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No description of principal activity
2022-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
4,196,881
4,196,881
4,196,881
xbrli:pure
xbrli:shares
iso4217:GBP
OC418328
2022-04-01
2023-03-31
OC418328
2023-03-31
OC418328
2022-03-31
OC418328
2021-04-01
2022-03-31
OC418328
2022-03-31
OC418328
2021-03-31
OC418328
bus:Director15
2022-04-01
2023-03-31
OC418328
core:AfterOneYear
2023-03-31
OC418328
core:AfterOneYear
2022-03-31
OC418328
core:WithinOneYear
2023-03-31
OC418328
core:WithinOneYear
2022-03-31
OC418328
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-03-31
OC418328
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-03-31
OC418328
bus:SmallEntities
2022-04-01
2023-03-31
OC418328
bus:AuditExemptWithAccountantsReport
2022-04-01
2023-03-31
OC418328
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
OC418328
bus:LimitedLiabilityPartnershipLLP
2022-04-01
2023-03-31
OC418328
bus:FullAccounts
2022-04-01
2023-03-31
OC418328
core:AfterOneYear
2022-04-01
2023-03-31
REGISTERED NUMBER:
OC418328
Rankeilour Commercial 1 LLP |
|
Filleted Unaudited Accounts |
|
Rankeilour Commercial 1 LLP |
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
Tangible assets |
5 |
|
4,196,881 |
4,196,881 |
|
|
|
|
|
Current assets
Debtors |
6 |
497,612 |
|
92,095 |
Cash at bank and in hand |
117,345 |
|
120,745 |
|
--------- |
|
--------- |
|
614,957 |
|
212,840 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
121,835 |
|
956,625 |
|
--------- |
|
--------- |
Net current assets/(liabilities) |
|
493,122 |
(
743,785) |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
4,690,003 |
3,453,096 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
3,200,000 |
1,400,000 |
|
|
------------ |
------------ |
Net assets |
|
1,490,003 |
2,053,096 |
|
|
------------ |
------------ |
|
|
|
|
|
Represented by:
Loans and other debts due to members
Members' other interests
Members' capital classified as equity |
|
1,490,003 |
2,050,003 |
Other reserves |
|
– |
– |
|
|
------------ |
------------ |
|
|
1,490,003 |
2,053,096 |
|
|
------------ |
------------ |
|
|
|
|
Total members' interests
Amounts due from members |
|
(370,260) |
(415) |
Loans and other debts due to members |
9 |
|
– |
3,093 |
Members' other interests |
|
1,490,003 |
2,050,003 |
|
|
------------ |
------------ |
|
|
1,119,743 |
2,052,681 |
|
|
------------ |
------------ |
|
|
|
|
|
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 the LLP 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) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts
.
Rankeilour Commercial 1 LLP |
|
Statement of Financial Position (continued) |
|
31 March 2023
These accounts were approved by the
members
and authorised for issue on
26 July 2023
, and are signed on their behalf by:
Mr N R Crombie |
Designated Member |
|
Registered number:
OC418328
Rankeilour Commercial 1 LLP |
|
Year ended 31 March 2023
The LLP is registered in England and Wales. The address of the registered office is Heyshott Meadows, Heyshott, Midhurst, West Sussex, GU29 ODA.
2. |
Statement of compliance |
|
|
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The Members have assessed the LLP's ability to continue as a going concern and have reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
Revenue recognition
Turnover represents rental income from the leasing of the investment property and is recognised in profit or loss on a straight-line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the income statement and are equity appropriations in the Statement of financial position.
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.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include trade and other debtors and cash and bank balances, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors,and bank loans and overdrafts are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at the market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
The LLP has 0 employees.
|
Investment property |
|
£ |
Cost |
|
At 1 April 2022 and 31 March 2023 |
4,196,881 |
|
------------ |
Carrying amount |
|
At 31 March 2023 |
4,196,881 |
|
------------ |
At 31 March 2022 |
4,196,881 |
|
------------ |
|
|
The investment property was purchased in September 2017. As at 31 March 2018, the members have considered the value of the investment property and consider the closing amount to be a fair estimate of the value of the assets.
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
36,000 |
6,397 |
Other debtors |
461,612 |
85,698 |
|
--------- |
-------- |
|
497,612 |
92,095 |
|
--------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
3,832 |
– |
Social security and other taxes |
7,644 |
17,412 |
Other creditors |
110,359 |
939,213 |
|
--------- |
--------- |
|
121,835 |
956,625 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
3,200,000 |
1,400,000 |
|
------------ |
------------ |
|
|
|
Hampden & Co hold the following securities over the bank loan: - Fixed charge on the property to which the loan relates. - Floating charge over all the property or undertakings of the company.
9. |
Loans and other debts due to members |
|
|
|
2023 |
2022 |
|
£ |
£ |
Amounts owed to members in respect of profits |
– |
3,093 |
|
---- |
------- |
|
|
|
10. |
Guarantees and other financial commitments |
|
|
Bank loans of £3,200,000 are secured via a fixed charge over the properties to which the loans relate, and a floating charge over all the property or undertakings of the company.