Limited Liability Partnership registration number OC441080 (England and Wales)
VICTORIA PROPERTY RENTALS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 16 FEBRUARY 2022 TO 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
VICTORIA PROPERTY RENTALS LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
VICTORIA PROPERTY RENTALS LLP
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investment property
4
2,000,000
Current assets
Debtors
5
427
Cash at bank and in hand
7,354
7,781
Creditors: amounts falling due within one year
6
(4,978)
Net current assets
2,803
Total assets less current liabilities and net assets attributable to members
2,002,803
Represented by:
Loans and other debts due to members within one year
7
Amounts due in respect of profits
32,039
Other amounts
1,968,764
2,000,803
Members' other interests
7
Members' capital classified as equity
2,000
2,002,803

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 period ended 28 February 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.

The financial statements were approved by the members and authorised for issue on 4 October 2023 and are signed on their behalf by:
04 October 2023
L Wakely
Designated member
Limited Liability Partnership registration number OC441080 (England and Wales)
VICTORIA PROPERTY RENTALS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Limited liability partnership information

Victoria Property Rentals LLP is a limited liability partnership incorporated in England and Wales. The registered office is 45 Twycross Road, Wokingham, Berkshire, RG40 5PE.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

This is the first time the limited liability partnership has presented its financial statements since its incorporation, hence the financial statements presented are for the period of more than twelve months with no comparatives.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, 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 revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover represents the amounts receivable for property rental services.

1.4
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.

1.5
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.

 

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

 

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

VICTORIA PROPERTY RENTALS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

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 fair value through 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2
Information in relation to members
2023
Number
Average number of members during the period
2
VICTORIA PROPERTY RENTALS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 4 -
3
Employees

The average number of persons (excluding members) employed by the partnership during the period was nil.

4
Investment property
2023
£
Fair value
At 16 February 2022
-
Additions
2,000,000
At 28 February 2023
2,000,000

The respective investment properties are acquired by the limited liability partnership on 2 April 2022 and 4 November 2022. Members believe that fair value of the investment properties has not materially changed between acquisition date and the balance sheet date.

5
Debtors
2023
Amounts falling due within one year:
£
Other debtors
427
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
678
Other creditors
4,300
4,978
VICTORIA PROPERTY RENTALS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 5 -
7
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 16 February 2022
2,000
-
2,000
-
-
2,000
Profit for the period available for discretionary division among members
-
32,039
32,039
-
-
32,039
Members' interests after profit for the period
2,000
32,039
34,039
-
-
34,039
Allocation of profit for the period
-
(32,039)
(32,039)
32,039
32,039
-
Introduced by members
-
-
-
1,998,131
1,998,131
1,998,131
Repayment of debt (including members' capital classified as a liability)
-
-
-
(29,367)
(29,367)
(29,367)
Members' interests at 28 February 2023
2,000
-
2,000
2,000,803
2,000,803
2,002,803
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