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REGISTERED NUMBER: OC347265 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

36-37 WELLINGTON SQUARE LLP

36-37 WELLINGTON SQUARE LLP (REGISTERED NUMBER: OC347265)






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

Chartered Accountants' Report 7

36-37 WELLINGTON SQUARE LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DESIGNATED MEMBERS: P S Matthews
F Sohail
R C Tanner
D Hanlon





REGISTERED OFFICE: 20 Havelock Road
Hastings
East Sussex
TN34 1BP





REGISTERED NUMBER: OC347265 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

36-37 WELLINGTON SQUARE LLP (REGISTERED NUMBER: OC347265)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,419,957 1,680,791

CURRENT ASSETS
Cash at bank 28,823 25,965

CREDITORS
Amounts falling due within one year 5 1,021 1,022
NET CURRENT ASSETS 27,802 24,943
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,447,759

1,705,734

CREDITORS
Amounts falling due after more than one year 6 616,422 647,779
NET ASSETS ATTRIBUTABLE TO MEMBERS 1,831,337 1,057,955

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

925,617

152,235

MEMBERS' OTHER INTERESTS
Capital accounts 730,000 730,000
Fair value reserve 9 175,720 175,720
1,831,337 1,057,955

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 925,617 152,235
Members' other interests 905,720 905,720
1,831,337 1,057,955

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.

36-37 WELLINGTON SQUARE LLP (REGISTERED NUMBER: OC347265)

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 28 November 2023 and were signed by:





R C Tanner - Designated member

36-37 WELLINGTON SQUARE LLP (REGISTERED NUMBER: OC347265)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

36-37 Wellington Square 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 net invoiced rent received excluding value added tax.

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.

Capital subscription and repayment
The capital requirements of the partnership are determined from time to time by the Designated Members. The amount of capital subscribed by each member is linked to the earnings allocated to that member. No interest is paid on capital.

Allocation of profits and drawings
The allocation of profits to those who were members during the year is made by unanimous vote of the Designated Members.

During the year members draw sums as agreed by the Designated Members, taking into account the partnership's cash requirements for operating and investing activities.

3. EMPLOYEE INFORMATION

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 1,680,791
Revaluations 739,166
At 31 March 2023 2,419,957
NET BOOK VALUE
At 31 March 2023 2,419,957
At 31 March 2022 1,680,791

36-37 WELLINGTON SQUARE LLP (REGISTERED NUMBER: OC347265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2015 60,113
Valuation in 2016 115,608
Valuation in 2023 739,166
Cost 1,505,070
2,419,957

If the investment property had not been revalued it would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 1,505,070 1,505,070

The investment property was valued on an open market basis on 31 March 2023 by the designated members .

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 1 2
Other creditors 1,020 1,020
1,021 1,022

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans 616,422 647,779

Amounts falling due in more than five years:

Repayable by instalments
Handelsbanken Mortgage 616,422 647,779

7. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Mortgage 616,422 647,779

36-37 Wellington Square Hastings East Sussex contains a fixed and floating charge. Floating charge covers all the property or undertaking of the LLP. The charge contains a negative pledge.

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

Unsecured debt due to members will rank equally with debts due to other unsecured creditors in the event of the LLP winding up.

36-37 WELLINGTON SQUARE LLP (REGISTERED NUMBER: OC347265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

9. RESERVES
Fair
value
reserve
£   
At 1 April 2022
and 31 March 2023 175,720

10. RELATED PARTY DISCLOSURES

The limited liability partnership is controlled by the designated members. The only transactions with the designated members were in the normal course of business.

CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
36-37 WELLINGTON SQUARE LLP

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In accordance with our terms of engagement we have prepared for your approval the attached financial statements from the business accounting records and from information and explanations you have given to us.

The financial statements have been compiled using the going concern and historical cost basis. It is not intended to achieve full compliance with the provisions of UK Generally Accepted Accounting Principles.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information and state those matters that we have agreed to state to you in this report in accordance with the guidance of ICAEW as detailed at icaew.com/compilation and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the person to whom this report is addressed for our work or for this report.

You have approved the financial statements for the period described above, and have acknowledged your responsibility for them, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for their compilation.

We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP


28 November 2023