REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
CONNOR INVESTMENTS (UK) LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
CONNOR INVESTMENTS (UK) LLP |
CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
CONNOR INVESTMENTS (UK) LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants & Business Advisers |
28 Wilton Road |
Bexhill on Sea |
East Sussex |
TN40 1EZ |
CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129) |
REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of property development and rental. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £86,159 (2023 - £11,941 profit). |
MEMBERS' INTERESTS |
The policies regarding the allocation of profits to members, drawings and the subscription and repayment of members' capital are disclosed in the accounting policies, note 1 of the financial statements. |
The members' interests are disclosed in the notes to the financial statements. |
ON BEHALF OF THE MEMBERS: |
CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
840,654 | 627,188 |
Other operating income |
OPERATING PROFIT |
Profit/loss on disposal of investment property | 4 |
1,701,816 | 1,056,534 |
Gain/loss on revaluation of investment property |
(280,000 |
) |
- |
1,421,816 | 1,056,534 |
Interest payable and similar expenses | ( |
) | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129) |
BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
4,786,927 |
5,091,845 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
MEMBERS' OTHER INTERESTS |
Capital accounts | 4,873,086 | 5,091,845 |
Other reserves | ( |
) |
4,786,927 | 5,091,845 |
TOTAL MEMBERS' INTERESTS |
Members' other interests | 4,786,927 | 5,091,845 |
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. |
CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Connor Investments (UK) LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The members have made an assessment and do not consider there to be any material uncertainties about the ability of the business to continue as a going concern. As a result they have adopted the going concern basis of accounting. |
Turnover |
Turnover represents sale of property and rents received, excluding value added tax. Turnover is recognised when they receive the right to consideration. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
No depreciation or amortisation is provided in respect of freehold or leasehold properties having more than 20 years unexpired. This departure from the requirements of the Companies Act 2006, for all properties to be depreciated, is, in the opinion of the Members, necessary for the financial statements to give a true and fair view in accordance with applicable accounting standards, as properties are included in the financial statements at their fair value. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Capital subscription and repayment |
The capital requirements of the partnership are determined from time to time by the Designated Members. The amount of capital subscribed by each member is linked to the earnings allocated to that member. Interest is paid on capital at a market rate on the balance outstanding at the end of the period at the discretion of the members. |
Allocation of profits and drawings |
The allocation of profits to those who were members during the year is made by unanimous vote of the Designated Members. |
During the year members draw sums as agreed by the Designated Members, taking into account the partnership's cash requirements for operating and investing activities. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | EXCEPTIONAL ITEMS |
31.3.24 | 31.3.23 |
£ | £ |
Profit/loss on disposal of investment property |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
Revaluations | (280,000 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | INVESTMENT PROPERTY - continued |
Some of these properties are registered at the Land Registry in the names of the Designated Members and the associated business Connor Developments (UK) LLP, being held in trust by them on behalf of Connor Investments (UK) LLP. |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2009 | (644,500 | ) |
Valuation in 2011 | 152,858 |
Valuation in 2013 | 491,642 |
Valuation in 2014 | 1,779,712 |
Valuation in 2015 | 2,409,221 |
Valuation in 2016 | 576,439 |
Valuation in 2018 | 4,232,960 |
Valuation in 2022 | (219,415 | ) |
Valuation in 2023 | (700,000 | ) |
Valuation in 2024 | (280,000 | ) |
Cost | 8,850,946 |
16,649,863 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.3.24 | 31.3.23 |
£ | £ |
Cost | 8,850,947 | 9,390,946 |
Investment property was valued on an open market basis on 31 March 2024 by the designated members . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts |
Payments on account |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
The bank loans are secured against the investment property. |
11. | RELATED PARTY DISCLOSURES |
LFD Properties Limited is a member of the LLP. Mr and Mrs Connor who are also members of the LLP are the Directors and shareholders of LFD Properties Limited. |