REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
PORTLAND PROPERTIES (SE) LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
PORTLAND PROPERTIES (SE) LLP |
PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Reconciliation of Members' Interests | 5 |
Notes to the Financial Statements | 7 |
PORTLAND PROPERTIES (SE) LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Atlas Chambers |
33 West Street |
Brighton |
East Sussex |
BN1 2RE |
PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767) |
REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 MARCH 2022 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of property investment. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £23,187 (2021 - £25,780 loss). |
MEMBERS' INTERESTS |
Members are remunerated solely out of profits of the LLP. The profit share for each financial year is determined by agreement between the members. |
The level of drawings is also determined by the members, with reference to the working capital requirements of the LLP, and anticipated net profit for the period. |
The amount of capital is as as agreed by the members. |
Details of any transfers between equity and debt are set out in the notes of the financial statements. In the event of a winding up there is no extra protection for amounts due to members. |
ON BEHALF OF THE MEMBERS: |
PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2022 |
2022 | 2021 |
£ | £ |
TURNOVER |
Administrative expenses |
(7,216 | ) | (17,094 | ) |
Other operating income |
OPERATING LOSS | ( |
) | ( |
) |
Interest payable and similar expenses |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
( |
) |
PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767) |
BALANCE SHEET |
31 MARCH 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
42,780 |
46,642 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
42,780 |
46,642 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 42,780 | 46,642 |
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. |
The financial statements were approved by the members of the LLP and authorised for issue on |
PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767) |
RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 46,642 |
Amount due from members | - |
Balance at 1 April 2021 | - | 46,642 | 46,642 |
Loss for the financial year available for discretionary division among members |
(23,187 |
) |
- |
(23,187 |
) |
Members' interests after loss for the year |
(23,187 |
) |
46,642 |
23,455 |
Other divisions of loss | 23,187 | (23,187 | ) | - |
Capital introduced | - | 21,649 | 21,649 |
Drawings | - | (2,324 | ) | (2,324 | ) |
Amount due to members | 42,780 |
Amount due from members | - |
Balance at 31 March 2022 | - | 42,780 | 42,780 |
PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767) |
RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 26,243 |
Amount due from members | - |
Balance at 1 April 2020 | - | 26,243 | 26,243 |
Loss for the financial year available for discretionary division among members |
(25,780 |
) |
- |
(25,780 |
) |
Members' interests after loss for the year |
(25,780 |
) |
26,243 |
463 |
Other divisions of loss | 25,780 | (25,780 | ) | - |
Capital introduced | - | 48,186 | 48,186 |
Drawings | - | (2,007 | ) | (2,007 | ) |
Amount due to members | 46,642 |
Amount due from members | - |
Balance at 31 March 2021 | - | 46,642 | 46,642 |
PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
1. | STATUTORY INFORMATION |
Portland Properties (SE) LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents rental income receivable. |
Tangible fixed assets |
Computer equipment | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
After reviewing the partnership's forecasts, the members believe that the partnership has adequate resources to continue in operational existence. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 April 2021 |
Additions |
At 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2021 |
and 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
If investment property had not been revalued it would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 879,260 | 879,260 |
Investment property was valued on an open market basis on 31 March 2022 by the designated members. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other creditors |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans more than 5 years | 653,463 | 653,414 |
PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2022 | 2021 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more than 5 years |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
The bank loans are secured by charges over the investment properties. |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2022 | 2021 |
£ | £ |
Amounts owed to members in respect of profits | 42,780 | 46,642 |
Falling due within one year | 42,780 | 46,642 |
In the event of a winding up, loans and other debts due to members rank equally within unsecured debts, and no additional protection is afforded to creditors. |
No restrictions exist on the ability of the members to reduce the amount of Members' other interests. |