Caseware UK (AP4) 2022.0.179 2022.0.179 2022-04-01falseLetting of properties22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC431132 2022-04-01 2023-03-31 OC431132 2021-04-01 2022-03-31 OC431132 2023-03-31 OC431132 2022-03-31 OC431132 c:PlantMachinery 2022-04-01 2023-03-31 OC431132 c:PlantMachinery 2023-03-31 OC431132 c:PlantMachinery 2022-03-31 OC431132 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC431132 c:FurnitureFittings 2022-04-01 2023-03-31 OC431132 c:FurnitureFittings 2023-03-31 OC431132 c:FurnitureFittings 2022-03-31 OC431132 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC431132 c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC431132 c:FreeholdInvestmentProperty 2023-03-31 OC431132 c:FreeholdInvestmentProperty 2022-03-31 OC431132 c:CurrentFinancialInstruments 2023-03-31 OC431132 c:CurrentFinancialInstruments 2022-03-31 OC431132 c:Non-currentFinancialInstruments 2023-03-31 OC431132 c:Non-currentFinancialInstruments 2022-03-31 OC431132 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC431132 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC431132 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC431132 c:Non-currentFinancialInstruments c:AfterOneYear 2022-03-31 OC431132 d:FRS102 2022-04-01 2023-03-31 OC431132 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC431132 d:FullAccounts 2022-04-01 2023-03-31 OC431132 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC431132 c:HirePurchaseContracts c:WithinOneYear 2023-03-31 OC431132 c:HirePurchaseContracts c:WithinOneYear 2022-03-31 OC431132 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-03-31 OC431132 c:HirePurchaseContracts c:BetweenOneFiveYears 2022-03-31 OC431132 d:PartnerLLP1 2022-04-01 2023-03-31 OC431132 c:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 OC431132 c:FurtherSpecificReserve1ComponentTotalEquity 2022-03-31 OC431132 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC431132 c:FurtherSpecificReserve3ComponentTotalEquity 2022-03-31 iso4217:GBP xbrli:pure

Registered number: OC431132










MAP Property (S.E.) LLP








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2023

 
MAP Property (S.E.) LLP
Registered number: OC431132

Balance sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
45,770
62,344

Investment property
 5 
8,790,644
8,790,644

  
8,836,414
8,852,988

Current assets
  

Debtors: amounts falling due within one year
 6 
26,133
24,316

Cash at bank and in hand
 7 
35,052
23,686

  
61,185
48,002

Creditors: Amounts Falling Due Within One Year
 8 
(97,403)
(87,640)

Net current liabilities
  
 
 
(36,218)
 
 
(39,638)

Total assets less current liabilities
  
8,800,196
8,813,350

Creditors: amounts falling due after more than one year
 9 
(6,205,250)
(6,215,750)

  
2,594,946
2,597,600

  

Net assets
  
2,594,946
2,597,600


Represented by:
  

Other amounts
 11 
(2,691,354)
(2,688,700)

  
(2,691,354)
(2,688,700)

Members' other interests
  

Revaluation reserve classified as equity
  
5,286,300
5,286,300

  
 
5,286,300
 
5,286,300

  
2,594,946
2,597,600


Total members' interests
  

Loans and other debts due from members
 11 
(2,691,354)
(2,688,700)

Members' other interests
  
5,286,300
5,286,300

  
2,594,946
2,597,600


Page 1

 
MAP Property (S.E.) LLP
Registered number: OC431132

Balance sheet (continued)
As at 31 March 2023

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 statement of comprehensive income 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 by: 




................................................
M Perkins
Designated member

Date: 6 November 2023

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

Page 2

 
MAP Property (S.E.) LLP
 

Reconciliation of members' interests
For the year ended 31 March 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
Other reserves
Total
Other amounts
Total

£
£
£
£
£

Loss for the year available for discretionary division among members
 
-
(327,383)
(327,383)
-
(327,383)

Members' interests after loss for the year
4,793,000
(327,383)
4,465,617
(223,393)
4,242,224

Other division of losses
-
327,383
327,383
(327,383)
-

Movement in reserves
493,300
-
493,300
-
493,300

Amounts introduced by members
-
-
-
255,700
255,700

Drawings
-
-
-
(2,393,624)
(2,393,624)

Amounts due to members
(2,688,700)

Balance at 31 March 2022
5,286,300
-
5,286,300
(2,688,700)
2,597,600

Profit for the year available for discretionary division among members
 
-
11,588
11,588
-
11,588

Members' interests after profit for the year
5,286,300
11,588
5,297,888
(2,688,700)
2,609,188

Other division of profits
-
(11,588)
(11,588)
11,588
-

Amounts introduced by members
-
-
-
408,920
408,920

Drawings
-
-
-
(423,162)
(423,162)

Amounts due to members
(2,691,354)

Balance at 31 March 2023 
5,286,300
-
5,286,300
(2,691,354)
2,594,946

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

 
MAP Property (S.E.) LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

1.


General information

Map Property (S.E.) LLP is a limited liability partnership incorporated in England within the United Kingdom, registered number OC431132. The address of the registered office is Charter House, Unit 1 Southbourne Business Park, Courtlands Road, Eastbourne, United Kingdom, BN22 8UY.
The financial statements are presented in sterling and rounded to the nearest £1.

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 recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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.

 
2.4

Borrowing costs

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

Page 4

 
MAP Property (S.E.) LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis and straight line basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15% reducing balance basis and over 3 years straight line
Fixtures and fittings
-
15% reducing balance basis and over 3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
MAP Property (S.E.) LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The LLP 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2022
36,242
183,839
220,081



At 31 March 2023

36,242
183,839
220,081



Depreciation


At 1 April 2022
30,950
126,787
157,737


Charge for the year on owned assets
2,646
13,928
16,574



At 31 March 2023

33,596
140,715
174,311



Net book value



At 31 March 2023
2,646
43,124
45,770



At 31 March 2022
5,292
57,052
62,344

Page 6

 
MAP Property (S.E.) LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
8,790,644



At 31 March 2023
8,790,644

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





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
3,504,344
3,504,344

3,504,344
3,504,344


6.


Debtors

2023
2022
£
£


Other debtors
24,339
21,652

Prepayments and accrued income
1,794
2,664

26,133
24,316



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
35,052
23,686

35,052
23,686


Page 7

 
MAP Property (S.E.) LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
261
709

Obligations under finance lease and hire purchase contracts
10,500
10,500

Other creditors
61,801
57,209

Accruals and deferred income
24,841
19,222

97,403
87,640



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
6,200,000
6,200,000

Net obligations under finance leases and hire purchase contracts
5,250
15,750

6,205,250
6,215,750


The following liabilities were secured:

2023
2022
£
£



Bank loans
6,200,000
6,200,000

6,200,000
6,200,000

Details of security provided:

The bank loan is secured over the investment properties and guaranteed by the LLP members.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
10,500
10,500

Between 1-5 years
5,250
15,750

15,750
26,250

Page 8

 
MAP Property (S.E.) LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

11.


Loans and other debts due to members


2023
2022
£
£



Other amounts due from members
(2,691,354)
(2,688,700)

(2,691,354)
(2,688,700)

Loans and other debts due from members are repayable on demand and are therefore considered to be falling due within one year.

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


12.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity  in an independently administered fund. The pension cost charge represents contributions payable by the entity  to the fund and amounted to £1,670 (2022 - £920). Contributions totaling £222 (2022 - £209) were payable to the fund at the balance sheet date and are included in creditors.


13.


Controlling party

The LLP is controlled by its members.


Page 9