REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Redfern Investments LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Redfern Investments LLP |
Redfern Investments LLP (Registered number: OC360094) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
General Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Redfern Investments LLP |
General Information |
for the Year Ended 31 March 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Grange |
Warren Estate |
Lordship Road |
Writtle |
Essex |
CM1 3WT |
Redfern Investments LLP (Registered number: OC360094) |
Statement of Financial Position |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
1,944,568 |
1,344,915 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
1,201,032 |
801,379 |
MEMBERS' OTHER INTERESTS |
Fair value reserve |
1,944,568 | 1,344,915 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 1,201,032 | 801,379 |
Members' other interests | 743,536 | 543,536 |
1,944,568 | 1,344,915 |
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. |
Redfern Investments LLP (Registered number: OC360094) |
Statement of Financial Position - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
Redfern Investments LLP (Registered number: OC360094) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Redfern Investments LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
No significant judgements or estimates have been applied in the preparation of the financial statements. |
Revenue |
Revenue represents rents received is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. |
Investment property |
The investment property is included at fair value. Gains are recognised in the income statement and subsequently transferred to the fair value reserve. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
Debtors |
Short term debtors are measured at the transaction price, less any impairment. |
Loans receivable are measured initially and subsequently at the transaction price, which is not materially different to amortised cost using the effective interest rate method. |
Creditors |
Short term creditors are measured at the transaction price. |
Other financial liabilities, including bank loans are also measured at transaction price since the difference between this basis and the amortised cost basis is not material. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
Redfern Investments LLP (Registered number: OC360094) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Revaluations | 200,000 |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2020 | 543,537 |
Valuation in 2023 | 200,000 |
Cost | 1,106,463 |
1,850,000 |
If the investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,106,463 | 1,106,463 |
The investment property was valued on an open market basis on 31 March 2023 by the members . |
5. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Redfern Investments LLP (Registered number: OC360094) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to related parties |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2023 | 2022 |
£ | £ |
Loans from members | 201,556 | 201,556 |
Amounts owed to members in respect of profits | 999,476 | 599,823 |
1,201,032 | 801,379 |
Falling due within one year | 999,476 | 599,823 |
Falling due after more than one year | 201,556 | 201,556 |
1,201,032 | 801,379 |
In the event of the Limited Liability Partnership being wound up, all unsecured creditors would rank equally. There is no provision for specific legal enforceable protection afforded to creditors in such an event. There are no restrictions or limitations that exist on the members to reduce the 'Members other interest'. |