Limited Liability Partnership registration number OC421173 (England and Wales)
Burnstowe Investment Management LLP
Annual Report and Unaudited Financial Statements
For the year ended 31 May 2024
PAGES FOR FILING WITH REGISTRAR
Burnstowe Investment Management LLP
Contents
Page
Balance sheet
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 7
Burnstowe Investment Management LLP
Balance Sheet
As at 31 May 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
791,031
791,031
Current assets
Debtors
4
13,001
5,504
Cash at bank and in hand
317
30
13,318
5,534
Creditors: amounts falling due within one year
5
(107,648)
(15,410)
Net current liabilities
(94,330)
(9,876)
Total assets less current liabilities and net assets attributable to members
696,701
781,155
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
696,697
781,151
Members' other interests
Members' capital classified as equity
4
4
696,701
781,155

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 May 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 10 February 2025 and are signed on their behalf by:
10 February 2025
Sir Christopher Haworth Bt on behalf of Propop Advisers Limited
Designated member
Limited Liability Partnership registration number OC421173 (England and Wales)
Burnstowe Investment Management LLP
Reconciliation of Members' Interests
For the year ended 31 May 2024
- 2 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 June 2023
4
-
4
781,151
781,151
781,155
Loss for the financial year available for discretionary division among members
-
(84,454)
(84,454)
-
-
(84,454)
Members' interests after loss for the year
4
(84,454)
(84,450)
781,151
781,151
696,701
Allocation of loss for the financial year
-
84,454
84,454
(84,454)
(84,454)
-
Members' interests at 31 May 2024
4
-
4
696,697
696,697
696,701
Burnstowe Investment Management LLP
Reconciliation of Members' Interests (Continued)
For the year ended 31 May 2024
- 3 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 June 2022
4
-
4
802,492
802,492
802,496
Loss for the financial year available for discretionary division among members
-
(21,341)
(21,341)
-
-
(21,341)
Members' interests after loss for the year
4
(21,341)
(21,337)
802,492
802,492
781,155
Allocation of loss for the financial year
-
21,341
21,341
(21,341)
(21,341)
-
Members' interests at 31 May 2023
4
-
4
781,151
781,151
781,155
Burnstowe Investment Management LLP
Notes to the Financial Statements
For the year ended 31 May 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Burnstowe Investment Management LLP is a limited liability partnership incorporated in England and Wales. The registered office is Old Flint Barn West Farm, Bury Road, Thetford, Norfolk, IP24 2PL.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Burnstowe Investment Management LLP
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

 

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents 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.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 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.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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 fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
791,031
791,031
Burnstowe Investment Management LLP
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
12,997
5,500
Other debtors
4
4
13,001
5,504
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,660
1,320
Amounts owed to group undertakings
-
2,162
Other creditors
103,988
11,928
107,648
15,410
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

7
Members' transactions

Capital investment of £4 from the members was outstanding at the year end and is included within other debtors (2023: £4).

Burnstowe Investment Management LLP
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
- 7 -
8
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Burnden Capital Limited
46,023
4,023
Propop Advisers Limited
19,533
1,533
Hartstone Development Limited
36,033
4,033
Huntstowe Greenacre LLP - amount due to member
81,942
3,470
2024
2023
Amounts due from related parties
£
£
Huntstowe Greenacre LLP
89,140
1,308
Huntstowe Land Limited
5,800
5,500

 

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