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REGISTERED NUMBER: OC435414
1RMRR LLP
Unaudited Financial Statements
29 February 2024
1RMRR LLP
Financial Statements
Year ended 29 February 2024
Contents
Page
Members' report
1
Statement of comprehensive income
2
Statement of financial position
3
Reconciliation of members' interests
5
Notes to the financial statements
7
The following pages do not form part of the financial statements
Chartered accountant's report to the members on the preparation of the unaudited statutory financial statements
11
1RMRR LLP
Members' Report
Year ended 29 February 2024
The members present their report and the unaudited financial statements of the LLP for the year ended 29 February 2024 .
Designated members
The designated members who served the LLP during the year were as follows:
Mr R P SETHI
Mrs M SETHI
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 22 January 2025 and signed on behalf of the members by:
Mr R P SETHI
Designated Member
Registered office:
Unit 1 Lighterage Court
41 High Street
Brentford
TW8 0FT
1RMRR LLP
Statement of Comprehensive Income
Year ended 29 February 2024
2024
2023
Note
£
£
Administrative expenses
2,146
14,741
Other operating income
129,445
109,600
---------
---------
Operating profit
4
127,299
94,859
Interest payable and similar expenses
60,654
37,638
---------
---------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
66,645
57,221
---------
---------
All the activities of the LLP are from continuing operations.
1RMRR LLP
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
3,444,871
3,440,000
Current assets
Debtors
6
1,350
Cash at bank and in hand
7,390
11,824
-------
--------
7,390
13,174
Creditors: amounts falling due within one year
7
14,202
13,841
--------
--------
Net current liabilities
6,812
667
------------
------------
Total assets less current liabilities
3,438,059
3,439,333
Creditors: amounts falling due after more than one year
8
1,717,936
1,597,806
------------
------------
Net assets
1,720,123
1,841,527
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
9
1,720,123
1,841,527
------------
------------
Members' other interests
Other reserves
------------
------------
1,720,123
1,841,527
------------
------------
Total members' interests
Loans and other debts due to members
9
1,720,123
1,841,527
Members' other interests
------------
------------
1,720,123
1,841,527
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 29 February 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
1RMRR LLP
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the members and authorised for issue on 22 January 2025 , and are signed on their behalf by:
Mr R P SETHI
Designated Member
Registered number: OC435414
1RMRR LLP
Reconciliation of Members' Interests
Year ended 29 February 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2024
£
£
£
£
£
Balance at 1 March 2023
1,841,526
1,841,526
1,841,526
Profit for the financial year available for discretionary division among members
66,645
66,645
66,645
--------
--------
------------
------------
------------
Members' interests after profit for the year
66,645
66,645
1,841,526
1,841,526
1,908,171
Other division of profits
(66,645)
(66,645)
66,645
66,645
Introduced by members
Repayments of debt
(188,048)
(188,048)
(188,048)
--------
--------
------------
------------
------------
Balance at 29 February 2024
1,720,123
1,720,123
1,720,123
--------
--------
------------
------------
------------
1RMRR LLP
Reconciliation of Members' Interests (continued)
Year ended 29 February 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
Balance at 1 March 2022
Profit for the financial year available for discretionary division among members
57,221
57,221
57,221
--------
--------
----
----
--------
Members' interests after profit for the year
57,221
57,221
57,221
Other division of profits
(57,221)
(57,221)
57,221
57,221
Introduced by members
3,691,276
3,691,276
3,691,276
Repayments of debt
(1,906,970)
(1,906,970)
(1,906,970)
--------
--------
------------
------------
------------
Balance at 28 February 2023
1,841,527
1,841,527
1,841,527
--------
--------
------------
------------
------------
1RMRR LLP
Notes to the Financial Statements
Year ended 29 February 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Unit 1 Lighterage Court, 41 High Street, Brentford, TW8 0FT.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
4.
Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
1,624
-------
----
5.
Tangible assets
Freehold property
Motor vehicles
Total
£
£
£
Cost
At 1 March 2023
3,440,000
3,440,000
Additions
6,495
6,495
------------
-------
------------
At 29 February 2024
3,440,000
6,495
3,446,495
------------
-------
------------
Depreciation
At 1 March 2023
Charge for the year
1,624
1,624
------------
-------
------------
At 29 February 2024
1,624
1,624
------------
-------
------------
Carrying amount
At 29 February 2024
3,440,000
4,871
3,444,871
------------
-------
------------
At 28 February 2023
3,440,000
3,440,000
------------
-------
------------
6.
Debtors
2024
2023
£
£
Other debtors
1,350
----
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
419
Other creditors
14,202
13,422
--------
--------
14,202
13,841
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,717,936
1,597,806
------------
------------
9.
Loans and other debts due to members
2024
2023
£
£
Loans from members
1,653,478
1,784,306
Amounts owed to members in respect of profits
66,645
57,221
------------
------------
1,720,123
1,841,527
------------
------------
1RMRR LLP
Management Information
Year ended 29 February 2024
The following pages do not form part of the financial statements.
1RMRR LLP
Chartered Accountant's Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of 1RMRR LLP
Year ended 29 February 2024
As described on the statement of financial position, the members of the LLP are responsible for the preparation of the financial statements for the year ended 29 February 2024, which comprise the statement of comprehensive income, statement of financial position, reconciliation of members' interests and the related notes. You consider that the LLP is exempt from an audit under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
KAMBOJ ASSOCIATES LTD Chartered accountants
29 New broadway Uxbridge road Hillingdon UB10 0LL
22 January 2025