REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Redfern Investments LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Redfern Investments LLP |
Redfern Investments LLP (Registered number: OC360094) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Other Comprehensive Income | 4 |
Statement of Financial Position | 5 |
Reconciliation of Members' Interests | 7 |
Notes to the Financial Statements | 9 |
Redfern Investments LLP |
General Information |
for the Year Ended 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Grange |
Warren Estate |
Lordship Road |
Writtle |
Essex |
CM1 3WT |
Redfern Investments LLP (Registered number: OC360094) |
Report of the Members |
for the Year Ended 31 March 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of property investment and rental. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £97,399 (2023 - £312,023 profit). |
MEMBERS' INTERESTS |
At the year end, the total amount invested by the members was £1,086,193 (2023: £1,201,032). It is intended these funds will be invested for the long term and will not be withdrawn within the next 12 months. |
STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
ON BEHALF OF THE MEMBERS: |
Redfern Investments LLP (Registered number: OC360094) |
Income Statement |
for the Year Ended 31 March 2024 |
2024 | 2023 |
£ | £ |
TURNOVER |
Administrative expenses |
97,260 | 119,380 |
Other operating income |
OPERATING PROFIT |
Gain/loss on revaluation of investment property |
- |
200,000 |
97,399 | 319,519 |
Interest payable and similar expenses |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Redfern Investments LLP (Registered number: OC360094) |
Other Comprehensive Income |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Redfern Investments LLP (Registered number: OC360094) |
Statement of Financial Position |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
1,837,750 |
1,944,568 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
1,094,214 |
1,201,032 |
MEMBERS' OTHER INTERESTS |
Fair value reserve |
1,837,750 | 1,944,568 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 1,094,214 | 1,201,032 |
Members' other interests | 743,536 | 743,536 |
1,837,750 | 1,944,568 |
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. |
Redfern Investments LLP (Registered number: OC360094) |
Statement of Financial Position - continued |
31 March 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Redfern Investments LLP (Registered number: OC360094) |
Reconciliation of Members' Interests |
for the Year Ended 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 | 1,201,033 |
Amount due from members | - |
Balance at 1 April 2023 | 743,536 | 1,201,033 | 1,944,569 |
Profit for the financial year available for discretionary division among members |
97,399 |
- |
97,399 |
Members' interests after profit for the year |
840,935 |
1,201,033 |
2,041,968 |
Other divisions of profit | (97,399 | ) | 97,399 | - |
Introduced by members | - | 780 | 780 |
Drawings on account and distributions of profit |
- |
(204,998 |
) |
(204,998 |
) |
Amount due to members | 1,094,214 |
Amount due from members | - |
Balance at 31 March 2024 | 743,536 | 1,094,214 | 1,837,750 |
Redfern Investments LLP (Registered number: OC360094) |
Reconciliation of Members' Interests |
for the Year Ended 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 | 801,379 |
Amount due from members | - |
Balance at 1 April 2022 | 543,536 | 801,379 | 1,344,915 |
Profit for the financial year available for discretionary division among members |
312,023 |
- |
312,023 |
Members' interests after profit for the year |
855,559 |
801,379 |
1,656,938 |
Other divisions of profit | (312,023 | ) | 312,023 | - |
Transfer between reserves | 200,000 | - | 200,000 |
Introduced by members | - | 178,033 | 178,033 |
Drawings on account and distributions of profit |
- |
(90,403 |
) |
(90,403 |
) |
Amount due to members | 1,201,032 |
Amount due from members | - |
Balance at 31 March 2023 | 743,536 | 1,201,032 | 1,944,568 |
Redfern Investments LLP (Registered number: OC360094) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Redfern Investments 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 |
Significant judgements and estimates |
No significant judgements or estimates have been applied in the preparation of the financial statements. |
Revenue |
Revenue represents rents received is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. |
Investment property |
The investment property is included at fair value. Gains are recognised in the income statement and subsequently transferred to the fair value reserve. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
Debtors |
Short term debtors are measured at the transaction price, less any impairment. |
Loans receivable are measured initially and subsequently at the transaction price, which is not materially different to amortised cost using the effective interest rate method. |
Creditors |
Short term creditors are measured at the transaction price. |
Other financial liabilities, including bank loans are also measured at transaction price since the difference between this basis and the amortised cost basis is not material. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
Redfern Investments LLP (Registered number: OC360094) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2020 | 543,537 |
Valuation in 2023 | 200,000 |
Cost | 1,106,463 |
1,850,000 |
If the investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,106,463 | 1,106,463 |
The investment property was valued on an open market basis on 31 March 2024 by the members . |
5. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to related parties |
Taxation and social security |
Other creditors |
Redfern Investments LLP (Registered number: OC360094) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2024 | 2023 |
£ | £ |
Loans from members | 201,556 | 201,556 |
Amounts owed to members in respect of profits | 892,658 | 999,476 |
1,094,214 | 1,201,032 |
Falling due within one year | 892,658 | 999,476 |
Falling due after more than one year | 201,556 | 201,556 |
1,094,214 | 1,201,032 |
In the event of the Limited Liability Partnership being wound up, all unsecured creditors would rank equally. There is no provision for specific legal enforceable protection afforded to creditors in such an event. There are no restrictions or limitations that exist on the members to reduce the 'Members other interest'. |