Limited Liability Partnership registration number OC415691 (England and Wales)
CHART PROPERTY MANAGEMENT LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
CHART PROPERTY MANAGEMENT LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CHART PROPERTY MANAGEMENT LLP
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,505,000
1,415,000
Current assets
Debtors
5
241
611
Creditors: amounts falling due within one year
6
(44,109)
(37,698)
Net current liabilities
(43,868)
(37,087)
Total assets less current liabilities and net assets attributable to members
1,461,132
1,377,913
Represented by:
Loans and other debts due to members within one year
7
Amounts due in respect of profits
84,079
7,041
Other amounts
1,364,566
1,368,872
1,448,645
1,375,913
Members' other interests
7
Members' capital classified as equity
2,000
2,000
Other reserves classified as equity
10,487
-
1,461,132
1,377,913
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 January 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 24 October 2023 and are signed on their behalf by:
24 October 2023
A B McSkimming
Designated member
Limited Liability Partnership Registration No. OC415691
CHART PROPERTY MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
1
Accounting policies
Limited liability partnership information
Chart Property Management LLP is a limited liability partnership incorporated in England and Wales. The registered office is Elm Lodge, Luton Road, Chalton, Luton, Bedfordshire, LU4 9UG.
The limited liability partnership's principal activities 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 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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rents receivable for property rental services. Income is recognised in the period to which it relates.
1.3
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. The surplus or deficit on revaluation is recognised in profit or loss.
1.4
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, are measured at transaction price including transaction. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are 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.
CHART PROPERTY MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was nil (2022: nil).
3
Information in relation to members
2023
2022
Number
Number
Average number of members during the year
2
2
4
Investment property
2023
£
Fair value
At 1 February 2022
1,415,000
Net gains through fair value adjustments
90,000
At 31 January 2023
1,505,000
The investment properties have been revalued, based on the members' valuations, to reflect their open market value as at the balance sheet date. The valuations were made by reference to market evidence of transaction prices for similar properties.
The historical cost of the investment properties is £1,494,514 (2021: £1,494,514).
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
241
611
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
4,393
Other creditors
44,109
33,305
44,109
37,698
CHART PROPERTY MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
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 1 February 2022
2,000
-
2,000
1,375,913
1,375,913
1,377,913
Profit for the financial year available for discretionary division among members
-
94,566
94,566
-
-
94,566
Members' interests after profit for the year
2,000
94,566
96,566
1,375,914
1,375,914
1,472,480
Allocation of profit for the financial year
-
(84,079)
(84,079)
84,079
84,079
-
Repayment of debt (including members' capital classified as a liability)
-
-
-
(11,348)
(11,348)
(11,348)
Members' interests at 31 January 2023
2,000
10,487
12,487
1,448,645
1,448,645
1,461,132
CHART PROPERTY MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
8
Related party transactions
Included in creditors is an amount due to Chart Property Holdings Limited, a company associated with the members, totalling £38,839 (2022: £28,765) as at the balance sheet date.