Registered number: NC000693
LOUGH SHORE INVESTMENTS LLP
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOUGH SHORE INVESTMENTS LLP
CONTENTS
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Reconciliation of Members' Interests
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Notes to the Financial Statements
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LOUGH SHORE INVESTMENTS LLP
REGISTERED NUMBER: NC000693
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Other reserves classified as equity
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Loans and other debts due to members
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LOUGH SHORE INVESTMENTS LLP
REGISTERED NUMBER: NC000693
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 4 to 7 form part of these financial statements.
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LOUGH SHORE INVESTMENTS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Balance at 1 January 2022
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Balance at 31 December 2022
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Balance at 31 December 2023
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
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LOUGH SHORE INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Lough Shore Investments LLP is a limited liability partnership, incorporated in Northern Ireland with registration number NC000693. The registered office is 47 A Botanic Avenue, Belfast, BT7 1JL.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The LLP, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
The financial statements have been prepared on a going concern basis which assumes that the LLP will continue in operation existence for the foreseeable future.
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Division and distribution of profits
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A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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LOUGH SHORE INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term 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.
The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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The average monthly number of employees, including members, during the year was 2 (2022 - 2).
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LOUGH SHORE INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Investments in subsidiary companies
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Investments in associates
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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LOUGH SHORE INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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Related party transactions
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As at the year end the following amounts were due from companies controlled by the ultimate controlling party and were included within Note 5. An amount of £350,285 (2022: £181,285) was due from Lough Shore Limited and £653,000 (2022: £453,000) was due from Lough Shore Technologies Limited, these amounts are unsecured, interest free and repayable on demand.
During the year the LLP accrued £145,137 (2022: £131,941) of dividend income from a subsidiary company. The right of payment of this accrued dividend income receivable was waived and converted to 145,137 (2022: 131,941) £1 Clearlift Material Handling Limited preference shares. At the year end the LLP held 1,596,506 (2022: 1,451,369) of Clearlift Material Handling Limited's £1 preference shares.
At the year end £15,092 (2022: £15,092) interest receivable was also accrued for within prepayments and accrued income within Note 5 which was due from Clearlift Material Handling Limited.
The ultimate controlling party is designated member D Moore.
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