Limited Liability Partnership Registration No. OC342086 (England and Wales)
Slonecrest LLP
Annual report and unaudited financial statements
For the year ended 31 March 2023
SLONECREST LLP
Slonecrest LLP
CONTENTS
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 7
SLONECREST LLP
Slonecrest LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
5
190,012
216,166
Current assets
Debtors
6
1,773
1,358
Cash at bank and in hand
100
21
1,873
1,379
Creditors: amounts falling due within one year
7
(2,579)
(2,918)
Net current liabilities
(706)
(1,539)
Total assets less current liabilities
189,306
214,627
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
89,294
98,462
Members' other interests
Other reserves
100,012
116,165
189,306
214,627
Total members' interests
Loans and other debts due to members
89,294
98,462
Members' other interests
100,012
116,165
189,306
214,627
The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
SLONECREST LLP
Slonecrest LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
For the financial year ended 31 March 2023 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)
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 financial statements were approved by the members and authorised for issue on 17 November 2023 and are signed on their behalf by:
17 November 2023
C C Okin
Designated member
Limited Liability Partnership Registration No. OC342086
SLONECREST LLP
Slonecrest LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Amounts due to members
98,462
Members' interests at 1 April 2022
116,166
98,462
98,462
214,628
Members' remuneration charged as an expense
-
130,666
130,666
130,666
Change in fair value of investment property in the period
(4,537)
-
-
(4,537)
Members' interests after loss and remuneration for the year
111,629
229,128
229,128
340,757
Introduced by members
-
3,400
3,400
3,400
Drawings
-
(154,851)
(154,851)
(154,851)
Transfer of realised revaluation reserve on disposal of property
(11,617)
11,617
11,617
-
Members' interests at 31 March 2023
100,012
89,294
89,294
189,306
SLONECREST LLP
Slonecrest LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2022
£
£
£
£
Amounts due to members
98,392
Members' interests at 1 April 2021
96,847
98,392
98,392
195,239
Members' remuneration charged as an expense
-
(3,450)
(3,450)
(3,450)
Profit for the financial year available for discretionary division among members
19,318
-
-
19,318
Members' interests after profit and remuneration for the year
116,165
94,942
94,942
211,107
Introduced by members
-
3,520
3,520
3,520
Members' interests at 31 March 2022
116,165
98,462
98,462
214,627
SLONECREST LLP
Slonecrest LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
1
Accounting policies
Limited liability partnership information
Slonecrest LLP is a limited liability partnership incorporated in England and Wales. The registered office is 41 The Drive, Esher, Surrey, Great Britain, KT10 8DH.
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 2018, 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 revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for ground rent for the period of the accounts on an accruals basis.
1.3
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.
1.4
Investment properties
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 the profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
SLONECREST LLP
Slonecrest LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Information in relation to members
2023
2022
Number
Number
Average number of members during the year
2
2
4
Amounts written off investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
(Loss)/Surplus on revaluation of investment property
(4,537)
19,318
5
Investment property
2023
£
Fair value
At 1 April 2022
216,166
Disposals
(21,617)
Net gains or losses through fair value adjustments
(4,537)
At 31 March 2023
190,012
Investment property comprises of 9 units in Norland Mansions. The value is the open market value determined by reference to the movement for the year in the housing price index.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
90,000
100,000
Accumulated depreciation
-
-
Carrying amount
90,000
100,000
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,773
1,358
SLONECREST LLP
Slonecrest LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
2,579
2,918
8
Loans and other debts due to members
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
9
Ultimate controlling party
The limited liability partnership is controlled by C C Okin by virtue of having 75% of the voting rights.