6 April 2022 false No description of principal activity Taxfiler 2023.9 OC389078business:LimitedLiabilityPartnershipLLP2022-04-062023-04-05 OC3890782022-04-05 OC3890782022-04-062023-04-05 OC389078business:AuditExemptWithAccountantsReport2022-04-062023-04-05 OC389078business:FullAccounts2022-04-062023-04-05 OC3890782023-04-05 OC389078business:PartnerLLP12022-04-062023-04-05 OC389078business:PartnerLLP22022-04-062023-04-05 OC389078business:RegisteredOffice2022-04-062023-04-05 OC3890782022-04-05 OC389078core:WithinOneYear2023-04-05 OC389078core:WithinOneYear2022-04-05 OC389078core:AfterOneYear2023-04-05 OC389078core:AfterOneYear2022-04-05 OC389078core:RevaluationReserve2023-04-05 OC389078core:RevaluationReserve2022-04-05 OC389078business:SmallEntities2022-04-062023-04-05 OC389078core:PlantMachinery2022-04-062023-04-05 OC389078core:MotorVehicles2022-04-062023-04-05 OC389078countries:EnglandWales2022-04-062023-04-05 OC389078core:PlantMachinery2022-04-05 OC389078core:PlantMachinery2023-04-05 OC389078core:MoreThanFiveYears2023-04-05 OC389078core:MoreThanFiveYears2022-04-05 OC389078core:AfterOneYear2022-04-062023-04-05 OC3890782021-04-062022-04-05 iso4217:GBP xbrli:pure
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
Mr Gurmit Singh Landa
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
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A K Property Portfolio LLP Statement of financial position as at 5 April 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
2,847 
3,796 
Investment property
3,204,797 
2,491,305 
3,207,644 
2,495,101 
Current assets
Debtors
107,306 
135,703 
Cash at bank and in hand
16,021 
1,300 
123,327 
137,003 
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 
Represented by:
Loans and other debts due to members
1,791,392 
1,077,992 
Members' other interests
Revaluation reserve
146,218 
146,218 
1,937,610 
1,224,210 
Total members' interests
Loans and other debts due to members
1,791,392 
1,077,992 
Members' other interests
146,218 
146,218 
1,937,610 
1,224,210 
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
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A K Property Portfolio LLP Notes to the Accounts for the year ended 5 April 2023
1
Accounting policies
Basis of preparation
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.
Presentation currency
The accounts are presented in £ sterling.
Rent receivable
Rent receivable is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Division of profits
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
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.
2
Statutory information
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.
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A K Property Portfolio LLP Notes to the Accounts for the year ended 5 April 2023
3
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 6 April 2022
14,035 
At 5 April 2023
14,035 
Depreciation
At 6 April 2022
10,239 
Charge for the year
949 
At 5 April 2023
11,188 
Net book value
At 5 April 2023
2,847 
At 5 April 2022
3,796 
4
Investment property
2023 
£ 
Fair value at 6 April 2022
2,491,305 
Additions
21,241 
Net gain from fair value adjustments
692,251 
At 5 April 2023
3,204,797 
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 
Accruals
6,769 
600 
Deferred income
26,906 
1,612 
187,361 
102,131 
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.
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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).
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