S & S Properties (Yorkshire) LLP - Period Ending 2023-03-31

S & S Properties (Yorkshire) LLP

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

S & S Properties (Yorkshire) LLP

(Registration number: OC334991)
Balance Sheet as at 31 March 2023

	Note	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	3		45,829		51,570
Investment property	4		1,850,178		1,850,178
			1,896,007		1,901,748
Current assets
Debtors		8,172		-
Cash and short-term deposits		3,728		10,867
		11,900		10,867
Creditors: Amounts falling due within one year	6	(12,615)		(11,021)
Net current liabilities			(715)		(154)
Net assets attributable to members			1,895,292		1,901,594
Represented by:
Loans and other debts due to members
Loans and other debts due to members	7	1,487,516		1,493,818
Members’ other interests
Members' capital classified as equity		407,776		407,776
			1,895,292		1,901,594
Total members' interests
Loans and other debts due to members		1,487,516		1,493,818
Equity		407,776		407,776
			1,895,292		1,901,594

S & S Properties (Yorkshire) LLP

(Registration number: OC334991)
Balance Sheet as at 31 March 2023 (continued)

For the year ending 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of S & S Properties (Yorkshire) LLP (registered number OC334991) were approved by the Board and authorised for issue on 9 June 2023. They were signed on behalf of the limited liability partnership by:

......................................... J Riley Designated member

S & S Properties (Yorkshire) LLP

Notes to the Financial Statements for the Year Ended 31 March 2023

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000.

The address of the registered office is:
West End Approach
Morley
Leeds
LS27 0NB

Registration number: OC334991

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The entity's functional and presentation currency is pound sterling.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of rents and service charges.

The entity recognises revenue when (the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

S & S Properties (Yorkshire) LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

1	Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives.

If there is an indication that there has been a significant change in estimated useful life or residual value of an asset, the depreciation of that asset is revised prospectively to reflect the new expectations.

Depreciation is charged as follows:

Asset class	Depreciation method and rate
Plant and machinery	15 years straight line

Investment properties

Investment property is held at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in the profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

S & S Properties (Yorkshire) LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

1	Accounting policies (continued)

Financial instruments

Financial assets
Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 4 (2022 - 4).

S & S Properties (Yorkshire) LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

3	Tangible fixed assets

	Plant and machinery £
Cost
At 1 April 2022	86,112
At 31 March 2023	86,112
Depreciation
At 1 April 2022	34,542
Charge for the year	5,741
At 31 March 2023	40,283
Net book value
At 31 March 2023	45,829
At 31 March 2022	51,570

4	Investment property

	2023  £
At 1 April	1,850,178
At 31 March	1,850,178

The partners valued the investment property as at 31 March 2017 on a rental yield basis.

S & S Properties (Yorkshire) LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

5

Debtors

	2023  £
Trade debtors	8,172
	8,172

6	Creditors: Amounts falling due within one year

	2023  £	2022  £
Trade creditors	27	27
Accruals and deferred income	2,695	2,645
Taxation and social security	9,893	8,349
	12,615	11,021

7	Analysis of other amounts

	2023  £	2022  £
Money advanced to the LLP by the members by way of loan	238,588	238,588
Money owed to members by the LLP in respect of profits	1,248,928	1,255,230
	1,487,516	1,493,818

Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of winding up.

There are no restrictions or limitations existing on the ability of the members to reduce the amount of 'Members' other interests'.