REGISTERED NUMBER: OC415972 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 31st March 2024

for

XiXi Opal LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

Dr J Hu

L Huang

Xixi International Ltd

REGISTERED OFFICE:

c/o OCG Accountants Ltd

Biz Hub Tees Valley

Belasis Hall Technology Park

Billingham

Co. Durham

TS23 4EA

REGISTERED NUMBER:

OC415972 (England and Wales)

ACCOUNTANTS:

OCG Accountants Ltd

Biz Hub Tees Valley

Belasis Hall Technology Park

Coxwold Way

Billingham

Co. Durham

TS23 4EA

The members present their report with the financial statements of the LLP for the year ended 31st March 2024.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of property rental.

DESIGNATED MEMBERS

The designated members during the year under review were:

Dr J Hu

L Huang

Xixi International Ltd

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £1,746 (2023 - £138,273 loss).

MEMBERS' INTERESTS

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares during the year in which it is made, with the balance of profits being distributed after the year end, subject to the cash requirements of the business. Capital is repaid to members on resignation or retirement. Only those members who have contribute capital to the LLP are allocated losses, if the LLP declares a loss in a period

ON BEHALF OF THE MEMBERS:

Dr J Hu - Designated member

17th September 2024

TURNOVER

113,288

136,555

Administrative expenses

(56,401

)

(50,879

)

56,887

85,676

Gain/loss on revaluation of tangible assets

-

(175,000

)

OPERATING PROFIT/(LOSS)

56,887

(89,324

)

Interest payable and similar expenses

(55,141

)

(48,949

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

1,746

(138,273

)

FIXED ASSETS

Tangible assets

4

1,890,000

1,850,000

CURRENT ASSETS

Debtors

5

2,160

2,160

Cash at bank and in hand

175

1,786

2,335

3,946

CREDITORS

Amounts falling due within one year

6

(45,710

)

(44,270

)

NET CURRENT LIABILITIES

(43,375

)

(40,324

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,846,625

1,809,676

CREDITORS

Amounts falling due after more than one year

7

(1,447,684

)

(1,447,626

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

398,941

362,050

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

-

362,050

MEMBERS' OTHER INTERESTS

Capital accounts

398,941

-

398,941

362,050

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

-

362,050

Members' other interests

398,941

-

398,941

362,050

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31st March 2024.

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.

The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 17th September 2024 and were signed by:

Dr J Hu - Designated member

1.	STATUTORY INFORMATION

XiXi Opal LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

in accordance with the property

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST OR VALUATION

At 1st April 2023

1,850,000

Additions

40,000

At 31st March 2024

1,890,000

NET BOOK VALUE

At 31st March 2024

1,890,000

At 31st March 2023

1,850,000

Cost or valuation at 31st March 2024 is represented by:

Freehold

property

£

Valuation in 2020

50,000

Valuation in 2021

80,000

Valuation in 2022

45,000

Valuation in 2023

(175,000

)

Cost

1,890,000

1,890,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

2,160

2,160

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other creditors

45,710

44,270

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other creditors

1,447,684

1,447,626

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Mortgages

1,447,684

1,447,626

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Members rank ahead of other creditors in a liquidation.