Traland LLP Filleted accounts for Companies House (small and micro)

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REGISTERED NUMBER: OC355229

Traland LLP

Filleted Unaudited Financial Statements

31 March 2023

Traland LLP

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	4		5,495,001	5,495,688

Current assets

Debtors	5	8,709	12,618
Cash at bank and in hand		1,247,762	1,753,988
		------------	------------
		1,256,471	1,766,606

Creditors: amounts falling due within one year	6	31,938		21,936
		------------		------------
Net current assets			1,224,533	1,744,670
			------------	------------
Total assets less current liabilities			6,719,534	7,240,358
			------------	------------
Net assets			6,719,534	7,240,358
			------------	------------

Represented by:

Loans and other debts due to members

Other amounts	7		5,006,870	5,527,694

Members' other interests

Revaluation reserve	1,712,664	1,712,664
Other reserves	–	–
	------------	------------
	6,719,534	7,240,358
	------------	------------

Total members' interests

Loans and other debts due to members	7	5,006,870	5,527,694
Members' other interests		1,712,664	1,712,664
		------------	------------
		6,719,534	7,240,358
		------------	------------

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 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 financial statements .

Traland LLP

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the members and authorised for issue on 27 November 2023 , and are signed on their behalf by:

T G J Gibbon

Designated Member

Registered number: OC355229

Traland LLP

Notes to the Financial Statements

Year ended 31 March 2023

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Ashfield House, Ashfield cum Thorpe, Stowmarket, Suffolk, IP14 6ND.

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.

Revenue recognition

Turnover represents the value of rents receivable provided under leases to the extent that there is a right to consideration and is recorded at the value of the rent due. Where rents have been received from tenants in advance, the amounts are recorded as deferred income and included as part of creditors due within one year.

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 comprehensive income 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 comprehensive income 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 comprehensive income 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

Freehold properties are stated at open market value. This is a departure from the general requirement of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) for all tangible assets to be depreciated. In the opinion of the members this departure is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this might otherwise which might otherwise have been charged cannot be separately identified or quantified.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	25% straight line

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. Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment. Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid. Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is no intention to settle on a net basis or to realise the asset or settle the liability immediately.

4.	Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2022 and 31 March 2023	5,495,000	3,305	5,498,305
	------------	-------	------------
Depreciation
At 1 April 2022	–	2,617	2,617
Charge for the year	–	687	687
	------------	-------	------------
At 31 March 2023	–	3,304	3,304
	------------	-------	------------
Carrying amount
At 31 March 2023	5,495,000	1	5,495,001
	------------	-------	------------
At 31 March 2022	5,495,000	688	5,495,688
	------------	-------	------------

5.	Debtors

	2023	2022
	£	£
Trade debtors	6,709	10,618
Other debtors	2,000	2,000
	-------	--------
	8,709	12,618
	-------	--------

6. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	9,392	10,933
Social security and other taxes	7,460	3,168
Other creditors	15,086	7,835
	--------	--------
	31,938	21,936
	--------	--------

7.	Loans and other debts due to members

	2023	2022
	£	£
Amounts owed to members in respect of profits	5,006,870	5,527,694
	------------	------------