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No description of principal activity
2024-04-01
Sage Accounts Production Advanced 2024 - FRS102_2024
4,140,972
65,972
5,000
4,080,000
4,080,000
4,140,972
xbrli:pure
xbrli:shares
iso4217:GBP
OC336423
2024-04-01
2025-03-31
OC336423
2025-03-31
OC336423
2024-03-31
OC336423
2023-04-01
2024-03-31
OC336423
2024-03-31
OC336423
2023-03-31
OC336423
bus:RegisteredOffice
2024-04-01
2025-03-31
OC336423
bus:LeadAgentIfApplicable
2024-04-01
2025-03-31
OC336423
bus:Director1
2024-04-01
2025-03-31
OC336423
bus:Director2
2024-04-01
2025-03-31
OC336423
core:WithinOneYear
2025-03-31
OC336423
core:WithinOneYear
2024-03-31
OC336423
core:AfterOneYear
2025-03-31
OC336423
core:AfterOneYear
2024-03-31
OC336423
core:LandBuildings
2024-04-01
2025-03-31
OC336423
core:LandBuildings
2025-03-31
OC336423
core:LandBuildings
2024-03-31
OC336423
core:LandBuildings
2024-03-31
OC336423
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2024-04-01
2025-03-31
OC336423
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2024-04-01
2025-03-31
OC336423
bus:SmallCompaniesRegimeForAccounts
2024-04-01
2025-03-31
OC336423
bus:LimitedLiabilityPartnershipLLP
2024-04-01
2025-03-31
OC336423
bus:FullAccounts
2024-04-01
2025-03-31
OC336423
core:AfterOneYear
2024-04-01
2025-03-31
REGISTERED NUMBER:
OC336423
Filleted Unaudited Financial Statements |
|
Year ended 31st March 2025
Designated members and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Designated Members and Professional Advisers |
|
Designated members |
D E West |
|
Mrs J West |
|
|
Registered office |
43 Maxwell Street |
|
South Shields |
|
Tyne & Wear |
|
|
Bankers |
Lloyds Bank Plc |
|
101 King Street |
|
South Shields |
|
Tyne & Wear |
|
|
Statement of Financial Position |
|
31 March 2025
Fixed assets
Tangible assets |
5 |
|
4,080,000 |
4,140,972 |
|
|
|
|
|
Current assets
Debtors |
6 |
221,352 |
|
265,095 |
Cash at bank and in hand |
36,348 |
|
68,614 |
|
--------- |
|
--------- |
|
257,700 |
|
333,709 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
2,154,869 |
|
626,498 |
|
------------ |
|
--------- |
Net current liabilities |
|
1,897,169 |
292,789 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
2,182,831 |
3,848,183 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
779,040 |
819,081 |
|
|
------------ |
------------ |
Net assets |
|
1,403,791 |
3,029,102 |
|
|
------------ |
------------ |
|
|
|
|
|
Represented by:
Loans and other debts due to members
Other amounts |
9 |
|
105,075 |
1,735,386 |
|
|
|
|
|
Members' other interests
Other reserves |
|
1,298,716 |
1,293,716 |
|
|
------------ |
------------ |
|
|
1,403,791 |
3,029,102 |
|
|
------------ |
------------ |
|
|
|
|
Total members' interests
Loans and other debts due to members |
9 |
|
105,075 |
1,735,386 |
Members' other interests |
|
1,298,716 |
1,293,716 |
|
|
------------ |
------------ |
|
|
1,403,791 |
3,029,102 |
|
|
------------ |
------------ |
|
|
|
|
|
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 income statement has not been delivered.
For the year ending 31st March 2025 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
.
Statement of Financial Position (continued) |
|
31 March 2025
These financial statements were approved by the
members
and authorised for issue on
9 May 2025
, and are signed on their behalf by:
D E West |
Designated Member |
|
Registered number:
OC336423
Notes to the Financial Statements |
|
Year ended 31st March 2025
The LLP is registered in England and Wales. The address of the registered office is 43 Maxwell Street, South Shields, Tyne & Wear.
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' issues in January 2022 (SORP 2022).
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through statement of comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under FRS 102: (a) No cash flow statement has been presented for the LLP.(b) Disclosures in respect of financial instruments have not been presented.(c) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that will have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Income represents the value of rents due for the period. The total turnover of the LLP has been derived form it's principal activity wholly undertaken in the UK.
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 income statement 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 income statement 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 income statement 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'.
Tangible assets
Investment properties are shown at their open market value, as determined by the members, at the Balance Sheet date in accordance with accounting standards. They are not subject to periodic charges for depreciation, and any changes in their market value is taken to the Statement of Total Recognised Gains and Losses, unless a deficit (or its reversal) on an individual property is expected to be permanent, in which case it would be charged (or credited) in the Profit and Loss Account for the period.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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.
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to
2
(2024:
2
).
|
Land and buildings |
|
£ |
Cost or valuation |
|
At 1st April 2024 |
4,140,972 |
Disposals |
(
65,972) |
Revaluations |
5,000 |
|
------------ |
At 31st March 2025 |
4,080,000 |
|
------------ |
Depreciation |
|
At 1st April 2024 and 31st March 2025 |
– |
|
------------ |
Carrying amount |
|
At 31st March 2025 |
4,080,000 |
|
------------ |
At 31st March 2024 |
4,140,972 |
|
------------ |
|
|
Investment properties were revalued to fair value on the 31st March 2025 by the members, who have extensive experience of the property market in which the LLP operates.
|
2025 |
2024 |
|
£ |
£ |
Trade debtors |
137 |
551 |
Other debtors |
221,215 |
264,544 |
|
--------- |
--------- |
|
221,352 |
265,095 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
Bank loans and overdrafts |
47,940 |
50,352 |
Trade creditors |
12,877 |
9,146 |
Other creditors |
2,094,052 |
567,000 |
|
------------ |
--------- |
|
2,154,869 |
626,498 |
|
------------ |
--------- |
|
|
|
The bank loans are secured by a first legal charge over the investment properties and a debenture over all the assets of the LLP.
8.
Creditors:
amounts falling due after more than one year
|
2025 |
2024 |
|
£ |
£ |
Bank loans and overdrafts |
779,040 |
819,081 |
|
--------- |
--------- |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £241,957 (2024: £257,669) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The LLP has one loan repayable over 5 years being 25 years from November 2009. Interest payable on all loans ranges from base rate plus 2.00% to base rate plus 2.99% and all loans are basic financial instruments. The bank loans are secured by a first legal charge over the investment properties and a debenture over all the assets of the LLP.
9. |
Loans and other debts due to members |
|
|
|
2025 |
2024 |
|
£ |
£ |
Amounts owed to members in respect of profits |
105,075 |
1,735,386 |
|
--------- |
------------ |
|
|
|