REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Rex Partners LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Rex Partners LLP |
Rex Partners LLP (Registered number: OC325004) |
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 |
Rex Partners LLP |
General Information |
for the Year Ended 31 March 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Rex Partners LLP (Registered number: OC325004) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 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 |
35,895,216 |
23,759,654 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
34,628,883 |
28,038,903 |
MEMBERS' OTHER INTERESTS |
Revaluation reserve | 9 | ( |
) | ( |
) |
Other reserves | ( |
) |
35,895,216 | 23,759,654 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 34,628,883 | 28,038,903 |
Members' other interests | 1,266,333 | (4,279,249 | ) |
35,895,216 | 23,759,654 |
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. |
Rex Partners LLP (Registered number: OC325004) |
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 |
Rex Partners LLP (Registered number: OC325004) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Rex Partners 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 rents receivable and service charge income 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. |
FINANCIAL INSTRUMENTS |
The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the LLP's balance sheet when the LLP becomes party to the contractual provisions of the instrument. |
Cash and cash equivalents |
These comprise cash at bank and any short term highly liquid bank deposits with an original maturity of three month or less. |
Debtors |
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is evidence that the asset is impaired. |
Trade creditors |
Trade creditors are not interest bearing and are stated at their nominal value. |
OPERATING LEASES |
The company's properties are let out under operating leases and the income is credited to the profit and loss account on a straight line basis over the period of the lease. |
INVESTMENTS |
Listed investments are included in the balance sheet at market value. Unlisted investments are shown at cost less any provision for impairment. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
Rex Partners LLP (Registered number: OC325004) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
PROVISIONS |
At 1 April 2022 | 32,167,901 |
Provision for year | (4,541,469 | ) |
At 31 March 2023 | 27,626,432 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The partnership's land and buildings are held in order to let under operating leases. |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2020 | (31,286 | ) |
Cost | 1,131,287 |
1,100,001 |
If the land and buildings had not been revalued they would have been included at the following historical cost: |
31.3.23 | 31.3.22 |
£ | £ |
Cost | 1,802,977 | 1,802,977 |
The land and buildings were valued on an open market basis on 31 March 2014 by the directors . |
Rex Partners LLP (Registered number: OC325004) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
VAT | 5,621 | 5,715 |
Other creditors |
Accruals and deferred income |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
31.3.23 | 31.3.22 |
£ | £ |
Loans from members | 27,051,527 | 21,109,034 |
Amounts owed to members in respect of profits | 7,577,356 | 6,929,869 |
34,628,883 | 28,038,903 |
Falling due within one year | 34,628,883 | 28,038,903 |
Debts due to members rank equally with other creditors in the event of a winding up. |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2022 |
and 31 March 2023 | ( |
) |
The revaluation reserve comprises the unallocated provision for the unrealised revaluation in the partnership's investment property. |
Other reserves comprise the impairment provision on the partnership's listed investments not allocated to members. |