Silverfin false 05/04/2024 06/04/2023 05/04/2024 Nicholas Scoon 12/02/2010 Robert Shepherd 06/01/2020 31 December 2024 OC352287 2024-04-05 OC352287 bus:Director1 2024-04-05 OC352287 bus:Director2 2024-04-05 OC352287 2023-04-05 OC352287 core:CurrentFinancialInstruments 2024-04-05 OC352287 core:CurrentFinancialInstruments 2023-04-05 OC352287 core:Non-currentFinancialInstruments 2024-04-05 OC352287 core:Non-currentFinancialInstruments 2023-04-05 OC352287 core:MoreThanFiveYears 2024-04-05 OC352287 core:MoreThanFiveYears 2023-04-05 OC352287 2023-04-06 2024-04-05 OC352287 bus:FullAccounts 2023-04-06 2024-04-05 OC352287 bus:SmallEntities 2023-04-06 2024-04-05 OC352287 bus:AuditExempt-NoAccountantsReport 2023-04-06 2024-04-05 OC352287 bus:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 OC352287 bus:Director1 2023-04-06 2024-04-05 OC352287 bus:Director2 2023-04-06 2024-04-05 OC352287 2022-04-06 2023-04-05 OC352287 core:Non-currentFinancialInstruments 2023-04-06 2024-04-05 iso4217:GBP xbrli:pure

Company No: OC352287 (England and Wales)

LANDMARK CANARY WHARF LLP

Unaudited Financial Statements
For the financial year ended 05 April 2024
Pages for filing with the registrar

LANDMARK CANARY WHARF LLP

Unaudited Financial Statements

For the financial year ended 05 April 2024

Contents

LANDMARK CANARY WHARF LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

For the financial year ended 05 April 2024
LANDMARK CANARY WHARF LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)

For the financial year ended 05 April 2024
DESIGNATED MEMBERS Nicholas Scoon
Robert Shepherd
REGISTERED OFFICE 25 Colebrooke Row
London
N1 8AS
United Kingdom
REGISTERED NUMBER OC352287 (England and Wales)
LANDMARK CANARY WHARF LLP

BALANCE SHEET

As at 05 April 2024
LANDMARK CANARY WHARF LLP

BALANCE SHEET (continued)

As at 05 April 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Investment property 5 1,350,000 1,350,000
1,350,000 1,350,000
Current assets
Debtors 6 600 5,364
Cash at bank and in hand 12,931 28,659
13,531 34,023
Creditors: amounts falling due within one year 7 ( 4,639) ( 11,097)
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 0 ( 728,884)
Net assets attributable to members 1,358,892 644,042
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

For the financial year ending 05 April 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

The financial statements of Landmark Canary Wharf LLP (registered number: OC352287) were approved and authorised for issue by the Board of Directors on 31 December 2024. They were signed on its behalf by:

Nicholas Scoon
Designated member
LANDMARK CANARY WHARF LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 05 April 2024
LANDMARK CANARY WHARF LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 05 April 2024
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
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

-

LANDMARK CANARY WHARF LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 05 April 2024
LANDMARK CANARY WHARF LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 05 April 2024
1. Accounting policies

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.

General information and basis of accounting

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.

Prior year adjustment

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.

Turnover

Turnover consists of rental income received and receivable in respect of the investment properties owned by the limited liability partnership.

Impairment of assets

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.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Financial instruments

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

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.

2. Prior year adjustment

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

3. Employees

2024 2023
Number Number
The average number of persons (excluding members) employed by the partnership during the year was: 0 0

4. Members' remuneration

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

5. Investment property

Investment property
£
Valuation
As at 06 April 2023 1,350,000
As at 05 April 2024 1,350,000

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.

6. Debtors

2024 2023
£ £
Other debtors 600 5,364

7. Creditors: amounts falling due within one year

2024 2023
£ £
Other creditors 4,639 11,097

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 728,884

These loans are secured against the investment properties held within the partnership.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans 0 1,091,944

9. Loans and other debts due to members

In the event of a winding up the amounts included in "loans and other debts due to members" will rank equally with unsecured creditors.