Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-312022-02-01trueNo description of principal activityfalse22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC356774 2022-02-01 2023-01-31 OC356774 2021-02-01 2022-01-31 OC356774 2023-01-31 OC356774 2022-01-31 OC356774 c:FreeholdInvestmentProperty 2023-01-31 OC356774 c:FreeholdInvestmentProperty 2022-01-31 OC356774 c:CurrentFinancialInstruments 2023-01-31 OC356774 c:CurrentFinancialInstruments 2022-01-31 OC356774 c:CurrentFinancialInstruments 2 2023-01-31 OC356774 c:CurrentFinancialInstruments 2 2022-01-31 OC356774 c:Non-currentFinancialInstruments 2023-01-31 OC356774 c:Non-currentFinancialInstruments 2022-01-31 OC356774 c:CurrentFinancialInstruments c:WithinOneYear 2023-01-31 OC356774 c:CurrentFinancialInstruments c:WithinOneYear 2022-01-31 OC356774 c:Non-currentFinancialInstruments c:AfterOneYear 2023-01-31 OC356774 c:Non-currentFinancialInstruments c:AfterOneYear 2022-01-31 OC356774 e:FRS102 2022-02-01 2023-01-31 OC356774 e:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 OC356774 e:FullAccounts 2022-02-01 2023-01-31 OC356774 e:LimitedLiabilityPartnershipLLP 2022-02-01 2023-01-31 OC356774 1 2022-02-01 2023-01-31 OC356774 e:PartnerLLP1 2022-02-01 2023-01-31 OC356774 c:FurtherSpecificReserve1ComponentTotalEquity 2023-01-31 OC356774 c:FurtherSpecificReserve1ComponentTotalEquity 2022-01-31 OC356774 c:FurtherSpecificReserve3ComponentTotalEquity 2023-01-31 OC356774 c:FurtherSpecificReserve3ComponentTotalEquity 2022-01-31 iso4217:GBP xbrli:pure
Registered number: OC356774






TURNKEY (UK) PROPERTY LLP

UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JANUARY 2023

 
TURNKEY (UK) PROPERTY LLP
REGISTERED NUMBER: OC356774

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Investment Property
 5 
1,600,000
1,600,000

  
1,600,000
1,600,000

Current assets
  

Debtors: amounts falling due within one year
 6 
106,024
61,683

Cash at bank and in hand
  
7,712
69,399

  
113,736
131,082

Creditors: Amounts Falling Due Within One Year
 7 
(130,782)
(130,244)

Net current (liabilities)/assets
  
 
 
(17,046)
 
 
838

Total assets less current liabilities
  
1,582,954
1,600,838

Creditors: amounts falling due after more than one year
 8 
(695,765)
(713,649)

  
887,189
887,189

  

Net assets
  
887,189
887,189

Page 1

 
TURNKEY (UK) PROPERTY LLP
REGISTERED NUMBER: OC356774
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
100
100

  
100
100

Members' other interests
  

Revaluation reserve classified as equity
  
887,089
887,089

  
 
887,089
 
887,089

  
887,189
887,189


Total members' interests
  

Amounts due from members (included in debtors)
  
(106,024)
(61,683)

Loans and other debts due to members
 9 
100
100

Members' other interests
  
887,089
887,089

  
781,165
825,506


The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the income statement in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 17 October 2023.




R Hunt
Designated member

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
TURNKEY (UK) PROPERTY LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 JANUARY 2023







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Revaluation reserve
Total
Members' capital (classified as debt)
Other amounts
Total
Total

£
£
£
£
£
£

Amounts due to members 
100
-
100


Amounts due from members 

(72,872)
(72,872)


Balance at 1 February 2021 
887,089
887,089
100
(72,872)
(72,772)
814,317

Members' remuneration charged as an expense
 
-
-
-
11,188
11,188
11,188

Amounts due to members
100
-
100

Amounts due from members
 



(61,683)
(61,683)


Balance at 31 January 2022
887,089
887,089
100
(61,683)
(61,583)
825,506

Members' remuneration charged as an expense
-
-
-
35,659
35,659
35,659

Distribution to members'
-
-
-
(80,000)
(80,000)
(80,000)

Amounts due to members
100
-
100

Amounts due from members
 



(106,024)
(106,024)


Balance at 31 January 2023 
887,089
887,089
100
(106,024)
(105,924)
781,165

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
TURNKEY (UK) PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Turnkey (UK) Property LLP is a limited liability partnership incorporated in England. Its registered office is 58 Ayres Street, London, SE1 1EU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is the rental income receivable in the year. 

Page 4

 
TURNKEY (UK) PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.3

Members' participation rights

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 earning 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. ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, and the requirements of the Statement of Recommended Practice ‘Accounting by Limited Liability Partnerships’. A member’s participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members’ capital, are classes as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.
Conversely, where profits are divided only are a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions profits, as described above, according to where the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the balance sheet within ‘Loans and other debts due to members’ and are charged to the Profit and Loss Account with ‘members’ remuneration charged as an expense’. Amounts due to members that are classified as equity are shown in the balance sheet within ‘members’ other interests’.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
TURNKEY (UK) PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

Creditors

Short term creditors are measured at the transaction price.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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 the Income Statement.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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.


3.


Employees

The entity has no employees.


4.


Reconciliation of members' interests

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 6

 
TURNKEY (UK) PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 February 2022
1,600,000



At 31 January 2023
1,600,000

The 2023 valuations were made by the members, on an open market value for existing use basis.





6.


Debtors

2023
2022
£
£


Amounts due from members
106,024
61,683

106,024
61,683



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
50,812
50,814

Trade creditors
2,250
-

Other creditors
75,830
75,830

Accruals
1,890
3,600

130,782
130,244


Page 7

 
TURNKEY (UK) PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
695,765
713,649

695,765
713,649


The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2023
2022
£
£


Bank loans
492,520
510,391

492,520
510,391

The bank loan is repayable by monthly installments. The rate of interest charged is 5.90%.


9.


Loans and other debts due to members


2023
2022
£
£



Members' capital treated as debt
100
100

100
100

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due after more than one year
100
100

100
100

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

Page 8

 
TURNKEY (UK) PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

10.


Related party transactions

During the year, the LLP was under the control of Mr R.J. Hunt.
During the year, Turnkey (UK) Property LLP charged rent to Turnkey Consulting (UK) Limited, a company in which R Hunt is a director and shareholder, amounting to £75,000 (2022 - £37,500).
At the end of the year. Turnkey (UK) Property LLP owed Turnkey Consulting (UK) Limited £75,830 (2022 - £75,830).

 
Page 9