The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
Estates and Lets 3 LLP is a limited liability partnership incorporated in England and Wales. The registered office is .
The limited liability partnership's principal activities are disclosed in the Members' Report.
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
Turnover represents rents receivable during the period.
Investment property, which is property held to earn rentals and/or for capital appreciation, 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 end date. The surplus or deficit on revaluation is recognised in profit or loss.
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
The average number of persons (excluding members) employed by the partnership during the year was 0 (2022: 0).
On 24 July 2009 Mr Docker and Mrs Docker assigned to the limited liability partnership the beneficial interest in properties held by them personally totaling £5,810,000.
In the opinion of the members, the fair value of the investment properties are not materially different to the carrying value in the accounts as at the balance sheet date.
The historical cost of the investment properties in the valuation above is £4,552,839 (2022: £4,552,839).
The bank loans are secured.
Michael and Michele Docker, who are entitled to the members' capital in Estates and Lets 3 LLP totalling £3,260,845, have on 24 July 2009 agreed with Gracewood Group LLP (previously known as Estates and Lets 2 LLP) to transfer to Gracewood Group LLP the beneficial interest in their members' capital of Estates and Lets 3 LLP in consideration of the crediting to them of members' capital in Gracewood Group LLP.
Estates and Lets 3 LLP have confirmed their agreement to this assignment.
Included within debtors is £124,310 (2022: £7,084) due from companies in which Mr and Mrs Docker have an interest.
Included within debtors is £849,644 (2022: £478,949) due from a limited liability partnership in which Mr and Mrs Docker are members.
Included within creditors is £13,977 (2022: £8,917) due to companies in which Mr and Mrs Docker have an interest.
During the year £8,642 (2022: £6,206) was payable to a company controlled by Mr Docker in respect of letting and management fees in relation to the investment properties.
During the year £11,369 (2022: £22,470) was payable to a company controlled by Mr and Mrs Docker in respect of property maintenance and block management.