REGISTERED NUMBER: |
THE TIGER TEAM (NARBELLA) LLP |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 31 MAY 2023 TO 31 MARCH 2024 |
REGISTERED NUMBER: |
THE TIGER TEAM (NARBELLA) LLP |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 31 MAY 2023 TO 31 MARCH 2024 |
THE TIGER TEAM (NARBELLA) LLP (REGISTERED NUMBER: OC447580) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 31 MAY 2023 TO 31 MARCH 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Reconciliation of Members' Interests | 5 |
Notes to the Financial Statements | 6 |
THE TIGER TEAM (NARBELLA) LLP |
GENERAL INFORMATION |
FOR THE PERIOD 31 MAY 2023 TO 31 MARCH 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
THE TIGER TEAM (NARBELLA) LLP (REGISTERED NUMBER: OC447580) |
REPORT OF THE MEMBERS |
FOR THE PERIOD 31 MAY 2023 TO 31 MARCH 2024 |
The members present their report with the financial statements of the LLP for the period 31 May 2023 to 31 March 2024. |
INCORPORATION |
The LLP was incorporated on 31 May 2023 and commenced trading on the same date. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the period under review was that of property development. |
DESIGNATED MEMBERS |
The designated members during the period under review were: |
RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS |
The profit for the period before members' remuneration and profit shares was £NIL. |
MEMBERS' INTERESTS |
The members' agreement sets out that all profits are required to be automatically allocated. Allocated profit is included within 'loans and other debts due to members'. |
Drawings are treated as payments on account of profit allocation and are only repayable to the LLP. Any drawings in excess of total profits allocated would be included within 'amounts due from members' within debtors. |
The capital requirements of the partnership are determined by the members and are reviewed regularly. No interest is paid on capital. On leaving the partnership, a member's capital is repaid in full. |
ON BEHALF OF THE MEMBERS: |
THE TIGER TEAM (NARBELLA) LLP (REGISTERED NUMBER: OC447580) |
INCOME STATEMENT |
FOR THE PERIOD 31 MAY 2023 TO 31 MARCH 2024 |
£ |
TURNOVER |
OPERATING PROFIT and |
PROFIT FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
THE TIGER TEAM (NARBELLA) LLP (REGISTERED NUMBER: OC447580) |
BALANCE SHEET |
31 MARCH 2024 |
Notes | £ |
CURRENT ASSETS |
Stocks |
CREDITORS |
Amounts falling due within one year | 4 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
132,107 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
5 |
132,107 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 5 | 132,107 |
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. |
The financial statements were approved by the members of the LLP and authorised for issue on |
THE TIGER TEAM (NARBELLA) LLP (REGISTERED NUMBER: OC447580) |
RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE PERIOD 31 MAY 2023 TO 31 MARCH 2024 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | - |
Amount due from members | - |
Balance at 31 May 2023 | - | - | - |
Profit for the financial period available for discretionary division among members |
- |
- |
- |
Members' interests after profit for the period |
- |
- |
- |
Introduced by members | - | 132,107 | 132,107 |
Amount due to members | 132,107 |
Amount due from members | - |
Balance at 31 March 2024 | - | 132,107 | 132,107 |
THE TIGER TEAM (NARBELLA) LLP (REGISTERED NUMBER: OC447580) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MAY 2023 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
The Tiger Team (Narbella) LLP is registered in England and Wales. 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 |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Cash at bank and in hand |
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial Instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss |
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. The impairment reversal is recognised in profit or loss |
THE TIGER TEAM (NARBELLA) LLP (REGISTERED NUMBER: OC447580) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MAY 2023 TO 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, loans from associated companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Members' drawings and the subscription and repayment of members' capital |
The members' agreement sets out that all profits are required to be automatically allocated. Allocated profit is |
included within 'loans and other debts due to members'. |
Drawings are treated as payments on account of profit allocation and are only repayable to the LLP. Any |
drawings in excess of total profits allocated would be included within 'amounts due from members' within |
debtors. |
The capital requirements of the partnership are determined by the members and are reviewed regularly. No |
interest is paid on capital. On leaving the partnership, a member's capital is repaid in full. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the period was NIL. |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Amounts owed to participating interests | 49,127 |
Included in creditors is a balance owed to Cilrhiw Country House Partnership of £32,103 of which one of the designated members is a director. |
Included in creditors is a balance owed to Kiln Park Farm Ltd of £17,024 of which one of the designated members is a director. |
5. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of winding up. There is no provision for specific legally enforceable protection afforded to creditors in such an event. There are no restrictions or limitations on the ability of the members to reduce the amount of Members' other interests. |