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REGISTERED NUMBER: OC427960 (England and Wales)















REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

FRANCIS PROPERTY LETTINGS LLP

FRANCIS PROPERTY LETTINGS LLP (REGISTERED NUMBER: OC427960)






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




Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


FRANCIS PROPERTY LETTINGS LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DESIGNATED MEMBERS: P A Francis FCCA
L K Francis FCCA





REGISTERED OFFICE: Energique
Anstey Lane
Alton
Hampshire
GU34 2NB





REGISTERED NUMBER: OC427960 (England and Wales)





ACCOUNTANTS: Tiakyfee Consultants Ltd
5 Dukes Close
Alton
Hampshire
GU34 1PH

FRANCIS PROPERTY LETTINGS LLP (REGISTERED NUMBER: OC427960)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2023

The members present their report with the financial statements of the LLP for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of letting of property owned by the members.

DESIGNATED MEMBERS
The designated members during the year under review were:

P A Francis FCCA
L K Francis FCCA

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The loss for the year before members' remuneration and profit shares was £44,137 (2022 - £82,208 profit).

The loss of £44,137 is after a fair value reduction of £130,457 which is recognised in the Income statement as required by FRS 102. The fair value reduction has not been realised and therefore is not to be included in the profit share calculation. The distributable profit for the year is £86,320.

MEMBERS' INTERESTS
In accordance with the LLP agreement, each partner receives an income of £12,000 per annum and any residual profit is allocated in accordance with each partners equity share in the partnership.

ON BEHALF OF THE MEMBERS:





L K Francis FCCA - Designated member


7 November 2023

FRANCIS PROPERTY LETTINGS LLP (REGISTERED NUMBER: OC427960)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

31.3.23 31.3.22
£    £   

TURNOVER 133,977 128,751

Cost of sales 33,168 32,124
GROSS PROFIT 100,809 96,627

Administrative expenses 5,078 4,996
95,731 91,631

Gain/loss on fair valuation of
investment property (130,457 ) -
OPERATING (LOSS)/PROFIT (34,726 ) 91,631


Interest payable and similar expenses 9,411 9,423
(LOSS)/PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND
PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




(44,137




)




82,208

FRANCIS PROPERTY LETTINGS LLP (REGISTERED NUMBER: OC427960)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,385,000 2,515,457

CURRENT ASSETS
Debtors 5 5,740 5,528
Cash at bank 546 3,326
6,286 8,854
CREDITORS
Amounts falling due within one year 6 29,314 18,355
NET CURRENT LIABILITIES (23,028 ) (9,501 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,361,972

2,505,956

CREDITORS
Amounts falling due after more than one year 7 469,952 565,060
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,892,020

1,940,896

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

472,423

390,842

MEMBERS' OTHER INTERESTS
Fair value reserve 1,419,597 1,550,054
1,892,020 1,940,896

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 472,423 390,842
Members' other interests 1,419,597 1,550,054
1,892,020 1,940,896

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.

FRANCIS PROPERTY LETTINGS LLP (REGISTERED NUMBER: OC427960)

BALANCE SHEET - continued
31 MARCH 2023


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

The financial statements were approved by the members of the LLP and authorised for issue on 7 November 2023 and were signed by:





P A Francis FCCA - Designated member

FRANCIS PROPERTY LETTINGS LLP (REGISTERED NUMBER: OC427960)

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

1. STATUTORY INFORMATION

Francis Property Lettings LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3. EMPLOYEE INFORMATION

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 2,515,457
Revaluations (130,457 )
At 31 March 2023 2,385,000
NET BOOK VALUE
At 31 March 2023 2,385,000
At 31 March 2022 2,515,457

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2020 1,550,054
Valuation in 2021 200,181
Valuation in 2023 (130,457 )
Cost 765,222
2,385,000

If investment properties had not been revalued they would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 765,222 765,222

Investment properties were valued on a fair value basis on 31 March 2023 by Paul Francis .

FRANCIS PROPERTY LETTINGS LLP (REGISTERED NUMBER: OC427960)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors 5,740 5,528

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other creditors 29,314 18,355

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans 469,952 565,060

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 469,952 565,060

The bank loans are secured upon the investment property held within the company.

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and Other Debts due to Members represent allocated profits not yet paid to members, they are due within 1 year and would rank after unsecured creditors in the event of a winding up.