REGISTERED NUMBER: |
Abridged Financial Statements for the Period 1 July 2023 to 31 March 2024 |
for |
Libertus Estates LLP |
REGISTERED NUMBER: |
Abridged Financial Statements for the Period 1 July 2023 to 31 March 2024 |
for |
Libertus Estates LLP |
Libertus Estates LLP (Registered number: SO301390) |
Contents of the Financial Statements |
for the Period 1 July 2023 to 31 March 2024 |
Page |
General Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Libertus Estates LLP |
General Information |
for the Period 1 July 2023 to 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
28 Rutland Square |
Edinburgh |
EH1 2BW |
Libertus Estates LLP (Registered number: SO301390) |
Abridged Statement of Financial Position |
31 March 2024 |
31.3.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
NET LIABILITIES ATTRIBUTABLE TO MEMBERS |
- |
- |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
TOTAL MEMBERS' INTERESTS |
Amounts due from members | (27,698 | ) | (38,398 | ) |
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. |
Libertus Estates LLP (Registered number: SO301390) |
Abridged Statement of Financial Position - continued |
31 March 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Libertus Estates LLP (Registered number: SO301390) |
Notes to the Financial Statements |
for the Period 1 July 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
Libertus Estates LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investment property |
Investment properties are properties held to earn rentals and/or for capital appreciation. |
Investment properties are initially measured at cost, including transaction costs. Subsequently, investment properties whose fair value can be measured reliably without undue cost or effort, on an on-going basis, are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. |
Investment properties whose fair value cannot be measured reliably without undue cost or effort, on an on-going basis, are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses. |
Financial instruments |
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, loans from banks and other third parties. |
At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. 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. |
Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party. |
Taxation |
No provision for taxation has been made as the individual members are responsible for setting their own tax liabilities. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the period was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 June 2023 |
Investment property is being carried at fair value and the members are of the opinion that cost represents a fair value of the property. |
Libertus Estates LLP (Registered number: SO301390) |
Notes to the Financial Statements - continued |
for the Period 1 July 2023 to 31 March 2024 |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
31.3.24 | 30.6.23 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr | 344,330 | 344,330 |
Liabilities under bank loans are secured on the investment property of the LLP. |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 30.6.23 |
£ | £ |
Bank loans |