In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of L & N Properties LLP for the year ended 30 April 2025 which comprise, the Balance Sheet and the related notes from the limited liability partnership’s accounting records and from information and explanations you have given us.
This report is made solely to the limited liability partnership's members of L & N Properties LLP, as a body, in accordance with the terms of our engagement letter dated 11 December 2024. Our work has been undertaken solely to prepare for your approval the financial statements of L & N Properties LLP and state those matters that we have agreed to state to the limited liability partnership's members of L & N Properties LLP, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than L & N Properties LLP and its members as a body, for our work or for this report.
It is your duty to ensure that L & N Properties LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of L & N Properties LLP. You consider that L & N Properties LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of L & N Properties LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
L & N Properties LLP is a limited liability partnership incorporated in England and Wales. The registered office is Fleet House, New Road, Lancaster, United Kingdom, LA1 1EZ.
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. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.
The LLP has not traded during the year or the preceding financial period. During this time, the LLP received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.
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.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
No depreciation is provided on cost of the original freehold property as it is the LLP's policy to maintain the property to a high standard, by a program of repair and refurbishment. Due to the ongoing policy of repair and refurbishment it is expected the property will maintain a high residual value and any depreciation charge or accumulated depreciation would not be material.
At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. 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). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The average number of persons (excluding members) employed by the partnership during the year was:
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.