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Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Harepath Estates LLP

Harepath Estates LLP (Registered number: OC317259)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Harepath Estates LLP

General Information
for the Year Ended 31 March 2023







DESIGNATED MEMBERS: C P Ackley
Mrs C Iskjaer Ackley
P J Whiteway
Mrs P H Whiteway





REGISTERED OFFICE: 8-10 South Street
Epsom
Surrey
KT18 7PF





REGISTERED NUMBER: OC317259 (England and Wales)





ACCOUNTANTS: Williams & Co Epsom LLP
Chartered Accountants
8-10 South Street
Epsom
Surrey
KT18 7PF

Harepath Estates LLP (Registered number: OC317259)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,036 25,806
Investment property 5 34,950,090 41,160,141
34,958,126 41,185,947

CURRENT ASSETS
Debtors 6 3,098,230 1,979,075
Cash at bank 434,243 498,895
3,532,473 2,477,970
CREDITORS
Amounts falling due within one year 7 1,587,785 1,636,871
NET CURRENT ASSETS 1,944,688 841,099
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

36,902,814

42,027,046

CREDITORS
Amounts falling due after more than one
year

8

23,221,530

27,685,902

LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

127,517

-

MEMBERS' OTHER INTERESTS
Fair valuation reserve 12 13,553,767 14,341,144
36,902,814 42,027,046

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 127,517 -
Members' other interests 13,553,767 14,341,144
Amounts due from members 6 (2,824,320 ) (1,624,098 )
10,856,964 12,717,046

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.

Harepath Estates LLP (Registered number: OC317259)

Balance Sheet - 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 15 November 2023 and were signed by:





C P Ackley - Designated member

Harepath Estates LLP (Registered number: OC317259)

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


1. STATUTORY INFORMATION

Harepath Estates 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
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 rental income and service charges generated from investment property, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 3 years
Motor vehicles - Straight line over 3 years
Computer equipment - Straight line over 3 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

When an investment property is derecognised, the resultant gain or loss is recognised through profit or loss.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 27,962 35,189 6,976 70,127
Additions - - 941 941
Disposals (4,386 ) - (3,789 ) (8,175 )
At 31 March 2023 23,576 35,189 4,128 62,893
DEPRECIATION
At 1 April 2022 14,699 23,224 6,398 44,321
Charge for year 6,627 11,612 472 18,711
Eliminated on disposal (4,386 ) - (3,789 ) (8,175 )
At 31 March 2023 16,940 34,836 3,081 54,857
NET BOOK VALUE
At 31 March 2023 6,636 353 1,047 8,036
At 31 March 2022 13,263 11,965 578 25,806

Harepath Estates LLP (Registered number: OC317259)

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


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 41,160,141
Disposals (7,773,157 )
Revaluations 1,563,106
At 31 March 2023 34,950,090
NET BOOK VALUE
At 31 March 2023 34,950,090
At 31 March 2022 41,160,141

If investment property were not carried at it's revalued amount it would be carried at cost, being £16,125,414 (2022: £22,164,034)

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 6,409 6,409
Amounts due from members 2,824,320 1,624,098
Other debtors 58,292 -
Rental deposits held 147,360 252,726
Prepayments 61,849 95,842
3,098,230 1,979,075

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 4,340 4,562
Trade creditors 87,264 144,036
Social security and other taxes 3,119 2,862
VAT 18,671 16,753
Accruals and deferred income 1,474,391 1,468,658
1,587,785 1,636,871

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 17,014,000 21,738,500
Other loans (see note 9) 922,338 909,838
Hire purchase contracts 14,283 18,623
Deferred tax 5,270,909 5,018,941
23,221,530 27,685,902

Harepath Estates LLP (Registered number: OC317259)

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


9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 17,014,000 21,738,500
Other loans - 2-5 years 922,338 909,838
17,936,338 22,648,338

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 17,014,000 21,738,500

Bank loans are secured by way of a first legal charge over the freehold properties and a debenture given by the LLP.

Further, a guarantee has been given by C P Ackley and P J Whiteway, limited to £3,300,000.

11. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members' (other than members' capital classified as debt) rank after amounts due to other creditors.

12. RESERVES
Fair
valuation
reserve
£   
At 1 April 2022 14,341,144
Fair value adjustment (787,377 )
At 31 March 2023 13,553,767

The above is shown net of the deferred tax provision made in the accounts (see note 9), representing potential capital gains tax payable on the disposal of investment properties.