REGISTERED NUMBER: |
OBARCS NO. 1 LLP |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
REGISTERED NUMBER: |
OBARCS NO. 1 LLP |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
OBARCS NO. 1 LLP (REGISTERED NUMBER: OC315089) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
OBARCS NO. 1 LLP |
General Information |
FOR THE YEAR ENDED 31 MARCH 2024 |
DESIGNATED MEMBERS: |
R T Kells |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
OBARCS NO. 1 LLP (REGISTERED NUMBER: OC315089) |
Report of the Members |
FOR THE YEAR ENDED 31 MARCH 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of the holding of property for rental. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
R T Kells |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £NIL (2023 - £NIL profit). |
MEMBERS' INTERESTS |
ON BEHALF OF THE MEMBERS: |
OBARCS NO. 1 LLP (REGISTERED NUMBER: OC315089) |
Income Statement |
FOR THE YEAR ENDED 31 MARCH 2024 |
Period |
6/4/22 |
Year ended | to |
31/3/24 | 31/3/23 |
£ | £ |
TURNOVER |
OPERATING PROFIT and |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
OBARCS NO. 1 LLP (REGISTERED NUMBER: OC315089) |
Balance Sheet |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET LIABILITIES ATTRIBUTABLE TO MEMBERS |
- |
- |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
TOTAL MEMBERS' INTERESTS |
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. |
The financial statements were approved by the members of the LLP and authorised for issue on |
OBARCS NO. 1 LLP (REGISTERED NUMBER: OC315089) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Obarcs No.1 LLP is an LLP incorporated in United Kingdom International House, 24 Holborn Viaduct, London, EC1A 2BN, is the registered office, which is also the principal place of business of the LLP. The principal activity of the LLP is the holding of property for rental. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared under the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Limited Liability Partnership's financial statements. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgments and estimates have been made include: |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Members' remuneration |
Members' remuneration is treated as a charge against profits. It includes profits that are automatically divided between members by virtue of the members' agreement. |
A member's share in the profit and loss for the year is accounted for as an allocation of profits. |
Related parties |
For the purposes of these financial statements a party is considered to be related to the Limited Liability Partnership if: |
The party has the ability, directly or indirectly, through one or more intermediaries to control the Limited Liability Partnership or exercise significant influence over the Limited Liability Partnership in making financial and operating policy decisions or has joint control over the Limited Liability Partnership; |
the Limited Liability Partnership and the party are subject to common control; |
the party is an associate of the Limited Liability Partnership or forms part of a joint venture with the Limited Liability Partnership; |
the party is a member of key management personnel of the Limited Liability Partnership or the Limited Liability Partnership's parent, or a close family member of such as an individual, or is an entity under the control, joint control or significant influence of such individuals; |
the party is a close family member of a party referred to above or is an entity under the control or significant influence of such individuals; or |
the party is a post-employment benefit plan which is for the benefit of employees of the Limited Liability Partnership or of any entity that is a related party of the Limited Liability Partnership. |
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the Limited Liability Partnership. |
OBARCS NO. 1 LLP (REGISTERED NUMBER: OC315089) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Investments |
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the profit and loss account in the year in which it is receivable. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Statement of Financial Position bank overdrafts are shown within payables. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
4. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
5. | MEMBERS' REMUNERATION |
Members' remuneration is treated as a charge against profits. It includes profits that are automatically divided between members by virtue of the members' agreement. |
A member's share in the profit and loss for the year is accounted for as an allocation of profits. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |