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REGISTERED NUMBER: OC318274 (England and Wales)











Report of the Members and

Financial Statements

for the Year Ended 31 March 2023

for

ORSMAN PROPERTIES LLP

ORSMAN PROPERTIES LLP (REGISTERED NUMBER: OC318274)






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


ORSMAN PROPERTIES LLP

General Information
for the Year Ended 31 March 2023







DESIGNATED MEMBERS: Mr J P Gerrard
Mr M Gerrard





REGISTERED OFFICE: 42 Lytton Road
Barnet
Hertfordshire
EN5 5BY





REGISTERED NUMBER: OC318274 (England and Wales)





ACCOUNTANTS: Jeff Lermer & Associates
Chartered Accountants
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

ORSMAN PROPERTIES LLP (REGISTERED NUMBER: OC318274)

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 property investment.

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

Mr J P Gerrard
Mr M Gerrard

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £202,267 (2022 - £90,543 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:





Mr J P Gerrard - Designated member


8 November 2023

ORSMAN PROPERTIES LLP (REGISTERED NUMBER: OC318274)

Income Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER 584,854 521,074

Cost of sales 195,869 292,482
GROSS PROFIT 388,985 228,592

Administrative expenses 7,317 23,010
381,668 205,582

Other operating income 500 400
OPERATING PROFIT 4 382,168 205,982

Interest receivable and similar income 61 3
382,229 205,985

Interest payable and similar expenses 179,962 115,442
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND
PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




202,267




90,543

ORSMAN PROPERTIES LLP (REGISTERED NUMBER: OC318274)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 9,002 11,304
Investment property 6 3,119,114 3,119,114
3,128,116 3,130,418

CURRENT ASSETS
Debtors 7 1,870,838 1,830,768
Cash at bank 117,139 59,268
1,987,977 1,890,036
CREDITORS
Amounts falling due within one year 8 1,072,279 1,064,094
NET CURRENT ASSETS 915,698 825,942
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,043,814

3,956,360

CREDITORS
Amounts falling due after more than one year 9 3,365,433 3,472,502
NET ASSETS ATTRIBUTABLE TO MEMBERS 678,381 483,858

LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

678,381

483,858

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 678,381 483,858
Amounts due from members 7 - (7,744 )
678,381 476,114

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.

ORSMAN PROPERTIES LLP (REGISTERED NUMBER: OC318274)

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 8 November 2023 and were signed by:





Mr J P Gerrard - Designated member

ORSMAN PROPERTIES LLP (REGISTERED NUMBER: OC318274)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Orsman Properties 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. 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.

Turnover
Turnover represents invoiced rents. Rental Income is recognised evenly over the lease period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and fittings - 20% on Cost

Investment property
No depreciation is provided for in respect of investment properties. Such properties are held for their investment potential and not for consumption within the business. This is a departure from the Companies Act 2006 which requires all properties to be depreciated and the members consider that to depreciate them would not enable the financial statements to give true and fair view.

Property sales are recognised when the sale is legally completed and the proportion of costs associated with the site sold are released to cost of sales.

3. EMPLOYEE INFORMATION

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

4. OPERATING PROFIT

The operating profit is stated after charging:

31.3.23 31.3.22
£    £   
Depreciation - owned assets 4,579 5,399

ORSMAN PROPERTIES LLP (REGISTERED NUMBER: OC318274)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2022 10,872 42,791 53,663
Additions - 2,277 2,277
At 31 March 2023 10,872 45,068 55,940
DEPRECIATION
At 1 April 2022 10,327 32,032 42,359
Charge for year 545 4,034 4,579
At 31 March 2023 10,872 36,066 46,938
NET BOOK VALUE
At 31 March 2023 - 9,002 9,002
At 31 March 2022 545 10,759 11,304

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 3,119,114
NET BOOK VALUE
At 31 March 2023 3,119,114
At 31 March 2022 3,119,114

In the opinion of members valuation of the investment properties are not materially different to the cost.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 100 1,724
Other debtors 1,870,738 1,829,044
1,870,838 1,830,768

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 525,068 521,239
Other creditors 547,211 542,855
1,072,279 1,064,094

ORSMAN PROPERTIES LLP (REGISTERED NUMBER: OC318274)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans 3,365,433 3,472,502

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 3,365,433 3,472,502

The bank loan is secured under a legal charge over the property situated at 2 - 4 Orsman Road, Hackney, London.

11. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank pari passu in relation to all other creditors.