Limited Liability Partnership registration number OC435392 (England and Wales)
COBSTAR PARTNERSHIP LLP
FINANCIAL STATEMENTS
for the year ended
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
COBSTAR PARTNERSHIP LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
4 - 6
COBSTAR PARTNERSHIP LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
2
21,808,559
21,632,005
Current assets
Debtors
3
-
4,358
Creditors: amounts falling due within one year
4
(9,331)
(8,986)
Net current liabilities
(9,331)
(4,628)
Total assets less current liabilities and net assets attributable to members
21,799,228
21,627,377
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
21,627,378
21,627,377
Other amounts
21,850
-
21,649,228
21,627,377
Members' other interests
Other reserves classified as equity
150,000
-
21,799,228
21,627,377

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 March 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 26 March 2025 and are signed on their behalf by:
26 March 2025
R.P. Leon
Designated member
Limited Liability Partnership registration number OC435392 (England and Wales)
COBSTAR PARTNERSHIP LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 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
Other reserves
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 April 2023
-
21,627,378
-
21,627,378
21,627,378
Profit for the financial year available for discretionary division among members
1,071,838
-
-
-
1,071,838
Members' interests after profit for the year
1,071,838
21,627,378
-
21,627,378
22,699,216
Allocation of profit for the financial year
(1,071,838)
-
1,071,838
1,071,838
-
Drawings on account and distributions of profit
-
-
(899,988)
(899,988)
(899,988)
-
-
(150,000)
(150,000)
(150,000)
Other movements
150,000
-
-
-
150,000
Members' interests at 31 March 2024
150,000
21,627,378
21,850
21,649,228
21,799,228
COBSTAR PARTNERSHIP LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 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
Other reserves
Members' capital
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 April 2022
-
23,377,686
-
23,377,686
23,377,686
Profit for the financial year available for discretionary division among members
633,558
-
-
-
633,558
Members' interests after profit for the year
633,558
23,377,686
-
23,377,686
24,011,244
Allocation of profit for the financial year
(633,558)
-
633,558
633,558
-
Introduced by members
-
10,506,102
-
10,506,102
10,506,102
Repayment of debt (including members' capital classified as a liability)
-
(12,256,411)
-
(12,256,411)
(12,256,411)
Drawings on account and distributions of profit
-
-
(633,558)
(633,558)
(633,558)
Members' interests at 31 March 2023
-
21,627,377
-
21,627,377
21,627,377
COBSTAR PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Cobstar Partnership LLP is a limited liability partnership incorporated in England and Wales. The registered office is Summit House, 170 Finchley Road, London, NW3 6BP.

 

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
Turnover

Turnover is recognised at the fair value of the consideration receivable for the sale of property and rental income provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of property is recognised when the significant risks and rewards of ownership of the property have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

COBSTAR PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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 limited liability partnership 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 limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors 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.

 

2
Investment property
2024
£
Fair value
At 1 April 2023
21,632,005
Additions
26,554
Net gains or losses through fair value adjustments
150,000
At 31 March 2024
21,808,559

The fair value of the investment properties at 31 March 2024 have been arrived at by the director, R P Leon, on an open market basis. No depreciation is provided in respect of these properties.

 

On an historical cost basis these would have been included at an original cost of £21,658,559 (2023 - £21,632,005) and aggregate depreciation of £Nil (2023 - £Nil).

COBSTAR PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
-
4,358
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
4,531
-
Accruals and deferred income
4,800
8,986
9,331
8,986
5
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.

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