Registered No. OC389078 (England and Wales)
A K Property Portfolio LLP
Unaudited accounts
for the year ended 5 April 2023
A K Property Portfolio LLP
LLP Information
for the year ended 5 April 2023
Designated members
Mrs Theeradge Kaur
Registered Number
OC389078 (England and Wales)
Registered Office
326-330 Hucknall Road
Sherwood
Nottingham
Nottinghamshire
NG5 1FS
UK
Accountants
Net Accountancy Solutions Limited
35 Gripps Common
Cotgrave
Nottingham
Nottinghamshire
NG12 3TF
A K Property Portfolio LLP
Statement of financial position
as at 5 April 2023
Tangible assets
2,847
3,796
Investment property
3,204,797
2,491,305
Cash at bank and in hand
16,021
1,300
Creditors: amounts falling due within one year
(187,361)
(102,131)
Net current (liabilities)/assets
(64,034)
34,872
Total assets less current liabilities
3,143,610
2,529,973
Creditors: amounts falling due after more than one year
(1,206,000)
(1,305,763)
Net assets attributable to members
1,937,610
1,224,210
Loans and other debts due to members
1,791,392
1,077,992
Revaluation reserve
146,218
146,218
Loans and other debts due to members
1,791,392
1,077,992
Members' other interests
146,218
146,218
For the year ending 5 April 2023 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the members on 29 September 2023.
Mr Gurmit Singh Landa
Designated member
Limited Liability Partnership Registration No. OC389078
A K Property Portfolio LLP
Notes to the Accounts
for the year ended 5 April 2023
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.
The accounts are presented in £ sterling.
Rent receivable is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members remuneration charged as an expense in the profit and loss account.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital, even if that obligation is conditional.
A K Property Portfolio LLP is a limited liability partnership, incorporated in England and Wales, registration number OC389078. Its registered office is 326-330 Hucknall Road, Sherwood, Nottingham, Nottinghamshire, NG5 1FS, UK.
A K Property Portfolio LLP
Notes to the Accounts
for the year ended 5 April 2023
3
Tangible fixed assets
Plant & machinery
Fair value at 6 April 2022
2,491,305
Net gain from fair value adjustments
692,251
5
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
85,150
68,533
Trade creditors
3,152
1,378
Taxes and social security costs
2,986
2,682
Other creditors
62,398
27,326
Deferred income
26,906
1,612
6
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
1,206,000
1,305,763
Aggregate of amounts that fall due for payment after five years
27,000
1,031,631
The bank loans are secured on the properties to which they relate.
A K Property Portfolio LLP
Notes to the Accounts
for the year ended 5 April 2023
7
Loans and other debts due to members
2023
2022
Amounts due to members in respect of profits
1,791,392
1,077,992
Amounts falling due within one year
1,791,392
1,077,992
Loans and other debts due to members rank equally with debts due to other unsecured creditors in the event of a winding up.
8
Transactions with related parties
Included in other debtors is an amount of £94,451 (2021: £100,834) owed by Hillcrest Nottingham Ltd, a company controlled by Mr G S Landa, managing partner. The loan is interest free and repayable on demand.
9
Average number of employees
During the year the average number of employees was 1 (2022: 1).