Generation Three Family Partners LLP OC360103 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of provision of Management and Consultancy Services Digita Accounts Production Advanced 6.30.9574.0 true OC360103 2024-01-01 2024-12-31 OC360103 2024-12-31 OC360103 core:CurrentFinancialInstruments 2024-12-31 OC360103 core:WithinOneYear 2024-12-31 OC360103 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-12-31 OC360103 bus:SmallEntities 2024-01-01 2024-12-31 OC360103 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 OC360103 bus:FilletedAccounts 2024-01-01 2024-12-31 OC360103 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 OC360103 bus:RegisteredOffice 2024-01-01 2024-12-31 OC360103 bus:PartnerLLP1 2024-01-01 2024-12-31 OC360103 bus:PartnerLLP2 2024-01-01 2024-12-31 OC360103 bus:LimitedLiabilityPartnershipLLP 2024-01-01 2024-12-31 OC360103 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-01-01 2024-12-31 OC360103 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:RenderingOrReceivingServices 2024-01-01 2024-12-31 OC360103 countries:AllCountries 2024-01-01 2024-12-31 OC360103 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-12-31 OC360103 2023-01-01 2023-12-31 OC360103 2023-12-31 OC360103 core:CurrentFinancialInstruments 2023-12-31 OC360103 core:WithinOneYear 2023-12-31 OC360103 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-12-31 OC360103 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-01-01 2023-12-31 OC360103 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:RenderingOrReceivingServices 2023-01-01 2023-12-31 OC360103 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-12-31 iso4217:GBP xbrli:pure

Registration number: OC360103

Generation Three Family Partners LLP
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2024

Generation Three Family Partners LLP

Contents

Limited liability partnership information | 1
Financial Statements | 2 to 8
Balance Sheet | 2
Notes to the Financial Statements | 4

Generation Three Family Partners LLP

Limited liability partnership information

Designated members | Mr M Betesh Mr James Robin Penturn

Registered office | 11-13 Lower Grosvenor Place London SW1W OEX

Accountants | Mehta & Tengra Chartered Accountants 9 Berners Place London W1T 3AD

Generation Three Family Partners LLP

(Registration number: OC360103)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Current assets |  |  |
Debtors | 3 | 272,514 | 177,505
Cash and short-term deposits |  | 25,310 | 2,083
|  | 297,824 | 179,588
Creditors: Amounts falling due within one year | 4 | (495,790) | (340,370)
Net liabilities attributable to members |  | (197,966) | (160,782)
Represented by: |  |  |
Loans and other debts due to members |  |  |
Members' capital classified as a liability |  | (37,183) | (24,584)
Members’ other interests |  |  |
Members' capital classified as equity |  | (160,783) | (136,198)
|  | (197,966) | (160,782)
Total members' interests |  |  |
Loans and other debts due to members |  | (37,183) | (24,584)
Equity |  | (160,783) | (136,198)
|  | (197,966) | (160,782)

For the year ending 31 December 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

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. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Generation Three Family Partners LLP (registered number OC360103) were approved by the Board and authorised for issue on 16 April 2026. They were signed on behalf of the limited liability partnership by:

Generation Three Family Partners LLP

(Registration number: OC360103)
Balance Sheet as at 31 December 2024

......................................... Mr M Betesh Designated member

Generation Three Family Partners LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

1 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Generation Three Family Partners LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

undiscounted

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Generation Three Family Partners LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2 | Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 2).

Generation Three Family Partners LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

3 | Debtors

| 2024 £ | 2023 £
Other debtors | 1,570 | 1,570
Prepayments and accrued income | 40,717 | 659
Amount due from an entity with common control or significant influence | 160,696 | 175,276
Amount due from other companies | 69,531 | -
Total current trade and other debtors | 272,514 | 177,505

4 | Creditors: Amounts falling due within one year

| 2024 £ | 2023 £
Trade creditors | 27,487 | 7,218
Amount due to an entity with common control or significant influence | 123,437 | 7,255
Amount due to other companies | 333,154 | 276,712
Accruals and deferred income | 1,925 | 39,900
VAT | 9,787 | 9,285
| 495,790 | 340,370

Generation Three Family Partners LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

5 | Related party transactions

Summary of transactions with all entities with common control or significant influence

Generation Three Family Partners (Administration Services) Ltd

Income and receivables from related parties

2024 | Entities with common control or significant influence £
Receipt of services | 40,000

2023 | Entities with common control or significant influence £
Receipt of services | 51,300

Loans to related parties

2024 | Entities with common control or significant influence £
At start of period | 175,276
Repaid | (14,580)
At end of period | 160,696

2023 | Entities with common control or significant influence £
At start of period | 99,136
Advanced | 99,150
Repaid | (23,010)
At end of period | 175,276

Generation Three Family Partners LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

Loans from related parties

2024 | Entities with common control or significant influence £
At start of period | 7,255
Advanced | 116,182
At end of period | 123,437

2023 | Entities with common control or significant influence £
At start of period | 10,237
Advanced | 7,018
Repaid | (10,000)
At end of period | 7,255

6 | Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.