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Registration number: OC404089

Altair Development and Real Estate LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Altair Development and Real Estate LLP

Contents

Limited liability partnership information

1

Accountants' Report

2

Financial Statements

3 to 8

Balance Sheet

3

Notes to the Financial Statements

5

 

Altair Development and Real Estate LLP

Limited liability partnership information

Designated members

Mr D A Brown

Members

E Brown

Registered office

Woodhaven
7d Twatling Road
Barnt Green
Birmingham
B45 8HX

Accountants

evirtualFD Ltd
Grosvenor House
11 St Pauls Square
Birmingham
B3 1RB

 

Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Altair Development and Real Estate LLP
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Altair Development and Real Estate LLP for the year ended 31 March 2024 set out on pages 3 to 8 from the limited liability partnership's accounting records and from information and explanations you have given us.


 

This report is made solely to the members of Altair Development and Real Estate LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Altair Development and Real Estate LLP and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Altair Development and Real Estate LLP and its members as a body for our work or for this report.

It is your duty to ensure that Altair Development and Real Estate LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Altair Development and Real Estate LLP. You consider that Altair Development and Real Estate LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Altair Development and Real Estate LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

evirtualFD Ltd
Grosvenor House
11 St Pauls Square
Birmingham
B3 1RB

16 December 2024

 

Altair Development and Real Estate LLP

(Registration number: OC404089)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

22,158

29,277

Current assets

 

Stocks

5

21,223

23,659

Debtors

6

275

54

Cash and short-term deposits

 

22,628

57,438

 

44,126

81,151

Creditors: Amounts falling due within one year

7

(315)

(2,840)

Net current assets

 

43,811

78,311

Net assets attributable to members

 

65,969

107,588

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

79,921

90,063

Other reserves

 

(13,952)

17,525

 

65,969

107,588

   

65,969

107,588

Total members' interests

 

Equity

 

65,969

107,588

   

65,969

107,588

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

 

Altair Development and Real Estate LLP

(Registration number: OC404089)
Balance Sheet as at 31 March 2024

The financial statements of Altair Development and Real Estate LLP (registered number OC404089) were approved by the Board and authorised for issue on 16 December 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr D A Brown
Designated member

 

Altair Development and Real Estate LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Altair Development and Real Estate LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Going concern

The financial statements have been prepared on a going concern basis with the members having given due consideration to the impact of Brexit. They are of the opinion that neither the LLP's ability to trade nor the value of its assets will be significantly impaired.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

 

Altair Development and Real Estate LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance

Office equipment

15% reducing balance

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

 

Altair Development and Real Estate LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2

Particulars of employees

The average number of persons employed by the limited liability partnership (including members) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Members

2

3

2

3

3

Operating (loss)/profit

Operating (loss)/profit is stated after charging /(crediting):

2024
£

2023
£

Operating leases - other assets

216

216

Depreciation of owned assets

7,119

9,445

 

Altair Development and Real Estate LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Tangible fixed assets

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 April 2023

48,490

6,206

54,696

At 31 March 2024

48,490

6,206

54,696

Depreciation

At 1 April 2023

21,215

4,204

25,419

Charge for the year

6,819

300

7,119

At 31 March 2024

28,034

4,504

32,538

Net book value

At 31 March 2024

20,456

1,702

22,158

At 31 March 2023

27,275

2,002

29,277

5

Stocks

2024
£

2023
£

Work in progress

21,223

23,659

6

Debtors

2024
£

2023
£

Other debtors

275

54

7

Creditors: Amounts falling due within one year

2024
£

2023
£

Accruals and deferred income

315

2,840

8

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.