Registered number: OC332077
The Tramway Stables LLP
Unaudited
Financial statements
Information for filing with the registrar
For the period ended 31 March 2023
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The Tramway Stables LLP
Chartered accountants' report to the members on the preparation of the unaudited statutory financial statements of The Tramway Stables LLP for the period ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of The Tramway Stables LLP for the period ended 31 March 2023 which comprise the Balance sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the members in accordance with the terms of our engagement letter dated 9 August 2021. Our work has been undertaken solely to prepare for your approval the financial statements of The Tramway Stables LLP and state those matters that we have agreed to state to the The Tramway Stables LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Tramway Stables LLP and its members for our work or for this report.
It is your duty to ensure that The Tramway Stables LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Tramway Stables LLP. You consider that The Tramway Stables LLP is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or review of the financial statements of The Tramway Stables LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
Canterbury
14 July 2023
Page 1
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The Tramway Stables LLP
Registered number: OC332077
Balance sheet
As at 31 March 2023
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Loans and other debts due to members within one year
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Other reserves classified as equity
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Loans and other debts due to members
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Page 2
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The Tramway Stables LLP
Registered number: OC332077
Balance sheet (continued)
As at 31 March 2023
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 14 July 2023.
The notes on pages 4 to 8 form part of these financial statements.
The Tramway Stables LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.
Page 3
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The Tramway Stables LLP
Notes to the financial statements
For the period ended 31 March 2023
The Tramway Stables LLP is a limited liability partnership incorporated in England and Wales with the registered number OC332077.
The LLP's registered office is The Tramway Stables, Rampart Road, Hythe, Kent, CT21 5BG.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The financial statements are presented in pound Sterling and rounded to the nearest pound.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Revenue represents rental income and consultancy fees receivable, excluding value added tax.
Rental income is recognised on an acruals basis. Consultancy income is recognised over the period the service is provided.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Page 4
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The Tramway Stables LLP
Notes to the financial statements
For the period ended 31 March 2023
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in unlisted LLP shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 5
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The Tramway Stables LLP
Notes to the financial statements
For the period ended 31 March 2023
2.Accounting policies (continued)
The LLP 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, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the period was 2 (2021 - 2).
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Charge for the period on owned assets
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Other fixed asset investments
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Page 6
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The Tramway Stables LLP
Notes to the financial statements
For the period ended 31 March 2023
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Freehold investment property
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The 2023 valuations were made by the members, on an open market value for existing use basis.
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Page 7
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The Tramway Stables LLP
Notes to the financial statements
For the period ended 31 March 2023
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Related party transactions
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At the year end The Tramway Stables LLP was owed £17,494 by companies with common directors and shareholders. This amount is included within other debtors. (At 31 October 2021, The Tramway Stables LLP owed £61,127 to the companies with common directors and shareholders and this amount is included within other creditors.)
All other related party transactions during the current and prior periods, including key management compensation, were concluded under normal market conditions.
G W T Hollaway, a member of the LLP, has a charge against the LLP in respect of £195,000 (2021 - £195,000) due, or to become due, to himself and is secured on the Investment Property.
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The LLP is under control of its designated members.
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