REGISTERED NUMBER: |
Report of the Members and |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
ORSMAN PROPERTIES LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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: |
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: |
ORSMAN PROPERTIES LLP (REGISTERED NUMBER: OC318274) |
Income Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
381,668 | 205,582 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
382,229 | 205,985 |
Interest payable and similar expenses |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
ORSMAN PROPERTIES LLP (REGISTERED NUMBER: OC318274) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
Turnover |
Turnover represents invoiced rents. Rental Income is recognised evenly over the lease period. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
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 |
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 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Other creditors |
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 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans |
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. |