REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 |
FOR |
BARNET O'BRIEN LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
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: |
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: |
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 | ) |
Rents receivable |
Fair value adjustments on |
investment property | - | (1,836 | ) |
14,702 | 3,532 |
Interest receivable and similar income |
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 |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
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 | ( |
) | ( |
) |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
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 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
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 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5.4.24 | 5.4.23 |
£ | £ |
Bank loan |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
5.4.24 | 5.4.23 |
£ | £ |
Bank loan |
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 |
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 | ( |
) |