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REGISTERED NUMBER: OC421429 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Thomas Estates LLP

Thomas Estates LLP (Registered number: OC421429)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Thomas Estates LLP

General Information
for the Year Ended 31 March 2023







DESIGNATED MEMBERS: P V Thomas
Mrs J M Thomas





REGISTERED OFFICE: 44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN





REGISTERED NUMBER: OC421429 (England and Wales)





ACCOUNTANTS: APT
44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN

Thomas Estates LLP (Registered number: OC421429)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 223,119 222,344
Investment property 5 12,650,000 10,626,963
12,873,119 10,849,307

CURRENT ASSETS
Debtors 6 80,037 112,204
Cash at bank 68,730 29,676
148,767 141,880
CREDITORS
Amounts falling due within one year 7 (427,303 ) (229,620 )
NET CURRENT LIABILITIES (278,536 ) (87,740 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,594,583

10,761,567

CREDITORS
Amounts falling due after more than one year 8 (4,001,026 ) (2,935,958 )
NET ASSETS ATTRIBUTABLE TO
MEMBERS

8,593,557

7,825,609

Thomas Estates LLP (Registered number: OC421429)

Balance Sheet - continued
31 March 2023

31.3.23 31.3.22
Notes £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 8,593,557 7,825,609
8,593,557 7,825,609

TOTAL MEMBERS' INTERESTS
Members' other interests 8,593,557 7,825,609

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

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 have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 5 October 2023 and were signed by:





P V Thomas - Designated member

Thomas Estates LLP (Registered number: OC421429)

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


1. STATUTORY INFORMATION

Thomas Estates LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The functional and presentational currency of the LLP is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover represents rental income receivable from investment property disclosed in the financial statements. Government grants are recognised on an accruals basis in accordance with the substance of the relevant agreement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 25% on reducing balance

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.

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort on an on-going basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

Thomas Estates LLP (Registered number: OC421429)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provision for liabilities
Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

Thomas Estates LLP (Registered number: OC421429)

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


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 253,240
Additions 67,132
At 31 March 2023 320,372
DEPRECIATION
At 1 April 2022 30,896
Charge for year 66,357
At 31 March 2023 97,253
NET BOOK VALUE
At 31 March 2023 223,119
At 31 March 2022 222,344

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 10,626,963
Additions 849,370
Revaluations 1,173,667
At 31 March 2023 12,650,000
NET BOOK VALUE
At 31 March 2023 12,650,000
At 31 March 2022 10,626,963

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2020 1,368,177
Valuation in 2021 918,279
Valuation in 2022 962,004
Valuation in 2023 1,173,667
Cost 8,227,873
12,650,000

Thomas Estates LLP (Registered number: OC421429)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 80,037 52,204
Other debtors - 60,000
80,037 112,204

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 3,000 2,272
Trade creditors 380,228 5,634
Other creditors 44,075 221,714
427,303 229,620

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 3,601,026 2,535,958
Other creditors 400,000 400,000
4,001,026 2,935,958

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,318,730 1,318,730

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 3,604,026 2,538,230

Thomas Estates LLP (Registered number: OC421429)

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


10. RELATED PARTY DISCLOSURES

As at 31 March 2023 trade creditors of £377,616 (2022: £nil) were due to an entity controlled by key management personnel.

As at 31 March 2023 accrued fees of £nil (2022: £216,964) were due to an entity controlled by key management personnel.

During the period under review, management fees of £52,283 (2022: £46,186) were charged by an entity controlled by key management personnel.