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Registration number: OC353408

Gardiner Residential LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Gardiner Residential LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Balance Sheet

2

Notes to the Financial Statements

4

 

Gardiner Residential LLP

Limited liability partnership information

Designated members

Mrs E Gardiner

Mr I Gardiner

Gardiner Residential Properties Limited
 

Registered office

4a Spring Bridge Road
Ealing
London
W5 2AA

Accountants

Wem & Co
Savoy House
Savoy Circus
London
W3 7DA

 

Gardiner Residential LLP

(Registration number: OC353408)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

345

695

Current assets

 

Debtors

4

24,945

28,668

Cash and short-term deposits

 

9,501

18,469

 

34,446

47,137

Creditors: Amounts falling due within one year

5

(100,089)

(82,005)

Net current liabilities

 

(65,643)

(34,868)

Total assets less current liabilities

 

(65,298)

(34,173)

Creditors: Amounts falling due after more than one year

(27,602)

(33,190)

Net liabilities attributable to members

 

(92,900)

(67,363)

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

(92,900)

(67,363)

   

(92,900)

(67,363)

Total members' interests

 

Loans and other debts due to members

 

(92,900)

(67,363)

   

(92,900)

(67,363)

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 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’.

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. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

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.

 

Gardiner Residential LLP

(Registration number: OC353408)
Balance Sheet as at 31 March 2024

The financial statements of Gardiner Residential LLP (registered number OC353408) were approved by the Board and authorised for issue on 9 January 2025. They were signed on behalf of the limited liability partnership by:

.........................................
Mrs E Gardiner
Designated member

.........................................
Mr I Gardiner
Designated member

 

Gardiner Residential LLP

Notes to the Financial Statements for the Period from 30 March 2023 to 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

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 Gardiner Residential 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 on the understanding that the members will continue to support the business for the foreseeable future.

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.

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.

 

Gardiner Residential LLP

Notes to the Financial Statements for the Period from 30 March 2023 to 31 March 2024

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.

Tangible fixed assets

Individual fixed assets are initially recorded at cost.

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

Office equipment

3 years on cost

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.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

Gardiner Residential LLP

Notes to the Financial Statements for the Period from 30 March 2023 to 31 March 2024

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 5 (2023 - 5).

 

Gardiner Residential LLP

Notes to the Financial Statements for the Period from 30 March 2023 to 31 March 2024

3

Tangible fixed assets

Office equipment
 £

Total
£

Cost

At 30 March 2023

22,544

22,544

At 31 March 2024

22,544

22,544

Depreciation

At 30 March 2023

21,849

21,849

Charge for the year

350

350

At 31 March 2024

22,199

22,199

Net book value

At 31 March 2024

345

345

At 29 March 2023

695

695

4

Debtors

2024
£

2023
£

Prepayments and accrued income

24,945

28,668

Total current trade and other debtors

24,945

28,668

5

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans and overdrafts

40,177

27,548

Trade creditors

15,959

14,752

Other creditors

259

4,446

Accruals and deferred income

12,645

9,500

Taxation and social security

31,049

25,759

100,089

82,005