Brooklands Cleves LLP is a limited liability partnership incorporated in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.
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.
Turnover represents the amounts receivable for rent, net of VAT and trade discounts.
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. Amounts payable to members under employment contracts and unavoidable interest on members capital are charged to “members remuneration charged as an expense” in the relevant year.
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting standard for Smaller Entities (effective April 2008), it is a departure form the general requirement of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) for all tangible assets to be depreciated. In the opinion of the members compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have ben charged cannot be separately identified or quantified.
The investment property was valued on open market basis on 31 March 2022 by the members. If investment properties were stated on a historical cost basis rather than a fair value basis, the value would be stated at the purchase price of £193,785.
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
During the year Brooklands Cleves LLP charged Axiom Architects LLP, a limited Liability partnership in which P Morris is also a designated member, £23,111 (2024 - £23,111) for rent during the period.
At the balance sheet date, Brooklands Cleves LLP owed Axiom Architects LLP £Nil (2024 - £100,200). All transactions were at arms length and in the normal course of business.