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REGISTERED NUMBER: OC391301
Tanzania Development Corp LLP
Unaudited Financial Statements
29 February 2024
Tanzania Development Corp LLP
Financial Statements
Year ended 29 February 2024
Contents
Page
Members' report
1
Statement of financial position
2
Reconciliation of members' interests
4
Notes to the financial statements
6
Tanzania Development Corp LLP
Members' Report
Year ended 29 February 2024
The members present their report and the unaudited financial statements of the LLP for the year ended 29 February 2024 .
Principal activities
The principal activity of the company during the year was property development.
Designated members
The designated members who served the LLP during the year were as follows:
Retropark Limited
Shojin Capital Limited
Univale Properties Limited
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 8 January 2025 and signed on behalf of the members by:
Shojin Capital Limited
Designated Member
Registered office:
C/O Leaman Mattei
Suite 1, First Floor
1 Duchess Street
London
England
W1W 6AN
Tanzania Development Corp LLP
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
4
121,214
121,214
Current assets
Debtors
5
1,850
1,850
Creditors: amounts falling due within one year
6
540
540
-------
-------
Net current assets
1,310
1,310
---------
---------
Total assets less current liabilities
122,524
122,524
---------
---------
Net assets
122,524
122,524
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
7
125,874
125,874
Members' other interests
Other reserves
(3,350)
(3,350)
---------
---------
122,524
122,524
---------
---------
Total members' interests
Amounts due from members
(1,850)
(1,850)
Loans and other debts due to members
7
125,874
125,874
Members' other interests
(3,350)
(3,350)
---------
---------
120,674
120,674
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 29 February 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Tanzania Development Corp LLP
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the members and authorised for issue on 8 January 2025 , and are signed on their behalf by:
Shojin Capital Limited
Designated Member
Registered number: OC391301
Tanzania Development Corp LLP
Reconciliation of Members' Interests
Year ended 29 February 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2024
£
£
£
£
£
Amounts due to members
125,874
125,874
Amounts due from members
(1,850)
(1,850)
---------
---------
Balance at 1 March 2023
(3,350)
(3,350)
124,024
124,024
120,674
---------
---------
Amounts due to members
125,874
125,874
Amounts due from members
(1,850)
(1,850)
-------
-------
---------
---------
---------
Balance at 29 February 2024
(3,350)
(3,350)
124,024
124,024
120,674
-------
-------
---------
---------
---------
Tanzania Development Corp LLP
Reconciliation of Members' Interests (continued)
Year ended 29 February 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
Amounts due to members
125,874
125,874
Amounts due from members
(1,850)
(1,850)
---------
---------
Balance at 1 March 2022
(3,350)
(3,350)
124,024
124,024
120,674
---------
---------
Amounts due to members
125,874
125,874
Amounts due from members
(1,850)
(1,850)
-------
-------
---------
---------
---------
Balance at 28 February 2023
(3,350)
(3,350)
124,024
124,024
120,674
-------
-------
---------
---------
---------
Tanzania Development Corp LLP
Notes to the Financial Statements
Year ended 29 February 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is C/O Leaman Mattei, Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Investments
Other investments other than loans
£
Cost
At 1 March 2023 and 29 February 2024
121,214
---------
Impairment
At 1 March 2023 and 29 February 2024
---------
Carrying amount
At 29 February 2024
121,214
---------
At 28 February 2023
121,214
---------
The above represents $200,000 investment in the shares of CCP Masaki Development Ltd, a company registered in the Cayman Islands.
5.
Debtors
2024
2023
£
£
Other debtors
1,850
1,850
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
540
540
----
----
7.
Loans and other debts due to members
2024
2023
£
£
Loans from members
125,874
125,874
---------
---------