| The Grange Business LLP |
| Registered number: |
OC342210 |
| Balance Sheet |
| as at 31 March 2023 |
| Notes |
|
2023 |
|
2022 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
1,418,313 |
|
2,634,412 |
| Current assets |
|
|
|
|
|
| Debtors |
4 |
|
110,571 |
|
191 |
| Cash at bank and in hand |
|
|
402,475 |
|
15,372 |
|
|
|
513,046 |
|
15,563 |
|
| Creditors: amounts falling due within one year |
5 |
|
(6,744) |
|
(14,173) |
|
| Net current assets |
|
|
506,302 |
|
1,390 |
|
|
|
|
|
|
| Total assets less current liabilities |
|
|
1,924,615 |
|
2,635,802 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
(240,000) |
|
(774,950) |
|
|
| Net assets attributable to members |
1,684,615 |
|
1,860,852 |
|
|
|
|
|
|
| Represented by: |
| Loans and other debts due to members |
8 |
|
500,960 |
|
914,496 |
|
|
|
|
|
|
| Members' other interests |
| Other reserves |
|
|
1,183,655 |
|
946,356 |
|
|
|
|
|
|
|
|
|
1,684,615 |
|
1,860,852 |
|
|
|
|
|
|
| Total members' interests |
| Loans and other debts due to members |
8 |
|
500,960 |
|
914,496 |
| Members' other interests |
|
|
1,183,655 |
|
946,356 |
|
|
|
|
1,684,615 |
|
1,860,852 |
|
|
|
|
|
|
| Number |
Number |
| Average number of employees |
|
|
2 |
|
2 |
|
| For the year ended 31 March 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs). |
| The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The members have elected not to submit a profit and loss account to the Registrar of Companies. |
|
| These accounts were approved by the members on 7 September 2023 and signed on their behalf by: |
|
|
|
|
|
|
|
| L P Massarella Snr |
| Designated member |
|
| The Grange Business LLP |
| Notes to the Accounts |
| for the year ended 31 March 2023 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships. |
|
|
Turnover |
|
Turnover is the total amount of rental income receivable for the year, as adjusted for deferred income, excluding Value Added Tax. |
|
|
Division of profits |
|
No remuneration is paid to the members under contractual arrangements, therefore no amounts have been classified as members remuneration charged as an expense. Allocation of profits are assessed during the year and after the end of each period. |
|
|
Taxation |
|
The taxation payable on the LLP's profits is the personal liability of the members and consequently neither taxation nor related deferred taxation is accounted for in the financial statements. Amounts retained for tax are treated in the same way as other profits of the LLP and so are included in "Members' interests" or in "Loans and other debts due to members" depending on whether or not division of profits has occurred. |
|
|
Investment properties |
|
Investment properties are initially recorded at cost and included in the year end balance sheet at their open market values. The surplus or deficit on revaluation of such properties is transferred to the revaluation reserve. Depreciation is not provided in respect of such freehold investment properties. |
|
This policy represents a departure from the Companies Act 2006, which requires depreciation to be provided on all fixed assets. The members consider that this policy is necessary in order that the financial statements may give a true and fair view, because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation. The amount which might otherwise have been shown cannot be separately identified or quantified as it is not material. |
|
|
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. |
|
|
| 2 |
Employees |
2023 |
|
2022 |
| Number |
Number |
|
|
Average number of persons employed by the LLP |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
| £ |
|
Cost |
|
At 1 April 2022 |
2,634,412 |
|
Disposals |
(1,216,099) |
|
At 31 March 2023 |
1,418,313 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 March 2023 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2023 |
1,418,313 |
|
At 31 March 2022 |
2,634,412 |
|
|
|
|
|
|
|
|
|
|
The members consider that the open market value of all properties is equal to the purchase price. The members will reconsider market values on an annual basis. |
|
|
|
|
|
|
|
|
|
|
| 4 |
Debtors |
2023 |
|
2022 |
| £ |
£ |
|
|
Other debtors |
110,571 |
|
191 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Other creditors |
6,744 |
|
14,173 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Bank loans |
240,000 |
|
774,950 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2023 |
|
2022 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
240,000 |
|
774,950 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured on the properties held by the LLP. |
|
|
| 8 |
Loans and other debts due to members |
2023 |
|
2022 |
| £ |
£ |
|
|
Loans from members |
500,960 |
|
914,496 |
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year |
500,960 |
|
914,496 |
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up. |
|
|
| 9 |
Other information |
|
|
The Grange Business LLP is a limited liability partnership incorporated in England. Its registered office is: |
|
|
Manor Farm |
|
Main Street |
|
Cadeby |
|
Warwickshire |
|
CV13 0AX |
