL 2024


The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 20 December 2024 and were signed by:





D P O'Brien - Designated member

BARNET O'BRIEN LLP (REGISTERED NUMBER: OC323689)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024


1. STATUTORY INFORMATION

Barnet O'Brien 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investment property
Investment property is included at fair value. Gains and losses are recognised in the income statement and a transfer of the equivalent gain or loss is made to a fair value reserve.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. INFORMATION IN RELATION TO MEMBERS
5.4.24 5.4.23
£    £   
Members' remuneration charged as an expense
Automatic division of profit/(loss) 5,599 (17,522 )

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 6 April 2023
and 5 April 2024 260,000
NET BOOK VALUE
At 5 April 2024 260,000
At 5 April 2023 260,000

Fair value at 5 April 2024 is represented by:
£   
Valuation in 2024 260,000

If investment property had not been revalued it would have been included at the following historical cost:

5.4.24 5.4.23
£    £   
Cost 289,781 289,781

Investment property was valued on a fair value basis on 5 April 2024 by the Designated Members .

BARNET O'BRIEN LLP (REGISTERED NUMBER: OC323689)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5.4.24 5.4.23
£    £   
Other debtors 10,845 1,800

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5.4.24 5.4.23
£    £   
Bank loan 14,000 14,000
Taxation and social security 102 102
Other creditors 8,804 10,583
22,906 24,685

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
5.4.24 5.4.23
£    £   
Bank loan 125,486 138,960

Amounts falling due in more than five years:

Repayable by instalments
Bank loan 62,986 76,460

9. SECURED DEBTS

The following secured debts are included within creditors:

5.4.24 5.4.23
£    £   
Bank loan 139,486 152,960

The bank loan is secured by a Mortgage Deed over the investment property.

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members (other than members' capital classified as debt) rank equally with debts due to other unsecured creditors in a winding up.

11. RESERVES
Fair
value
reserve
£   
At 6 April 2023
and 5 April 2024 (29,781 )