Limited Liability Partnership registration number OC347125 (England and Wales)
ESTATES AND LETS 3 LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ESTATES AND LETS 3 LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ESTATES AND LETS 3 LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
6,142,480
6,142,480
Current assets
Debtors
5
1,003,603
499,897
Cash at bank and in hand
98,632
162,445
1,102,235
662,342
Creditors: amounts falling due within one year
6
(3,299,999)
(3,284,811)
Net current liabilities
(2,197,764)
(2,622,469)
Total assets less current liabilities
3,944,716
3,520,011
Creditors: amounts falling due after more than one year
7
(2,089,163)
(1,741,224)
Net assets attributable to members
1,855,553
1,778,787
Represented by:
Loans and other debts due to members within one year
9
Amounts due in respect of profits
135,625
116,535
Other amounts
130,286
72,610
265,911
189,145
Members' other interests
9
Other reserves classified as equity
1,589,642
1,589,642
1,855,553
1,778,787
Total members' interests
9
Loans and other debts due to members
265,911
189,145
Members' other interests
1,589,642
1,589,642
1,855,553
1,778,787

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 31 March 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.

ESTATES AND LETS 3 LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -

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 8 February 2024 and are signed on their behalf by:
08 February 2024
Michael Docker
Designated member
Limited Liability Partnership Registration No. OC347125
ESTATES AND LETS 3 LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Limited liability partnership information

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.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable during the period.

1.3
Investment properties

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.

1.4
Financial instruments

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

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

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.

ESTATES AND LETS 3 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Employees

The average number of persons (excluding members) employed by the partnership during the year was 0 (2022: 0).

3
Information in relation to members
2023
2022
Number
Number
Average number of members during the year
2
2
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
6,142,480

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).

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,003,603
499,897
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13,751
6,858
Other creditors
3,286,248
3,277,953
3,299,999
3,284,811
ESTATES AND LETS 3 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,089,163
1,741,224
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
1,727,547
1,741,224

The bank loans are secured.

8
Assignment of members' capital

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.

9
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 April 2022
1,589,642
189,145
189,145
1,778,787
Profit for the financial year available for discretionary division among members
135,625
-
-
135,625
Members' interests after profit for the year
1,725,267
189,145
189,145
1,914,412
Allocation of profit for the financial year
(135,625)
135,625
135,625
-
Introduced by members
-
60,127
60,127
60,127
Repayment of debt (including members' capital classified as a liability)
-
(118,986)
(118,986)
(118,986)
Members' interests at 31 March 2023
1,589,642
265,911
265,911
1,855,553
ESTATES AND LETS 3 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
10
Related party transactions

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.

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