Registration number:
58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP
for the Year Ended 31 March 2024
58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP
Limited liability partnership information
Designated members |
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Registered office |
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58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP
Profit and Loss Account for the Year Ended 31 March 2024
Note |
Total |
Total |
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Turnover |
- |
- |
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Cost of sales |
( |
( |
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Gross loss |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Interest payable and similar expenses |
( |
( |
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(Loss)/profit for the year before members' remuneration and profit shares |
( |
|
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Members' remuneration charged as an expense |
162,509 |
(46,824) |
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Profit/(loss) for the year available for discretionary division among members |
- |
- |
Turnover and operating profit derive wholly from continuing operations.
The limited liability partnership has no recognised gains or losses for the year other than the results above.
58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP
(Registration number: OC318156)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
( |
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|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
403,099 |
565,609 |
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Members’ other interests |
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Other reserves |
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11,205,789 |
11,368,299 |
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Total members' interests |
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Loans and other debts due to members |
403,099 |
565,609 |
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Equity |
|
|
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11,205,789 |
11,368,299 |
For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.
58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP
(Registration number: OC318156)
Balance Sheet as at 31 March 2024
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of 58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP (registered number OC318156) were approved by the
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58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP
Statement of Changes in Members’ Interests
At 31 March 2024
Equity |
Loans and other debts due to/(from) members |
|||||
Other reserves |
Total equity |
Members' capital classified as a liability |
Members' other amounts |
Total debt |
Total |
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Members' interest at 1 April 2023 |
10,802,690 |
10,802,690 |
560,207 |
5,401 |
565,608 |
11,368,298 |
Members' remuneration charged as an expense |
- |
- |
- |
(162,509) |
(162,509) |
(162,509) |
At 31 March 2024 |
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10,802,690 |
560,207 |
(157,108) |
403,099 |
11,205,789 |
Equity |
Loans and other debts due to/(from) members |
|||||
Other reserves |
Total equity |
Members' capital classified as a liability |
Members' other amounts |
Total debt |
Total |
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Members' interest at 1 April 2022 |
10,802,690 |
10,802,690 |
560,207 |
(41,422) |
518,785 |
11,321,475 |
Members' remuneration charged as an expense |
- |
- |
- |
46,824 |
46,824 |
46,824 |
At 31 March 2023 |
|
10,802,690 |
560,207 |
5,402 |
565,609 |
11,368,299 |
58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of 58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
other taxes policy
Tangible fixed assets
Individual fixed assets costing £0.00 or more are initially recorded at cost.
58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Fixed asset investments
In accordance with FRS 102 as applied for Smaller Entities by section 1A of the standard, investment properties are held under the revaluation model, whereby revaluations are undertaken regularly to ensure that the carrying amount does not materially differ from the fair value at the end of the period.
Any aggregate surplus or temporary deficit from the original cost is cumulated within equity in the revaluation reserve and also reflected in other comprehensive income. Any impairment in the value of an investment property from original cost is taken to the profit and loss account for the year.
On realisation any gain or loss is calculated by reference to the carrying value at the last balance sheet date and is included in the profit and loss account. Any balance in the revaluation reserve is transferred to the profit and loss account reserve. No depreciation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years unexpired. FRS 102 requires all properties to be depreciated however the residual value of such investment properties is considered not to be materially different from that of the carrying value and therefore depreciation is not required.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Current versus non-current classification
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible fixed assets |
Freehold land and buildings |
Total |
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Cost |
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At 1 April 2023 |
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At 31 March 2024 |
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Depreciation |
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At 31 March 2024 |
- |
- |
Net book value |
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At 31 March 2024 |
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At 31 March 2023 |
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Revaluation
The fair value of the limited liability partnership's land and buildings was revalued on
Aggregate cost |
Aggregate carrying amount |
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Revalued assets for the year ended 31 March 2024 |
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Land and buildings |
4,694,794 |
4,694,794 |
4,694,794 |
4,694,794 |
Aggregate cost |
Aggregate carrying amount |
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Revalued assets for the year ended 31 March 2023 |
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Land and buildings |
4,694,794 |
4,694,794 |
4,694,794 |
4,694,794 |
58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
591,299 |
667,974 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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Taxation and social security |
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Creditors: Amounts falling due after more than one year |
2024 |
2023 |
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Bank loans and overdrafts |
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Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:
Control |
The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.