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 |