Registered number
OC309532
Petersgate Property Developments LLP
Filleted Accounts
30 April 2024
Petersgate Property Developments LLP
Registered number: OC309532
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Current assets
Property stocks 720,000 720,000
Debtors 3 9,506 9,195
Cash at bank and in hand 8,692 10,399
738,198 739,594
Creditors: amounts falling due within one year 4 (504,093) (494,646)
Net current assets 234,105 244,948
Total assets less current liabilities 234,105 244,948
Creditors: amounts falling due after more than one year 5 (294,126) (321,883)
Net liabilities attributable to members (60,021) (76,935)
Represented by:
Members' other interests
Other reserves (60,021) (76,935)
(60,021) (76,935)
Total members' interests
Members' other interests (60,021) (76,935)
(60,021) (76,935)
For the year ended 30 April 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 28 January 2025 and signed on their behalf by:
Colin E Mellor
Designated member
Petersgate Property Developments LLP
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover represents the value of the value of property stock sold in the period and rental income received and receivable.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Property Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 0 0
3 Debtors 2024 2023
£ £
Trade debtors 690 200
Other debtors 8,816 8,995
9,506 9,195
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 23,407 23,320
Trade creditors 17,739 -
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest 452,727 457,988
Other taxes and social security costs 1,727 927
Other creditors 8,493 12,411
504,093 494,646
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 294,126 320,505
Other creditors - 1,378
294,126 321,883
6 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 200,499 227,222
200,499 227,222
Secured bank loans 317,533 343,825
The loan is secured on the Land at the rear of 65 - 81 St Petersgate.
7 Controlling party
The LLP is controlled by Mr C E Mellor.
8 Other information
Petersgate Property Developments LLP is a limited liability partnership incorporated in England. Its registered office is:
65-81 St Petersgate
Stockport
Cheshire SK1 1DS
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