Limited Liability Partnership registration number OC322963 (England and Wales)
GROVE PROPERTY INVESTMENTS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
GROVE PROPERTY INVESTMENTS LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
GROVE PROPERTY INVESTMENTS LLP
BALANCE SHEET
AS AT 5 APRIL 2023
05 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
745,000
705,000
Current assets
Debtors
4
3,840
4,258
Cash at bank and in hand
37,354
63,084
41,194
67,342
Creditors: amounts falling due within one year
5
(3,741)
(3,637)
Net current assets
37,453
63,705
Total assets less current liabilities and net assets attributable to members
782,453
768,705
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
36,516
62,768
Other amounts
642,522
642,522
679,038
705,290
Members' other interests
Other reserves classified as equity
103,415
63,415
782,453
768,705

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 5 April 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 19 September 2023 and are signed on their behalf by:
19 September 2023
Mr J Grove
Designated member
Limited Liability Partnership registration number OC322963 (England and Wales)
GROVE PROPERTY INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
- 2 -
1
Accounting policies
Limited liability partnership information

Grove Property Investments LLP is a limited liability partnership incorporated in England and Wales. The registered office is The Old Bank, 14 Bank Street, Lutterworth, Leicestershire, England, LE17 4AJ.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the total invoice value, excluding value added tax, of rent during the year.

1.3
Investment property

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

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
2
2
3
Investment property
2023
£
Fair value
At 6 April 2022
705,000
Net gains or losses through fair value adjustments
40,000
At 5 April 2023
745,000

The residential investment properties were valued on an open market basis on 5 April 2023 by Belvoir Property Management (UK) Limited and the commercial investment property was valued on an open market basis on 8 April 2016 by CP Bigwood Chartered Surveyors. In the opinion of the members there has been no material change in the fair value of the commercial investment property for the year ended 5 April 2023.

GROVE PROPERTY INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 3 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
3,840
4,258
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
2,500
2,500
Other creditors
1,241
1,137
3,741
3,637
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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