Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 1,638,870 | 1,621,306 | |||
| Current assets | ||||
| Debtors | ||||
| - due within one year | 4 |
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| - due after more than one year | 4 |
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| Cash at bank and in hand | 5 |
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| 551,286 | 509,653 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 431,075 | 408,933 | ||
| Total assets less current liabilities | 2,069,945 | 2,030,239 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Net assets attributable to members |
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| Represented by | ||||
| Loans and other debts due to members within one year | ||||
| Members' capital classified as a liability | 2 | 2 | ||
| 2 | 2 | |||
| Members' other interests | ||||
| Revaluation reserve | 1,079,444 | 1,079,444 | ||
| Other reserves | 90,499 | 50,793 | ||
| 1,169,943 | 1,130,237 | |||
| 1,169,945 | 1,130,239 | |||
| Total members' interests | ||||
| Amounts due from members (included in debtors) | (358,197) | (330,261) | ||
| Loans and other debts due to members | 2 | 2 | ||
| Members' other interests | 1,169,943 | 1,130,237 | ||
| 811,748 | 799,978 |
Members' responsibilities:
The financial statements of Walker Street LLP (registered number:
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Kingsford Estates Limited
Designated member |
| EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |||||
|---|---|---|---|---|---|---|---|
| Revaluation reserves | Other reserves | Total | Members' capital (classified as debt) | Other amounts | Total | Total | |
| £ | £ | £ | £ | £ | £ | £ | |
| Amounts due to members | 2 | 0 | 2 | ||||
| Amounts due from members | (312,866) | (312,866) | |||||
| Balance at 01 October 2022 | 1,079,444 | 82,605 | 1,162,049 | 2 | (312,866) | (312,864) | 849,185 |
| Profit for the financial year available for discretionary division among members | 0 | 50,793 | 50,793 | 0 | 0 | 0 | 50,793 |
| Members' interest after profit for the financial year | 1,079,444 | 133,398 | 1,212,842 | 2 | (312,866) | (312,864) | 899,978 |
| Division of profit | 0 | (82,605) | (82,605) | 0 | 82,605 | 82,605 | 0 |
| Drawings | 0 | 0 | 0 | 0 | (60,000) | (60,000) | (60,000) |
| Loan to member due more than one year | 0 | 0 | 0 | 0 | (40,000) | (40,000) | (40,000) |
| Amounts due to members | 2 | 0 | 2 | ||||
| Amounts due from members | (330,261) | (330,261) | |||||
| Balance at 30 September 2023 | 1,079,444 | 50,793 | 1,130,237 | 2 | (330,261) | (330,259) | 799,978 |
| Profit for the financial year available for discretionary division among members | 0 | 90,499 | 90,499 | 0 | 0 | 0 | 90,499 |
| Members' interest after profit for the financial year | 1,079,444 | 141,292 | 1,220,736 | 2 | (330,261) | (330,259) | 890,477 |
| Division of profit | 0 | (50,793) | (50,793) | 0 | 50,793 | 50,793 | 0 |
| Drawings | 0 | 0 | 0 | 0 | (80,000) | (80,000) | (80,000) |
| Loans to member due more than one year | 0 | 0 | 0 | 0 | 1,271 | 1,271 | 1,271 |
| Amounts due to members | 2 | 0 | 2 | ||||
| Amounts due from members | (358,197) | (358,197) | |||||
| Balance at 30 September 2024 | 1,079,444 | 90,499 | 1,169,943 | 2 | (358,197) | (358,195) | 811,748 |
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
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Walker Street LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is 14 Albany Street, Edinburgh, EH1 3QB, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
| Land and buildings | not depreciated |
| Plant and machinery |
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| Fixtures and fittings |
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| Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.
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 LLP after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either 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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the LLP transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the LLP, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from related parties that are classified as debt, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.
There is no formal partnership agreement and the members therefore agree drawings, capital requirements and any repayments between them from time to time.
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.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation of equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.
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' . Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the LLP during the year |
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| Land and buildings | Plant and machinery | Fixtures and fittings | Computer equipment | Total | |||||
| £ | £ | £ | £ | £ | |||||
| Cost | |||||||||
| At 01 October 2023 |
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| Additions |
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| At 30 September 2024 |
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| Accumulated depreciation | |||||||||
| At 01 October 2023 |
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| Charge for the financial year |
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| At 30 September 2024 |
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| Net book value | |||||||||
| At 30 September 2024 |
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| At 30 September 2023 |
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Revaluation of tangible assets
Freehold and leasehold land and buildings were professionally valued by J&E Shepherd, Chartered Surveyors, to fair value on 28 July 2022.
| 2024 | 2023 | ||
| £ | £ | ||
| Historical cost | 539,026 | 539,026 | |
| Carrying value |
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| £ | £ | ||
| Debtors: amounts falling due within one year | |||
| Trade debtors |
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| Prepayments |
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| Other debtors |
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| Debtors: amounts falling due after more than one year | |||
| Amounts owed by members |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Cash at bank and in hand |
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| £ | £ | ||
| Trade creditors |
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| Other taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Other loans (secured) |
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During the year property management charges of £64,925 (2023: £46,737) and facilities management charges of £6,771 (2023: £9,169) were paid to Kingsford Estates Limited, a member of the LLP. At the balance sheet date a balance of £13,000 (2023: £10,000) was due to Kingsford Estates in respect of the quarterly distribution and a further £4,042 due in respect of recharges (2023: £1,204).
At the balance sheet date a balance of £13,000(2023: £10,000) was due to Mullions Limited, a member of the LLP. A balance of £200,000 (2023: £201,271), representing a loan of £200,000 was owed to Walker Street LLP from Mullions Limited at the balance sheet date.
At the balance sheet date 26 Dublin Street Limited, a company with common control to the LLP, owed Walker Street LLP £90,000 (2023: £115,511). The balance is unsecured, has a 5% interest rate applicable and is payable on demand. In addition at the balance sheet date 26 Dublin Street Limited owed a further £90 (2023: £Nil) in respect of items to be refunded to Walker Street LLP.
Within trade debtors, Walker Street LLP was owed £nil (2023:£475) from Kingsford Residence 1 Limited, a company under common control.
Analysis of loans
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts falling due within one year | 2 | 2 |
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.