Limited Liability Partnership registration number OC333891 (England and Wales)
WARDLEY INVESTMENTS LIMITED LIABILITY PARTNERSHIP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 APRIL 2024
05 April 2024
PAGES FOR FILING WITH REGISTRAR
WARDLEY INVESTMENTS LIMITED LIABILITY PARTNERSHIP
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
WARDLEY INVESTMENTS LIMITED LIABILITY PARTNERSHIP
STATEMENT OF FINANCIAL POSITION
AS AT 5 APRIL 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Cash at bank and in hand
795
285
Creditors: amounts falling due within one year
3
(138,847)
(137,106)
Net current liabilities
(138,052)
(136,821)
Creditors: amounts falling due after more than one year
4
(32,749)
(38,704)
Net liabilities attributable to members
(170,801)
(175,525)
Represented by:
Members' other interests
Members' capital classified as equity
134,960
129,770
Other reserves classified as equity
(305,761)
(305,295)
(170,801)
(175,525)
Total members' interests
Members' other interests
(170,801)
(175,525)
(170,801)
(175,525)

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 5 April 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 13 January 2025 and are signed on their behalf by:
13 January 2025
D N Wilson
C Ford
Designated member
Designated Member
Limited Liability Partnership Registration No. OC333891
WARDLEY INVESTMENTS LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 2 -
1
Accounting policies
Limited liability partnership information

Wardley Investments Limited Liability Partnership is a limited liability partnership incorporated in England and Wales. The registered office is Henson House, Ponteland Road, Newcastle upon Tyne, NE5 3DF.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

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 companies 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The intention of the members is to dissolve the LLP once all oustanding liabilties have been repaid.

1.3
Turnover

Revenue is recognised to the extent that the LLP obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received excluding VAT.

1.4
Members' participating interests

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.

WARDLEY INVESTMENTS LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
WARDLEY INVESTMENTS LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 4 -
3
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5
5,954
5,954
Trade creditors
17,320
33,466
Other creditors
113,839
96,108
Accruals and deferred income
1,734
1,578
138,847
137,106
4
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
5
32,749
38,704
5
Loans and overdrafts
2024
2023
£
£
Bank loans
38,703
44,658
Payable within one year
5,954
5,954
Payable after one year
32,749
38,704
6
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.

7
Parent company

The members are the controlling party by virtue of their controlling interest in the LLP.

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