Limited Liability Partnership Registration No. OC326905 (England and Wales)
MARLBOROUGH COURT FREEHOLD PARTNERS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
MARLBOROUGH COURT FREEHOLD PARTNERS LLP
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
MARLBOROUGH COURT FREEHOLD PARTNERS LLP
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MARLBOROUGH COURT FREEHOLD PARTNERS LLP FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Marlborough Court Freehold Partners LLP for the year ended 31 March 2023 which comprise, the Balance Sheet and the related notes from the limited liability partnership’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 at http://www.icaew.com/en/members/regulations-standards-and-guidance.

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

It is your duty to ensure that Marlborough Court Freehold Partners 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 loss of Marlborough Court Freehold Partners LLP. You consider that Marlborough Court Freehold Partners 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 Marlborough Court Freehold Partners 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.

Carpenter Box
10 October 2023
Chartered Accountants
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
MARLBOROUGH COURT FREEHOLD PARTNERS LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
795,589
795,589
Current assets
Debtors
4
560
1,525
Cash at bank and in hand
7,835
10,913
8,395
12,438
Creditors: amounts falling due within one year
5
(3,990)
(3,450)
Net current assets
4,405
8,988
Total assets less current liabilities
799,994
804,577
Represented by:
Loans and other debts due to members within one year
Other amounts
74,240
78,823
Members' other interests
Members' capital classified as equity
570
570
Revaluation reserve
725,184
725,184
799,994
804,577
Total members' interests
Loans and other debts due to members
74,240
78,823
Members' other interests
725,754
725,754
799,994
804,577

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

MARLBOROUGH COURT FREEHOLD PARTNERS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the members and authorised for issue on 10 October 2023 and are signed on their behalf by:
10 October 2023
Mrs M J Baldassarro
Designated member
Limited Liability Partnership Registration No. OC326905
MARLBOROUGH COURT FREEHOLD PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Limited liability partnership information

Marlborough Court Freehold Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

 

The principal activities of the limited liability partnerships are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the investment properties and certain financial instruments at fair value.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

MARLBOROUGH COURT FREEHOLD PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, 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 end date. Changes in fair value are recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.7
Financial instruments

The limited liability partnership 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

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.

 

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was 0 (2022: 0)

3
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
795,589

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the managing partner on 31 March 2023. This is unchanged from the prior year as due to uncertainty in the property market there are few sales of similar properties to make an adjustment. The property values will be reassessed on 31 March 2024.

 

The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The historic cost of the investment properties was £70,405 (2022: £70,405).

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
560
1,525
MARLBOROUGH COURT FREEHOLD PARTNERS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
3,990
3,450
6
Loans and other debts due to members

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

2023-03-312022-04-01false10 October 2023CCH SoftwareCCH Accounts Production 2023.300falseOC3269052022-04-012023-03-31OC3269052023-03-31OC326905bus:PartnerLLP12022-04-012023-03-31OC3269052021-04-012022-03-31OC3269052022-03-31OC326905bus:LimitedLiabilityPartnershipLLP2022-04-012023-03-31OC326905bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-31OC326905bus:FRS1022022-04-012023-03-31OC326905bus:AuditExemptWithAccountantsReport2022-04-012023-03-31OC326905bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP