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REGISTERED NUMBER: OC420266 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023


FOR



KEEPFIRM PROPERTIES LLP


KEEPFIRM PROPERTIES LLP (REGISTERED NUMBER: OC420266)








CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023





Page




General Information  

1




Statement of Financial Position  

2




Notes to the Financial Statements  

4





KEEPFIRM PROPERTIES LLP



GENERAL INFORMATION

FOR THE YEAR ENDED 31 MARCH 2023









DESIGNATED MEMBERS:

Mr M S Goddard


Mrs E L Goddard







REGISTERED OFFICE:

869 High Road


London


N12 8QA







REGISTERED NUMBER:

OC420266 (England and Wales)







ACCOUNTANTS:

EA


Chartered Accountants


869 High Road


London


N12 8QA


KEEPFIRM PROPERTIES LLP (REGISTERED NUMBER: OC420266)



STATEMENT OF FINANCIAL POSITION

31 MARCH 2023



2023

2022



as restated



Notes

£   

£   

£   

£   


FIXED ASSETS

Investment property

4

2,267,000


2,381,000




CURRENT ASSETS

Debtors

5

1,464


725



Cash at bank

191,428


31,571



192,892


32,296



CREDITORS

Amounts falling due within one year

6

13,647


10,054



NET CURRENT ASSETS

179,245


22,242



TOTAL ASSETS LESS CURRENT

LIABILITIES

2,446,245


2,403,242




CREDITORS

Amounts falling due after more than one

year

7

1,480,542


1,461,319



NET ASSETS ATTRIBUTABLE TO

MEMBERS

965,703


941,923




LOANS AND OTHER DEBTS DUE TO

MEMBERS

10

263,557


113,557




MEMBERS' OTHER INTERESTS

Capital accounts

523,127


523,127



Fair value reserve

11

240,777


354,777



Unallocated losses

11

(61,758

)

(49,538

)


965,703


941,923




TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

263,557


113,557



Members' other interests

702,146


828,366



965,703


941,923




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.

KEEPFIRM PROPERTIES LLP (REGISTERED NUMBER: OC420266)



STATEMENT OF FINANCIAL POSITION - 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 Income Statement has not been delivered.  


The financial statements were approved by the members of the LLP and authorised for issue on 3 October 2023 and were signed by:





Mr M S Goddard - Designated member





Mrs E L Goddard - Designated member



KEEPFIRM PROPERTIES LLP (REGISTERED NUMBER: OC420266)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023


1.

STATUTORY INFORMATION



Keepfirm 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 as modified by the revaluation of certain assets.    



Turnover


Turnover represents the value of rental income chargeable in respect of the LLP's investment property. Turnover is recognised evenly over the period of the rental agreement.



Investment property


Investment properties are carried at fair value. Revaluation surpluses are recognised in the income statement. Deferred Taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.



The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102 (Section 1A). The directors consider that, because these properties are not held for consumption but for their investment potential, to depreciate them would no give a true and fair view and that it is necessary to adopt FRS 102 (Section 1A) in order to give a true and fair view. If this departure from the Act had not been made, the loss for the financial year would have been increased by the amount of depreciation.


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

2,381,000




Revaluations

(114,000

)



At 31 March 2023

2,267,000




NET BOOK VALUE


At 31 March 2023

2,267,000




At 31 March 2022

2,381,000





Fair value at 31 March 2023 is represented by:

£   



Valuation in 2021

2,026,223




Valuation in 2022

354,777




Valuation in 2023

(114,000

)


2,267,000




KEEPFIRM PROPERTIES LLP (REGISTERED NUMBER: OC420266)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


4.

INVESTMENT PROPERTY - continued



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


2023

2022



as restated


£   

£   



Cost

2,026,223


2,026,223





Investment property was valued on fair value basis on 31 March 2023 by the directors .


5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022



as restated


£   

£   



Other debtors

1,464


725




6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022



as restated


£   

£   



Other creditors

13,647


10,054




7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR


2023

2022



as restated


£   

£   



Bank loans (see note 8)

1,480,542


1,461,319





Amounts falling due in more than five years:



Repayable otherwise than by instalments


Bank loans

1,480,542


1,461,319




8.

LOANS



An analysis of the maturity of loans is given below:


2023

2022



as restated


£   

£   



Amounts falling due in more than five years:


Repayable otherwise than by instalments


Bank loans

1,480,542


1,461,319




9.

SECURED DEBTS



The following secured debts are included within creditors:


2023

2022



as restated


£   

£   



Bank loans

1,480,542


1,461,319





The loans are secured by way of fixed and floating charges over the investment properties of the entity.


10.

LOANS AND OTHER DEBTS DUE TO MEMBERS




Loans and other debts due to members rank equally with other creditors on a winding up.


KEEPFIRM PROPERTIES LLP (REGISTERED NUMBER: OC420266)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


11.

RESERVES


Fair



value


Unallocated



reserve


losses


Totals

£   

£   

£   



At 1 April 2022

354,777


(49,538

)

305,239




Undivided profit

-


(12,220

)

(12,220

)



Fair value reserve

(114,000

)

-


(114,000

)



At 31 March 2023

240,777


(61,758

)

179,019