REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
9 SEPTEMBER 2021 TO 30 SEPTEMBER 2022 |
FOR |
PAPAPETROU PROPERTIES LLP |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
9 SEPTEMBER 2021 TO 30 SEPTEMBER 2022 |
FOR |
PAPAPETROU PROPERTIES LLP |
PAPAPETROU PROPERTIES LLP (REGISTERED NUMBER: OC439081) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 9 SEPTEMBER 2021 TO 30 SEPTEMBER 2022 |
Page |
General Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
PAPAPETROU PROPERTIES LLP |
GENERAL INFORMATION |
FOR THE PERIOD 9 SEPTEMBER 2021 TO 30 SEPTEMBER 2022 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
869 High Road |
London |
N12 8QA |
PAPAPETROU PROPERTIES LLP (REGISTERED NUMBER: OC439081) |
STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2022 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Investments | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 5,087,961 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
59,298 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 5,028,663 |
5,087,961 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 59,298 |
Members' other interests | 5,028,663 |
5,087,961 |
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. |
PAPAPETROU PROPERTIES LLP (REGISTERED NUMBER: OC439081) |
STATEMENT OF FINANCIAL POSITION - continued |
30 SEPTEMBER 2022 |
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 |
PAPAPETROU PROPERTIES LLP (REGISTERED NUMBER: OC439081) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 9 SEPTEMBER 2021 TO 30 SEPTEMBER 2022 |
1. | STATUTORY INFORMATION |
Papapetrou 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. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net rent receivable. |
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 period was NIL. |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
Fair value at 30 September 2022 is represented by: |
£ |
Valuation in 2022 | 8,412,844 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
6. | CURRENT ASSET INVESTMENTS |
£ |
Unlisted investments | 305,817 |
PAPAPETROU PROPERTIES LLP (REGISTERED NUMBER: OC439081) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 9 SEPTEMBER 2021 TO 30 SEPTEMBER 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
£ |
Bank loans |
The bank loans are secured by way of fixed and floating legal charge on the investment properties of the LLP. |
10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally with other creditors on a winding up. |