Apeks Developments LLP Filleted accounts for Companies House (small and micro)

APEKS DEVELOPMENTS LLP - Company Information

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REGISTERED NUMBER: OC368480

Apeks Developments LLP

Filleted Unaudited Financial Statements

30 September 2022

Apeks Developments LLP

Financial Statements

Year ended 30 September 2022

Contents	Page

Members' report	1

Statement of financial position	2

Notes to the financial statements	4

Apeks Developments LLP

Members' Report

Year ended 30 September 2022

The members present their report and the unaudited financial statements of the LLP for the year ended 30 September 2022 .

Principal activities

The principal activity of the LLP is to provide project management and consultancy services for the development of real estate.

Designated members

The designated members who served the LLP during the year were as follows:

Mr Z Hanif

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

Each member's subscription to capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.

Details of changes in member's capital are set out in the financial statements.

Member are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares during the course of the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.

This report was approved by the members on 21 September 2023 and signed on behalf of the members by:

Mr Z Hanif

Designated Member

Registered office:

Unit 3

130 Brixton Hill

London

SW2 1RS

Apeks Developments LLP

Statement of Financial Position

30 September 2022

	2022		2021
Note	£	£	£

Current assets

Debtors	5	55,000	99,602
Cash at bank and in hand		1,016	1,586
		--------	---------
		56,016	101,188

Creditors: amounts falling due within one year	6	54,064		60,466
		--------		---------
Net current assets			1,952	40,722
			-------	--------
Total assets less current liabilities			1,952	40,722
			-------	--------
Net assets			1,952	40,722
			-------	--------

Represented by:

Loans and other debts due to members

Other amounts	7	1,952	40,722
		-------	--------

Members' other interests

Other reserves	–	–
	-------	--------
	1,952	40,722
	-------	--------

Total members' interests

Loans and other debts due to members	7	1,952	40,722
Members' other interests		–	–
		-------	--------
		1,952	40,722
		-------	--------

These financial statements 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 income and retained earnings has not been delivered.

For the year ending 30 September 2022 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 financial statements .

Apeks Developments LLP

Statement of Financial Position (continued)

30 September 2022

These financial statements were approved by the members and authorised for issue on 21 September 2023 , and are signed on their behalf by:

Mr Z Hanif

Designated Member

Registered number: OC368480

Apeks Developments LLP

Notes to the Financial Statements

Year ended 30 September 2022

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Unit 3, 130 Brixton Hill, London, SW2 1RS.

2.	Statement of compliance

These financial statements 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).

3.	Accounting policies

Basis of preparation

The financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Cash and cash equivalents

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 investment 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.

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 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 statement of income and retained earnings 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 statement of income and retained earnings 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 statement of income and retained earnings 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'.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments 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 a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to Nil (2021: 2 ).

5.	Debtors

	2022	2021
	£	£
Trade debtors	–	44,602
Other debtors	55,000	55,000
	--------	--------
	55,000	99,602
	--------	--------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	46,667	50,000
Social security and other taxes	5,847	6,806
Other creditors	1,550	3,660
	--------	--------
	54,064	60,466
	--------	--------

7.	Loans and other debts due to members

	2022	2021
	£	£
Amounts owed to members in respect of profits	1,952	40,722
	-------	--------

8.	Related party transactions

Mr Hanif is 100% controlling designated member of Intra Urban Properties LLP and Intra Urban Developments LLP, he is also a majority shareholder in Intra Urban Property Maintenance Ltd. An amount brought forward of £1,000 (2021: £1,000) owed to Intra Urban Properties LLP was transferred to capital accounts in both entities during the year. Included in other debtors is an amount owed to Apeks Developments LLP by Intra Urban Developments LLP in respect of shared staff. The amount outstanding at the balance sheet date is £20,000 (2021: £20,000). Also in other debtors is a loan of £35,000 (202: £35,000) provided to Intra Urban Property Maintenance Ltd during the year and is still outstanding at balance sheet date.

9.	Controlling party

The LLP was under the control of Mr Zahid Hanif, a designated member, during the current period.