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REGISTERED NUMBER: OC413895
Vone Developments LLP
Filleted Unaudited Financial Statements
For the year ended
31 May 2024
Vone Developments LLP
Financial Statements
Year ended 31 May 2024
Contents
Page
Designated members and professional advisers
1
Report to the members on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Vone Developments LLP
Designated Members and Professional Advisers
Designated members
IGP Properties Limited
Neil Smith Developments Limited
Registered office
2 Oldfield Road
Pencoed
Bridgend
CF35 5LJ
Accountants
Clay Shaw Thomas Ltd
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Bankers
Handelsbanken Plc
18 Park Place
Cardiff
CF103DQ
Vone Developments LLP
Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of Vone Developments LLP
Year ended 31 May 2024
As described on the statement of financial position, the members of the LLP are responsible for the preparation of the financial statements for the year ended 31 May 2024, which comprise the statement of financial position and the related notes. You consider that the LLP is exempt from an audit under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Clay Shaw Thomas Ltd
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
29 May 2025
Vone Developments LLP
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
5
1,000
1,000
Current assets
Debtors
6
207,541
Cash at bank and in hand
116
855,997
---------
---------
207,657
855,997
Creditors: amounts falling due within one year
7
1,771
212,927
---------
---------
Net current assets
205,886
643,070
---------
---------
Total assets less current liabilities
206,886
644,070
---------
---------
Net assets
206,886
644,070
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
8
206,886
644,070
---------
---------
Members' other interests
Other reserves
---------
---------
206,886
644,070
---------
---------
Total members' interests
Amounts due from members
(207,541)
Loans and other debts due to members
8
206,886
644,070
Members' other interests
---------
---------
(655)
644,070
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 May 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Vone Developments LLP
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the members and authorised for issue on 29 May 2025 , and are signed on their behalf by:
IGP Properties Limited
Neil Smith Developments Limited
Designated Member
Designated Member
Registered number: OC413895
Vone Developments LLP
Notes to the Financial Statements
Year ended 31 May 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 2 Oldfield Road, Pencoed, CF35 5LJ, Bridgend.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The members have assessed whether there are any material uncertainties that may cast significant doubt about the LLP's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the members have taken in to account all available information about the future and conclude that the LLP has adequate resources to continue in in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.
Consolidation
The LLP has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 on the basis that the LLP and its subsidiary undertakings comprise a small group.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
Motor vehicles
£
Cost
At 1 June 2023 and 31 May 2024
1,000
-------
Depreciation
At 1 June 2023 and 31 May 2024
1,000
-------
Carrying amount
At 31 May 2024
-------
At 31 May 2023
-------
5.
Investments
Shares in group
£
Cost
At 1 June 2023 and 31 May 2024
1,000
-------
Impairment
At 1 June 2023 and 31 May 2024
-------
Carrying amount
At 31 May 2024
1,000
-------
At 31 May 2023
1,000
-------
6.
Debtors
2024
2023
£
£
Other debtors
207,541
---------
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,263
Amounts owed to group undertakings
209,306
Other creditors
1,771
1,358
-------
---------
1,771
212,927
-------
---------
8.
Loans and other debts due to members
2024
2023
£
£
Loans from members
546,898
Amounts owed to members in respect of profits
206,886
97,172
---------
---------
206,886
644,070
---------
---------
9.
Related party transactions
Vone Rentals Limited is a 100% subsidiary of Vone Developments LLP , and as such have taken advantage of the exemption stated in FRS 102 whereby disclosure need not be given of transactions entered into between two or more members of the same group, provided that any subsidiary which is party to the transaction is wholly owned by such member.