Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
Harepath Estates LLP |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
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 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
11 |
127,517 |
- |
MEMBERS' OTHER INTERESTS |
Fair valuation reserve | 12 |
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 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 |
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 |
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 |
Turnover |
Turnover represents rental income and service charges generated from investment property, excluding value added tax. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Disposals | ( |
) |
Revaluations | 1,563,106 |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Amounts due from members | 2,824,320 | 1,624,098 |
Other debtors |
Rental deposits held |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
VAT | 18,671 | 16,753 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 9) |
Other loans (see note 9) |
Hire purchase contracts |
Deferred tax |
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 |
Other loans - 2-5 years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
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 |
Fair value adjustment | (787,377 | ) |
At 31 March 2023 |
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. |