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REGISTERED NUMBER: OC421533 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

KARAGEORGIS PROPERTIES LLP

KARAGEORGIS PROPERTIES LLP (REGISTERED NUMBER: OC421533)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 MARCH 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


KARAGEORGIS PROPERTIES LLP (REGISTERED NUMBER: OC421533)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 2,415 3,220
Investment property 5 1,858,057 1,858,057
1,860,472 1,861,277

CURRENT ASSETS
Debtors 6 496 41,825
Cash at bank 36,444 21,527
36,940 63,352
CREDITORS
Amounts falling due within one year 7 12,023 6,202
NET CURRENT ASSETS 24,917 57,150
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,885,389

1,918,427

CREDITORS
Amounts falling due after more than one
year

8

943,218

943,225
NET ASSETS ATTRIBUTABLE TO
MEMBERS

942,171

975,202

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

1,039,375

1,064,149

MEMBERS' OTHER INTERESTS
Other reserves (97,204 ) (88,947 )
942,171 975,202

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 1,039,375 1,064,149
Members' other interests (97,204 ) (88,947 )
942,171 975,202

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.

KARAGEORGIS PROPERTIES LLP (REGISTERED NUMBER: OC421533)

STATEMENT OF FINANCIAL POSITION - 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 26 January 2024 and were signed by:





Ms T P Karageorgis - Designated member

KARAGEORGIS PROPERTIES LLP (REGISTERED NUMBER: OC421533)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 MARCH 2023

1. STATUTORY INFORMATION

Karageorgis Properties LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC421533

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Significant judgements and estimates
In the application of the LLP's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the value of rental income chargeable in respect of the LLP's investment property. Revenue is recognised evenly over the period of the rental agreement.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Fixtures and fittings - 25% on reducing balance

The LLP has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

KARAGEORGIS PROPERTIES LLP (REGISTERED NUMBER: OC421533)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEE INFORMATION

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

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
COST
At 1 April 2022
and 31 March 2023 5,506
DEPRECIATION
At 1 April 2022 2,286
Charge for year 805
At 31 March 2023 3,091
NET BOOK VALUE
At 31 March 2023 2,415
At 31 March 2022 3,220

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 1,858,057
NET BOOK VALUE
At 31 March 2023 1,858,057
At 31 March 2022 1,858,057

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 496 41,825

KARAGEORGIS PROPERTIES LLP (REGISTERED NUMBER: OC421533)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,819 -
Other creditors 9,204 6,202
12,023 6,202

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 943,218 943,225

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 943,218 943,225

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 943,218 943,225

Bank loan is secured by way of fixed and floating charge on the property of the LLP and contains a negative pledge.

10. LOANS AND OTHER DEBTS DUE TO MEMBERS
2023 2022
£    £   
Loans from members 1,039,375 1,064,149

Falling due within one year 1,039,375 1,064,149

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