Retail Growth Limited Liability Partnership LLP accounts

Retail Growth Limited Liability Partnership LLP accounts

RETAIL GROWTH LLP - Company Information

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0 0 false false false false false false false false false false false false false false false false false 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,047,063 255,464 42,027 749,572 749,572 xbrli:pure xbrli:shares iso4217:GBP OC346342 2022-04-01 2023-03-31 OC346342 2023-03-31 OC346342 2022-03-31 OC346342 2021-04-01 2022-03-31 OC346342 2022-03-31 OC346342 2021-03-31 OC346342 bus:RegisteredOffice 2022-04-01 2023-03-31 OC346342 bus:Director1 2022-04-01 2023-03-31 OC346342 bus:Director2 2022-04-01 2023-03-31 OC346342 bus:Director3 2022-04-01 2023-03-31 OC346342 bus:Director4 2022-04-01 2023-03-31 OC346342 bus:Director5 2022-04-01 2023-03-31 OC346342 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-03-31 OC346342 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-03-31 OC346342 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-03-31 OC346342 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 OC346342 core:Non-currentFinancialInstruments 2023-03-31 OC346342 bus:SmallEntities 2022-04-01 2023-03-31 OC346342 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC346342 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 OC346342 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC346342 bus:FullAccounts 2022-04-01 2023-03-31
REGISTERED NUMBER: OC346342
Retail Growth Limited Liability Partnership
Unaudited Financial Statements
31 March 2023
Retail Growth Limited Liability Partnership
Financial Statements
Year ended 31st March 2023
Contents
Page
Members' report
1
Statement of comprehensive income
3
Statement of financial position
4
Reconciliation of members' interests
6
Notes to the financial statements
8
Retail Growth Limited Liability Partnership
Members' Report
Year ended 31st March 2023
The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2023 .
Principal activities
The principal activity of the company during the year was to invest in real estate directly or via entities engaged in real estate activities.
Designated members
The designated members who served the LLP during the year were as follows:
L. Roberts
L.F. Boultbee Brooks
B.J. Boultbee Brooks
C.E. Boultbee Brooks
E.L. Boultbee Brooks
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings when profits have been allocated to them , subject to sufficient maintenance of working capital. Drawings are determined after the end of each calendar quarter.
New members are required to subscribe a minimum level of capital and any subsequent capital requirements maybe determined by unanimous consent of the members. Withdrawal of capital maybe allowed when there is sufficient working capital.
This report was approved by the members on 23 January 2024 and signed on behalf of the members by:
C.E. Boultbee Brooks
Designated Member
Registered office:
Formal House
60 St Georges Place
Cheltenham
GL50 3PN
Retail Growth Limited Liability Partnership
Statement of Comprehensive Income
Year ended 31st March 2023
2023
2022
Note
£
£
Turnover
–
( 119)
Other operating expenses
23
–
----
----
Operating loss
( 23)
( 119)
Fair value adjustment other fixed asset investments
( 38,915)
–
Other interest receivable and similar income
30
79
--------
----
Loss for the financial year before members' remuneration and profit shares available for discretionary division among members
(38,908)
(40)
--------
----
All the activities of the LLP are from continuing operations.
Retail Growth Limited Liability Partnership
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Investments
4
749,572
–
Current assets
Debtors
5
481,342
587,334
Cash at bank and in hand
2,174
2,166
---------
---------
483,516
589,500
---------
---------
Net current assets
483,516
589,500
------------
---------
Total assets less current liabilities
1,233,088
589,500
------------
---------
Represented by:
Loans and other debts due to members
Other amounts
6
386,628
489,500
Members' other interests
Members' capital classified as equity
888,487
100,000
Other reserves
(42,027)
–
------------
---------
1,233,088
589,500
------------
---------
Total members' interests
Loans and other debts due to members
6
386,628
489,500
Members' other interests
846,460
100,000
------------
---------
1,233,088
589,500
------------
---------
These financial statements have been prepared 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'.
For the year ending 31st 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 .
Retail Growth Limited Liability Partnership
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the members and authorised for issue on 23 January 2024 , and are signed on their behalf by:
C.E. Boultbee Brooks
Designated Member
Registered number: OC346342
Retail Growth Limited Liability Partnership
Reconciliation of Members' Interests
Year ended 31st March 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
£
Balance at 1st April 2022
100,000
–
100,000
489,499
489,499
589,499
Loss for the financial year available for discretionary division among members
(38,908)
(38,908)
(38,908)
---------
--------
---------
---------
---------
---------
Members' interests after loss for the year
100,000
(38,908)
61,092
489,499
489,499
550,591
Other division of profits
(3,119)
(3,119)
3,119
3,119
–
Introduced by members
788,487
788,487
–
–
788,487
Drawings
(105,990)
(105,990)
(105,990)
Other movements
–
–
–
–
–
–
---------
--------
---------
---------
---------
------------
Balance at 31st March 2023
888,487
(42,027)
846,460
386,628
386,628
1,233,088
---------
--------
---------
---------
---------
------------
Retail Growth Limited Liability Partnership
Reconciliation of Members' Interests (continued)
Year ended 31st March 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total 2022
£
£
£
£
£
£
Balance at 1st April 2021
81,665
–
81,665
1,405,540
1,405,540
1,487,205
Loss for the financial year available for discretionary division among members
(40)
(40)
(40)
--------
----
--------
------------
------------
------------
Members' interests after loss for the year
81,665
(40)
81,625
1,405,540
1,405,540
1,487,165
Other division of profits
40
40
(40)
(40)
–
Introduced by members
–
–
–
–
–
Drawings
(897,665)
(897,665)
(897,665)
Other movements
18,335
–
18,335
(18,335)
(18,335)
–
---------
----
---------
------------
------------
------------
Balance at 31st March 2022
100,000
–
100,000
489,500
489,500
589,500
---------
----
---------
------------
------------
------------
Retail Growth Limited Liability Partnership
Notes to the Financial Statements
Year ended 31st March 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Formal House, 60 St Georges Place, Cheltenham, GL50 3PN.
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 profit shares and dividends from investments, stated net of discounts and of Value Added Tax.
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.
Retail Growth Limited Liability Partnership
Notes to the Financial Statements (continued)
Year ended 31st March 2023
3. Accounting policies (continued)
Members' participation rights (continued)
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'.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at fair value.
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.
4.
Investments
Other investments
£
Cost
At 1st April 2022
–
Additions
1,047,063
Disposals
( 255,464)
Revaluations
( 42,027)
------------
At 31st March 2023
749,572
------------
Impairment
At 1st April 2022 and 31st March 2023
–
------------
Carrying amount
At 31st March 2023
749,572
------------
At 31st March 2022
–
------------
Investments held at valuation
Fixed asset investments that comprise a portfolio of securities are valued by reference to market prices and values provided by the investment manager.
In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Other investments
£
At 31st March 2023
Aggregate cost
791,599
Aggregate depreciation
–
---------
Carrying value
791,599
---------
At 31st March 2022
Aggregate cost
–
Aggregate depreciation
–
----
Carrying value
–
----
5.
Debtors
2023
2022
£
£
Other debtors
481,342
587,334
---------
---------
6.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
386,628
489,500
---------
---------
7.
Related party transactions
Included within other debtors is £481,342 (2022:£583,334) owed by Boultbee Developments (NO.1 ) Limited, a company in which the member; C.E.Boultbee-Brooks is interested.