REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements |
for the Period 1 June 2023 to 31 March 2024 |
for |
Anderson Family LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements |
for the Period 1 June 2023 to 31 March 2024 |
for |
Anderson Family LLP |
Anderson Family LLP (Registered number: OC437514) |
Contents of the Financial Statements |
for the Period 1 June 2023 to 31 March 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
Anderson Family LLP |
General Information |
for the Period 1 June 2023 to 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
44 The Pantiles |
Tunbridge Wells |
Kent |
TN2 5TN |
Anderson Family LLP (Registered number: OC437514) |
Report of the Members |
for the Period 1 June 2023 to 31 March 2024 |
The members present their report with the financial statements of the LLP for the period 1 June 2023 to 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the period under review was that of property investment. |
DESIGNATED MEMBERS |
The designated members during the period under review were: |
RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS |
The profit for the period before members' remuneration and profit shares was £3,235 (2023 - £NIL profit). |
MEMBERS' INTERESTS |
The members participate fully in the LLP's profit, share the risks and subscribe the LLP's capital. |
An individual member's capital requirement is linked to their share of the profit and the financing requirement of the business. Capital introduced by new members and capital repaid to retiring members is done at par and subject to the agreement of the LLP. |
The drawings policy of the LLP allows each member to draw in advance a proportion of their annual profit share, subject to the cash requirements of the business and the agreement of the other members. Undrawn profits at the end of the year may be transferred to equity at the option of the member or drawn in subsequent periods subject to the cash requirements of the business and the agreement of the other members. |
Any transfers of members' interests from equity to debt (and vice versa) is done at par. A company member is not permitted to transfer equity to debt or receive capital repayment whilst a member of the LLP. |
ON BEHALF OF THE MEMBERS: |
Anderson Family LLP (Registered number: OC437514) |
Income Statement |
for the Period 1 June 2023 to 31 March 2024 |
Period |
1.6.23 |
to | Year Ended |
31.3.24 | 31.5.23 |
£ | £ |
TURNOVER |
Administrative expenses |
OPERATING PROFIT and |
PROFIT FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Anderson Family LLP (Registered number: OC437514) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
617,900 |
- |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
617,900 |
- |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 617,900 | - |
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 |
Anderson Family LLP (Registered number: OC437514) |
Notes to the Financial Statements |
for the Period 1 June 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
Anderson Family LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The functional and presentational currency of the LLP is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated. |
Going concern |
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Turnover |
Turnover represents gross rents receivable and recognised to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. |
Other income |
Interest income, including income arising from finance leases and other financial instruments, is recognised using the effective interest method. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Anderson Family LLP (Registered number: OC437514) |
Notes to the Financial Statements - continued |
for the Period 1 June 2023 to 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost, using the effective interest rate method. |
Basic financial liabilities including trade and other payables 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Provision for liabilities |
Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the period was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.5.23 |
£ | £ |
Other creditors |