Company No:
Contents
DESIGNATED MEMBERS | Nicholas Scoon |
Robert Shepherd |
REGISTERED OFFICE | 25 Colebrooke Row |
London | |
N1 8AS | |
United Kingdom |
REGISTERED NUMBER | OC352287 (England and Wales) |
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Investment property | 5 |
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1,350,000 | 1,350,000 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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13,531 | 34,023 | |||
Creditors: amounts falling due within one year | 7 | (
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(
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Net current assets | 8,892 | 22,926 | ||
Total assets less current liabilities | 1,358,892 | 1,372,926 | ||
Creditors: amounts falling due after more than one year | 8 |
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Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 781,509 | 66,659 | ||
781,509 | 66,659 | |||
Members' other interests | ||||
Members' capital classified as equity | 285,766 | 285,766 | ||
Revaluation reserve | 291,617 | 291,617 | ||
577,383 | 577,383 | |||
1,358,892 | 644,042 | |||
Total members' interests | ||||
Loans and other debts due to members | 781,509 | 66,659 | ||
Members' other interests | 577,383 | 577,383 | ||
1,358,892 | 644,042 |
Members' responsibilities:
The financial statements of Landmark Canary Wharf LLP (registered number:
Nicholas Scoon
Designated member |
EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | ||||
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Members' capital (classified as equity) | Revaluation reserves | Other reserves | Total | Other amounts | Total | |
£ | £ | £ | £ | £ | £ | |
Amounts due to members | 63,399 | |||||
Balance at 06 April 2022 | 285,766 | 399,859 | 0 | 685,625 | 63,399 | 749,024 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 0 | 0 | 0 | 52,260 | 52,260 |
Members' interest after result for the financial year | 285,766 | 399,859 | 0 | 685,625 | 115,659 | 801,284 |
Drawings | 0 | 0 | 0 | 0 | (157,242) | (157,242) |
Transfer on realisation of fair value gains | 0 | (108,242) | 0 | (108,242) | 108,242 | 0 |
Amounts due to members | 66,659 | |||||
Balance at 05 April 2023 (restated - note 2) | 285,766 | 291,617 | 0 | 577,383 | 66,659 | 644,042 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 0 | 0 | 0 | 47,222 | 47,222 |
Members' interest after result for the financial year | 285,766 | 291,617 | 0 | 577,383 | 113,881 | 691,264 |
Drawings | 0 | 0 | 0 | 0 | 667,628 | 667,628 |
Amounts due to members | 781,509 | |||||
Balance at 05 April 2024 | 285,766 | 291,617 | 0 | 577,383 | 781,509 | 1,358,892 |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Landmark Canary Wharf LLP is a limited liability partnership, incorporated in England and Wales. The registered office is 25 Colebrooke Row, London, N1 8AS.
The limited liability partnership's principal activities are disclosed in the Members' Report.
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small LLPs regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The accounts have been restated to incorporate the impact of a misclassification of the transfer on realisation of fair value gains. The change has resulted in total comprehensive income at 5 April 2023 decreasing by £108,242.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.
Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.
The accounts have been restated to incorporate the impact of a misclassification of the transfer on realisation of fair value gains. The change has resulted in total comprehensive income at 5 April 2023 decreasing by £108,242:
As previously reported | Adjustment | As restated | ||||
Year ended 05 April 2023 | £ | £ | £ | |||
Gain arising on fair value movement of fixed asset investments | 108,242 | (108,242) | 0 | |||
Loans and other debts due to members within one year | (41,583) | 108,242 | 66,659 |
2024 | 2023 | ||
Number | Number | ||
The average number of persons (excluding members) employed by the partnership during the year was: |
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Profits are shared among the members in accordance with agreed profit sharing arrangements.
2024 | 2023 | ||
Number | Number | ||
Average number of members during the financial year | 2 | 2 |
Investment property | |
£ | |
Valuation | |
As at 06 April 2023 |
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As at 05 April 2024 |
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The investment properties were purchased for £1,058,382 and have previously been revalued upwards to an estimated value of £1,350,000. The partners consider that the fair value has not changed significantly in the year so believe the current valuation remains appropriate.
2024 | 2023 | ||
£ | £ | ||
Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2024 | 2023 | ||
£ | £ | ||
Bank loans |
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In the event of a winding up the amounts included in "loans and other debts due to members" will rank equally with unsecured creditors.