REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
PANORAMA PROPERTY INVESTMENTS LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
PANORAMA PROPERTY INVESTMENTS LLP |
PANORAMA PROPERTY INVESTMENTS LLP (REGISTERED NUMBER: OC396762) |
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 |
PANORAMA PROPERTY INVESTMENTS LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 March 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Newtown House |
38 Newtown Road |
Liphook |
Hampshire |
GU30 7DX |
PANORAMA PROPERTY INVESTMENTS LLP (REGISTERED NUMBER: OC396762) |
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 investments and hotel accommodation |
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 £433,422 (2022 - £342,245 profit). |
MEMBERS' INTERESTS |
Each members subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP. |
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business. |
The designated members keep details for each members profit share, current account balances and loans to members, for the purposes of the accounts these have been shown as the totals only. |
ON BEHALF OF THE MEMBERS: |
PANORAMA PROPERTY INVESTMENTS LLP (REGISTERED NUMBER: OC396762) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest payable and similar expenses |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
PANORAMA PROPERTY INVESTMENTS LLP (REGISTERED NUMBER: OC396762) |
BALANCE SHEET |
31 March 2023 |
2023 | 2022 |
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 |
9,065,610 |
9,171,820 |
PANORAMA PROPERTY INVESTMENTS LLP (REGISTERED NUMBER: OC396762) |
BALANCE SHEET - continued |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
- |
331,210 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 8,077,640 | 7,852,640 |
Revaluation reserve | 11 |
9,065,610 | 9,171,820 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | - | 331,210 |
Members' other interests | 9,065,610 | 8,840,610 |
Amounts due from members | 7 | (654,155 | ) | (792,457 | ) |
8,411,455 | 8,379,363 |
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. |
The financial statements were approved by the members of the LLP and authorised for issue on |
PANORAMA PROPERTY INVESTMENTS LLP (REGISTERED NUMBER: OC396762) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 March 2023 |
1. | STATUTORY INFORMATION |
Panorama Property Investments 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 rent receivable. |
If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the LLP), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance sheet date are carried forward as work in progress. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
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. |
Investment property is carried at fair value determined annually by the designated members and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. |
The designated members have considered any change to the valuation from that in the previous year and are satisfied the current valuation to still be the fair value £6,065,000 (2022 - £6,065,000). |
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: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
PANORAMA PROPERTY INVESTMENTS LLP (REGISTERED NUMBER: OC396762) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
and 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 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
PANORAMA PROPERTY INVESTMENTS LLP (REGISTERED NUMBER: OC396762) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 March 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up. |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2022 |
and 31 March 2023 |