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REGISTERED NUMBER: OC420229 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

ROM VALLEY LLP

ROM VALLEY LLP (REGISTERED NUMBER: OC420229)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ROM VALLEY LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DESIGNATED MEMBERS: MOF Romford 2 Limited
Portland Capital Re LLP





REGISTERED OFFICE: 4th Floor Stanhope House
47 Park Lane
London
W1K 1PR





REGISTERED NUMBER: OC420229 (England and Wales)





ACCOUNTANTS: Thompson Taraz Rand Audit and Assurance Limited
10 Jesus Lane
Cambridge
Cambridgeshire
CB5 8BA

ROM VALLEY LLP (REGISTERED NUMBER: OC420229)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investment property 5 20,650,000 22,700,000

CURRENT ASSETS
Debtors 6 3,131,427 1,733,051
Cash at bank 966,815 891,566
4,098,242 2,624,617
CREDITORS
Amounts falling due within one year 7 (2,031,969 ) (13,354,627 )
NET CURRENT ASSETS/(LIABILITIES) 2,066,273 (10,730,010 )
TOTAL ASSETS LESS CURRENT LIABILITIES 22,716,273 11,969,990

CREDITORS
Amounts falling due after more than one
year

8

(12,330,385

)

-
NET ASSETS ATTRIBUTABLE TO MEMBERS 10,385,888 11,969,990

LOANS AND OTHER DEBTS DUE TO MEMBERS - -

MEMBERS' OTHER INTERESTS
Capital accounts 18,231,609 16,774,094
Other reserves (7,845,721 ) (4,804,104 )
10,385,888 11,969,990

TOTAL MEMBERS' INTERESTS
Members' other interests 10,385,888 11,969,990

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.

ROM VALLEY LLP (REGISTERED NUMBER: OC420229)

BALANCE SHEET - continued
31 MARCH 2023


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and loss account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 6 November 2023 and were signed by:





MOF Romford 2 Limited - Designated member

ROM VALLEY LLP (REGISTERED NUMBER: OC420229)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Rom Valley 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Revenue is recognised at the fair value of consideration receivable in respect of the rental of commercial property, excluding value added tax.

Investment property
Investment property is measured at fair value. Any changes to fair value are recorded in the profit and loss account.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets or financial liabilities or equity instruments.

Basic financial assets:
Basic financial assets which include assets and such as debtors, 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 constitute a financing transaction, where the transaction is measured at the present value of future receipts are discounted at a market rate of interest. Assets receivable within one year are not discounted.

Basic financial liabilities:
Basic financial liabilities. including creditors, bank loans, are initially measured at transaction price net of transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not discounted.

Derivative financial instruments:
Derivative financial instruments are initially measured at fair value at the date a derivative contract is entered into and are subsequently remeasured at their fair value.Changes in fair value of derivatives are recognised in profit and loss within finance costs.

Deferred tax
The LLP has no deferred tax liability or asset as taxation on members' share of the LLP's profits is solely the personal liability of the individual members and consequently is not dealt with in these financial statements.

ROM VALLEY LLP (REGISTERED NUMBER: OC420229)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued

Going concern
During the year under review, the Bank Leumi loan facility matured, and this was refinanced with CBRE Investment Management. The new CBRE Investment Management loan facility has an initial term of two years to October 2024. The Members are not aware of any further material uncertainties that may cast significant doubt upon the LLP's ability to continue as a going concern. Therefore, the financial statements have been prepared on a going concern basis.

4. EMPLOYEE INFORMATION

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

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 22,700,000
Revaluations (2,050,000 )
At 31 March 2023 20,650,000
NET BOOK VALUE
At 31 March 2023 20,650,000
At 31 March 2022 22,700,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2019 1,258,745
Valuation in 2020 (3,574,825 )
Valuation in 2021 845,002
Valuation in 2022 (4,295,002 )
Valuation in 2023 (2,050,000 )
Cost 28,466,080
20,650,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 28,466,080 28,466,080

Investment property was valued on an open market basis on 31 March 2023 by Allsop LLP .

ROM VALLEY LLP (REGISTERED NUMBER: OC420229)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 11,219
Other debtors 3,131,427 1,721,832
3,131,427 1,733,051

Included within debtors is a financial asset which represents the fair value of an interest rate cap agreement. The initial premium paid amounted to £427,834 for an agreement with a strike rate of 3%. This compares against the loan facility which has a interest rate of the Sterling Over Night Index Average (SONIA) plus 4%.The fair value of the cap at the balance sheet date amounted to £287,114. The change in fair value is recognised in profit and loss.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 12,970,000
Payments on account 20,723 -
Trade creditors 34,774 130,327
Taxation and social security 7,558 -
Other creditors 1,968,914 254,300
2,031,969 13,354,627

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 12,330,385 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 12,330,385 12,970,000

Bank loans are secured by way of a fixed and floating charge against all assets of the LLP.

10. FINANCIAL INSTRUMENTS

The value of the bank loan detailed in note 9 to the financial statements represents the carrying value of a loan facility of £12,428,000 net of transaction costs totalling £124,280, which are amortised to the profit and loss account using the effective interest rate over the term of the loan. The value of transactions costs released during the year under review amounts to £26,665.

ROM VALLEY LLP (REGISTERED NUMBER: OC420229)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

11. RELATED PARTY DISCLOSURES

During the year under review a loan amounting to £2,065,443 (2022: £106,622) were payable to limited liability partnership under common control. This balance is interest free and repayable on demand and disclosed within other creditors.

During the year under review a loan amounting to £123,012 (2022:(61,589)) was due from a limited liability partnership under common control. This balance is interest free and repayable on demand and included within other debtors.

The LLP was also charged management fees of £223,464 (2022:£138,652) by a designated member.