Registered number
OC411992
Draycott Investments & Developments LLP
Filleted Accounts
31 May 2024
Draycott Investments & Developments LLP
Registered number: OC411992
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 - 8,191
Current assets
Debtors 4 866 -
Cash at bank and in hand 118,881 153,026
119,747 153,026
Creditors: amounts falling due within one year 5 (20,129) (121,090)
Net current assets 99,618 31,936
Total assets less current liabilities 99,618 40,127
Net assets attributable to members 99,618 40,127
Represented by:
Loans and other debts due to members 6 12,017 65,897
Members' other interests
Other reserves 87,601 (25,770)
99,618 40,127
Total members' interests
Loans and other debts due to members 6 12,017 65,897
Members' other interests 87,601 (25,770)
99,618 40,127
For the year ended 31 May 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 21 February 2025 and signed on their behalf by:
Matthew Stephen Cocks
Designated member
Draycott Investments & Developments LLP
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Investment property
Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value measured through profit and loss.
The methods and significant assumptions used to ascertain the fair value at the balance sheet date and fair vale movement in the profit for the year are as follow:
Properties are valued by the partners which are under development and construction at a fair value.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP - -
3 Investment property
Other
investments
£
Cost
At 1 June 2023 8,191
Additions 149,803
Disposals (157,994)
At 31 May 2024 -
Properties are held for investment purposes and as such they are not depreciated. Such properties are not held for consumption but for investment and the partners consider that to depreciate them would not give a true and fair view.
The value of the properties, which have been included at a fair value valuation and have been considered by the partners.
4 Debtors 2024 2023
£ £
VAT 866 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors and accruals 20,129 121,090
6 Loans and other debts due to members 2024 2023
£ £
Members capital classified as debt 12,017 65,897
Amounts falling due within one year 12,017 65,897
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Draycott Investments & Developments LLP is a limited liability partnership incorporated in England. Its registered office is:
158 Whitchurch Road
Cardiff
Wales
CF14 3NA
Draycott Investments & Developments LLP OC411992 false 2023-06-01 2024-05-31 2024-05-31 VT Final Accounts July 2024 Matthew Stephen Cocks No description of principal activity OC411992 2022-06-01 2023-05-31 OC411992 core:WithinOneYear 2023-05-31 OC411992 1 2023-05-31 OC411992 core:RetainedEarningsAccumulatedLosses 2023-05-31 OC411992 2023-06-01 2024-05-31 OC411992 bus:LimitedLiabilityPartnershipLLP 2023-06-01 2024-05-31 OC411992 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 OC411992 bus:PartnerLLP20 2023-06-01 2024-05-31 OC411992 3 2023-06-01 2024-05-31 OC411992 1 2023-06-01 2024-05-31 OC411992 2 2023-06-01 2024-05-31 OC411992 4 2023-06-01 2024-05-31 OC411992 countries:England 2023-06-01 2024-05-31 OC411992 bus:FRS102 2023-06-01 2024-05-31 OC411992 bus:FilletedAccounts 2023-06-01 2024-05-31 OC411992 2024-05-31 OC411992 core:WithinOneYear 2024-05-31 OC411992 1 2024-05-31 OC411992 core:RetainedEarningsAccumulatedLosses 2024-05-31 OC411992 core:AdditionsToInvestments 2024-05-31 OC411992 core:DisposalsRepaymentsInvestments 2024-05-31 OC411992 2023-05-31 iso4217:GBP xbrli:pure