Limited Liability Partnership Registration No. OC358987 (England and Wales)
FORTUNA LANCASHIRE LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
FORTUNA LANCASHIRE LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FORTUNA LANCASHIRE LLP
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
20,000,000
20,000,000
Current assets
Debtors falling due after more than one year
4
10,530,416
10,424,339
Debtors falling due within one year
4
134,707
225,151
Cash at bank and in hand
2,401
61,996
10,667,524
10,711,486
Creditors: amounts falling due within one year
5
(640,776)
(610,083)
Net current assets
10,026,748
10,101,403
Total assets less current liabilities
30,026,748
30,101,403
Creditors: amounts falling due after more than one year
6
(11,534,647)
(11,691,669)
Net assets attributable to members
18,492,101
18,409,734
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
1,488,526
1,406,159
Members' other interests
Revaluation reserve
17,003,575
17,003,575
18,492,101
18,409,734
FORTUNA LANCASHIRE LLP
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -

For the financial year ended 31 October 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 members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 15 July 2025 and are signed on their behalf by:
15 July 2025
Mr S Patel
Designated member
Limited Liability Partnership registration number OC358987 (England and Wales)
FORTUNA LANCASHIRE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Fortuna Lancashire LLP is a limited liability partnership incorporated in England and Wales. The registered office is Adhan House, 1st Floor, 52a Preston New Road, Blackburn, Lancashire, BB2 6AH.

 

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 investment properties at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

The limited liability partnership has long term bank funding in place and on this basis the members consider it appropriate to adopt the going concern basis in the preparation of the financial statements.

 

At the date of approval of the financial statements the members are confident that the commercial and industrial investment properties sector continues to offer favourable investment and rental opportunities.

 

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.4
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.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

 

FORTUNA LANCASHIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.

 

1.6
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.

1.7
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

FORTUNA LANCASHIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, bank loans, loans from fellow group companies and preference shares 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
1
1
FORTUNA LANCASHIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
3
Investment property
2024
£
Fair value
At 1 November 2023 and 31 October 2024
20,000,000

The investment property at Cartmell Road, Blackburn was included at a members' valuation as at 31 October 2024. The historical cost of the property is £2,996,425 (2023- £2,996,425).

 

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
24,707
29,718
Amounts owed by group undertakings
70,000
35,000
Other debtors
40,000
160,433
134,707
225,151
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
10,530,416
10,424,339
Total debtors
10,665,123
10,649,490
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
245,000
245,000
Trade creditors
234,188
89,008
Taxation and social security
3,492
98,481
Other creditors
158,096
177,594
640,776
610,083
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,184,647
11,341,669
Other creditors
350,000
350,000
11,534,647
11,691,669
FORTUNA LANCASHIRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
6
Creditors: amounts falling due after more than one year
(Continued)
- 7 -

Included within bank loans is a government backed Bounce Back loan of £17,042 (2022 - £27,615) for which no security has been given.

The other bank loans are secured upon the LLP property at Cartmell Road, Blackburn as well as a personal guarantee from one of the Designated members, limited to £1,000,000.

 

7
Members' transactions

During the year the LLP has loaned monies to entities controlled by a designated member. As at 31 October 2024 the amount outstanding was £8,479,235 (2023 - £8,303,159).

The LLP also loaned monies to entities controlled by the brother of a designated member. As at 31 October 2024 the amount outstanding was £2,121,180 (2023 - £2,121,180).

The LLP also borrowed monies from an entity controlled by a designated member. As at 31 October 2024 the amount owed was £350,000 (2023 - £350,000).

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