Kelso Place LLP - Accounts to registrar (filleted) - small 23.2.5
Kelso Place LLP - Accounts to registrar (filleted) - small 23.2.5
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
KELSO PLACE LLP |
KELSO PLACE LLP (REGISTERED NUMBER: OC352063) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
KELSO PLACE LLP |
GENERAL INFORMATION |
for the year ended 31 March 2023 |
DESIGNATED MEMBERS: |
M Totterman |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4th Floor |
Venture House |
27-29 Glasshouse Street |
London |
W1B 5DF |
KELSO PLACE LLP (REGISTERED NUMBER: OC352063) |
BALANCE SHEET |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 996,451 | 909,365 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
12 |
996,451 |
909,365 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 12 | 996,451 | 909,365 |
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. |
KELSO PLACE LLP (REGISTERED NUMBER: OC352063) |
BALANCE SHEET - continued |
31 March 2023 |
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 |
KELSO PLACE LLP (REGISTERED NUMBER: OC352063) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Kelso 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. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable. |
Revenue represents the total amount of rent receivable in the ordinary course of business during the period. |
Tangible fixed assets |
Property, plant and equipment are initially measured at cost (or deemed cost) and are subsequently measured at cost or valuation, net of depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property - 5% on cost |
Plant and machinery - 20% on cost |
Fixtures and fittings - 20% on cost |
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Investment property |
Investment properties are shown at cost as the fair value of the property cannot be measured reliably without undue cost. |
Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Investment property - 2% on cost |
The carrying values of investment property is reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Members' interests |
Members' capital is classified as a liability under FRS 102 because they are repayable when a member leaves. Unallocated current year profits are classified as equity. |
Income taxation |
Income tax payable on partnership profits is the personal liability of individual members. |
KELSO PLACE LLP (REGISTERED NUMBER: OC352063) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The LLP has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments. |
Basic financial liabilities |
Financial liabilities are classified as liabilities according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Amounts due to members and other creditors are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled. |
Bank loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges. |
Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. |
4. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
5. | PROPERTY, PLANT AND EQUIPMENT |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
KELSO PLACE LLP (REGISTERED NUMBER: OC352063) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 | 118,077 |
Charge for year | 19,680 |
At 31 March 2023 | 137,757 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Prepayments and accrued income |
Amounts owed by related undertaking are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Other creditors |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 10) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years | - | 27,439 |
The bank loan bears interest at 2.80% over the bank's Sterling Base Rate and is repayable over a period of 15 years. |
KELSO PLACE LLP (REGISTERED NUMBER: OC352063) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
10. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans - less than 1 yr |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years | - | 27,439 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loan is secured on the investment property and also by way of a guarantee provided by Inspecs Limited to secure all liabilities of Kelso Place LLP to a maximum of £840,000. |
12. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up. |