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REGISTERED NUMBER: OC433800 (England and Wales)










REPORT OF THE MEMBERS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

FAMAGUSTA INVESTMENTS LLP

FAMAGUSTA INVESTMENTS LLP (REGISTERED NUMBER: OC433800)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 MARCH 2023




Page

General Information 1

Report of the Members 2

Chartered Accountants' Report 3

Income Statement 4

Statement of Financial Position 5

Notes to the Financial Statements 6


FAMAGUSTA INVESTMENTS LLP

GENERAL INFORMATION
For The Year Ended 31 MARCH 2023







DESIGNATED MEMBERS: Mr A Harkos
Mrs A Harkos
Mr L A S Harkos
Mr S Harkos





REGISTERED OFFICE: 1 Kings Avenue
London
N21 3NA





REGISTERED NUMBER: OC433800 (England and Wales)





ACCOUNTANTS: AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA

FAMAGUSTA INVESTMENTS LLP (REGISTERED NUMBER: OC433800)

REPORT OF THE MEMBERS
For The Year Ended 31 MARCH 2023

The members present their report with the financial statements of the LLP for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of property investments and lettings.

DESIGNATED MEMBERS
The designated members during the year under review were:

Mr A Harkos
Mrs A Harkos
Mr L A S Harkos
Mr S Harkos

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £186,119 (2022 - £166,499 profit).

MEMBERS' INTERESTS
The report of the members have been prepared in accordance with the special provisions of the Companies Act 2006 ((as applied by the LLP) (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008) applicable to the LLPs subject to the small LLPs regime.

The members' subscription to capital is as determined by the members from time to time having regard to the short,
medium and long term needs of the business. The level of capital contribution depends on the member's number of
profit sharing units.

On retirement, capital is repaid to the members.

Details of changes in members' capital in the year ended 31 March 2023 are set out in the financial statements.

Members are remunerated from the profits of the LLP. Profits are allocated and divided between members as agreed by the members from time to time.

Members draw a proportion of their profit share monthly during the year in which it is made, with the balance of profits
being distributed after the year, subject to the cash requirements of the business.

Unrealised fair value adjustments are not shared among the members.

Losses are not shared among the members in accordance with the limited liability partnership agreement.

ON BEHALF OF THE MEMBERS:





Mr S Harkos - Designated member


22 September 2023

CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FAMAGUSTA INVESTMENTS LLP


In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Famagusta Investments LLP for the year ended 31 March 2023 which comprise the Income Statement, Statement of Financial Position and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Famagusta Investments LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Famagusta Investments LLP and state those matters that we have agreed to state to the members of Famagusta Investments LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Famagusta Investments LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Famagusta Investments LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Famagusta Investments LLP. You consider that Famagusta Investments LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Famagusta Investments LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA


22 September 2023

FAMAGUSTA INVESTMENTS LLP (REGISTERED NUMBER: OC433800)

INCOME STATEMENT
For The Year Ended 31 MARCH 2023

Period
15.10.20
Year Ended to
31.3.23 31.3.22
£    £   

REVENUE 278,773 213,031

Administrative expenses 72,654 31,532
OPERATING PROFIT 206,119 181,499


Interest payable and similar expenses 20,000 15,000
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




186,119




166,499

FAMAGUSTA INVESTMENTS LLP (REGISTERED NUMBER: OC433800)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 5,421,000 5,421,000

CURRENT ASSETS
Debtors 5 1,778 3,268
Cash at bank 357,164 199,888
358,942 203,156
CREDITORS
Amounts falling due within one year 6 99,165 68,590
NET CURRENT ASSETS 259,777 134,566
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,680,777

5,555,566

CREDITORS
Amounts falling due after more than one
year

7

4,000,000

4,000,000
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,680,777

1,555,566

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

1,680,777

1,555,566

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 1,680,777 1,555,566

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 22 September 2023 and were signed by:





Mr S Harkos - Designated member

FAMAGUSTA INVESTMENTS LLP (REGISTERED NUMBER: OC433800)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 MARCH 2023

1. STATUTORY INFORMATION

Famagusta Investments 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. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property.
Revenue is recognised evenly over the period of the rental agreement.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

FAMAGUSTA INVESTMENTS LLP (REGISTERED NUMBER: OC433800)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

3. EMPLOYEE INFORMATION

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 5,421,000
NET BOOK VALUE
At 31 March 2023 5,421,000
At 31 March 2022 5,421,000

If investment property had not been revalued it would have been included at the historical cost of £5,421,000.

FAMAGUSTA INVESTMENTS LLP (REGISTERED NUMBER: OC433800)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MARCH 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,778 3,268

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 12,060 6,060
Taxation and social security 5,937 7,210
Other creditors 81,168 55,320
99,165 68,590

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 4,000,000 4,000,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 4,000,000 4,000,000

8. LOANS AND OTHER DEBTS DUE TO MEMBERS
2023 2022
£    £   
Amounts owed to members in respect of profits 1,680,777 1,555,566

Falling due within one year 1,680,777 1,555,566

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.

9. RELATED PARTY DISCLOSURES

Included in the other creditors due within one year is an amount of £27,000 (2022: £Nil) due to connected companies where the members have common interest. The loan remains interest free and repayable on demand.