Limited Liability Partnership registration number OC384619 (England and Wales)
SKILLMAN INVESTMENTS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SKILLMAN INVESTMENTS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr J E Skillen
Mr R Smallman
LLP registration number
OC384619
Registered office
Christopher House
94b London Road
Leicester
LE2 0QS
Accountants
Accapita LLP
Christopher House
94b London Road
Leicester
Leicestershire
United Kingdom
LE2 0QS
SKILLMAN INVESTMENTS LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 9
SKILLMAN INVESTMENTS LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
30 April 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,297
1,589
Investment property
4
1,000,000
450,000
1,001,297
451,589
Current assets
Debtors
5
7,479
10,366
Cash at bank and in hand
688
484
8,167
10,850
Creditors: amounts falling due within one year
6
(18,483)
(19,045)
Net current liabilities
(10,316)
(8,195)
Total assets less current liabilities
990,981
443,394
Creditors: amounts falling due after more than one year
7
(43,331)
(47,641)
Net assets attributable to members
947,650
395,753
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
277,010
268,910
Other amounts
29,253
26,543
306,263
295,453
Members' other interests
Other reserves classified as equity
641,387
100,300
947,650
395,753

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial Period ended 31 March 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.

SKILLMAN INVESTMENTS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 20 January 2025 and are signed on their behalf by:
20 January 2025
Mr R Smallman
Designated member
Limited Liability Partnership registration number OC384619 (England and Wales)
SKILLMAN INVESTMENTS LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
Fair value reserve
£
Balance at 1 May 2022
100,300
Profit and total comprehensive income for the period
-
Balance at 30 April 2023
100,300
Profit and total comprehensive income for the period
-
Fair value adjustment
541,087
Balance at 31 March 2024
641,387
SKILLMAN INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Skillman Investments LLP is a limited liability partnership incorporated in England and Wales. The registered office is Christopher House, 94b London Road, Leicester, LE2 0QS.

 

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

1.1
Reporting period

The financial statements are presented for a period of eleven months. The reason for using a shorter period is to align the financial year with that of the fiscal tax year. The comparative amounts presented in the financial statements (including the related notes) relate to the twelve month period to 30th April 2023 so are not entirely comparable.

 

1.2
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

    

 

 

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.

SKILLMAN INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

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.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Computers
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
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

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

 

The methods and significant assumptions used to ascertain the fair value of £1,000,000, (2023 £450,000) and fair value movement of £541,087 (2023 - £nil) included in the fair value reserve for the year are as follows :

 

The property is valued at the members open market valuation with reference to rental income, commercial property returns and the local property market.

1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

SKILLMAN INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
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.

1.9
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 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

SKILLMAN INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

SKILLMAN INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2
Employees

The average number of persons (including members) employed by the partnership during the Period was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 May 2023 and 31 March 2024
2,234
9,124
1,100
12,458
Depreciation and impairment
At 1 May 2023
1,956
7,813
1,100
10,869
Depreciation charged in the Period
51
241
-
292
At 31 March 2024
2,007
8,054
1,100
11,161
Carrying amount
At 31 March 2024
227
1,070
-
1,297
At 30 April 2023
278
1,311
-
1,589
4
Investment property
2024
£
Fair value
At 1 May 2023
450,000
Additions
8,913
Net gains or losses through fair value adjustments
541,087
At 31 March 2024
1,000,000
SKILLMAN INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 9 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,000
4,990
Other debtors
5,479
5,376
7,479
10,366
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,804
9,299
Trade creditors
8,142
6,967
Other creditors
3,537
2,779
18,483
19,045
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
43,331
47,641
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
4,582

Bank loans included in creditors totalling £50,135 (2023 £56,940) are secured by a fixed charge over the investment property.

8
Deferred income
2024
2023
£
£
Other deferred income
2,000
1,000
9
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.

 

There are no restrictions or limitations existing on the ability of the members to reduce the amount of ‘Members’ other interests’

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