Registered number:
OC381492
Lipton Rogers Developments LLP
UNAUDITED
FINANCIAL STATEMENTS
For the Year Ended
31 March 2022
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Registered number:
OC381492
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Lipton Rogers Developments LLP
BALANCE SHEET
As at
31 March 2022
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Loans and other debts due to members within one year
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Other reserves classified as equity
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Loans and other debts due to members
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Registered number:
OC381492
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Lipton Rogers Developments LLP
BALANCE SHEET
(CONTINUED)
As at
31 March 2022
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by
:
The notes on pages 4 to 9 form part of these financial statements.
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Lipton Rogers Developments LLP
RECONCILIATION OF MEMBERS' INTERESTS
For the Year Ended 31 March 2022
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Loss for the year available for discretionary division among members
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Members' interests after loss for the year
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Loss for the year available for discretionary division among members
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Members' interests after loss for the year
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Amounts introduced by members
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The notes on pages 4 to 9 form part of these financial statements.
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
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Lipton Rogers Developments LLP
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2022
Lipton Rogers Developments LLP is a limited liability partnership incorporated in the UK and registered in England and Wales at 16 Great Queen Street, London, WC2B 5AH.
The LLP's principal activity is to provide property development services.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies.
Turnover comprises revenue recognised by the LLP in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
LLP has taken advantage of the exemption in Section 1A FRS 102 from preparing a cash flow statement on the grounds that it is a small entity.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.
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Lipton Rogers Developments LLP
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2022
2.
Accounting policies (continued)
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Division and distribution of profits
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A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in.
In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense' where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
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Short-term leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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Lipton Rogers Developments LLP
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2022
2.
Accounting policies (continued)
The LLP does not trade in financial instruments and all such instruments arise directly from operations.
All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The LLP does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.
The LLP’s cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished. As the LLP only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.
The taxation payable on profits is the personal liability of the members.
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The average monthly number of employees, including directors, during the year was 9
(2021 -
11
)
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Lipton Rogers Developments LLP
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2022
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Short-term leasehold property
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Charge for the year on owned assets
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Prepayments and accrued income
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Lipton Rogers Developments LLP
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2022
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Bank loans comprise a Bounce Back loan of £50,000 repayable in 60 monthly instalments commencing 3 October 2021. The loan incurs interest at a rate of 2.5%.
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The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £62,828 (2021 - £53,876). Contributions totalling £nil (2021 - £nil) were payable to the fund at the balance sheet date.
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Lipton Rogers Developments LLP
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2022
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Commitments under operating leases
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At 31 March 2022 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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