Aalborg Place LLP - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: OC343529 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

AALBORG PLACE LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mr Y M I Bhailok

Mrs A Y Bhailok

REGISTERED OFFICE:

Haighton House

Cow Hill

Haighton

Preston

Lancashire

PR2 5SJ

REGISTERED NUMBER:

OC343529 (England and Wales)

ACCOUNTANTS:

Turner Accountants

Chartered Accountants

9 Victoria Rd

Fulwood

Preston

Lancashire

PR2 8ND

FIXED ASSETS

Tangible assets

4

1,144,574

1,140,164

CURRENT ASSETS

Debtors

5

288,893

116,764

Cash at bank

12,573

8,584

301,466

125,348

CREDITORS

Amounts falling due within one year

6

1,681,686

1,272,693

NET CURRENT LIABILITIES

(1,380,220

)

(1,147,345

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(235,646

)

(7,181

)

CREDITORS

Amounts falling due after more than one year

7

32,500

42,500

NET LIABILITIES ATTRIBUTABLE TO MEMBERS

(268,146

)

(49,681

)

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

(268,146

)

(49,681

)

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

(268,146

)

(49,681

)

Amounts due from members

5

(185,497

)

-

(453,643

)

(49,681

)

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

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 4 August 2023 and were signed by:

Mr Y M I Bhailok - Designated member

1.	STATUTORY INFORMATION

Aalborg Place LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes rental income and revenue earned from the rendering of services. Turnover from rents and rendering of services is recognised when payable.

Tangible fixed assets

Tangible fixed assets are freehold land held for rental and is measured at cost. No depreciation is provided on freehold land.

Division of profits

Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members' remuneration charged as an expense in the profit and loss account.

Taxation

Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of the members in respect of their tax liabilities are treated as debts due to members.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using then effective interest method.

Members' capital

Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Freehold

Computer

property

equipment

Totals

£

£

£

COST

At 1 April 2022

1,137,662

3,127

1,140,789

Additions

-

6,295

6,295

At 31 March 2023

1,137,662

9,422

1,147,084

DEPRECIATION

At 1 April 2022

-

625

625

Charge for year

-

1,885

1,885

At 31 March 2023

-

2,510

2,510

NET BOOK VALUE

At 31 March 2023

1,137,662

6,912

1,144,574

At 31 March 2022

1,137,662

2,502

1,140,164

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

4,917

1,079

Amounts owed by associates

69,283

61,455

Amounts due from members

185,497

-

Other debtors

22,568

43,568

VAT

4,671

-

Prepayments

1,957

10,662

288,893

116,764

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed to associates

363,462

206,483

VAT

-

10,759

Other creditors

1,317,317

1,054,547

Accrued expenses

907

904

1,681,686

1,272,693

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans - 2-5 years

32,500

42,500

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.