Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-052023-04-05Property investmentfalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-0655truetruefalse OC333589 2022-04-06 2023-04-05 OC333589 2021-04-06 2022-04-05 OC333589 2023-04-05 OC333589 2022-04-05 OC333589 c:Director3 2022-04-06 2023-04-05 OC333589 d:MotorVehicles 2022-04-06 2023-04-05 OC333589 d:MotorVehicles 2023-04-05 OC333589 d:MotorVehicles 2022-04-05 OC333589 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-06 2023-04-05 OC333589 d:FurnitureFittings 2022-04-06 2023-04-05 OC333589 d:ComputerEquipment 2022-04-06 2023-04-05 OC333589 d:ComputerEquipment 2023-04-05 OC333589 d:ComputerEquipment 2022-04-05 OC333589 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-06 2023-04-05 OC333589 d:OwnedOrFreeholdAssets 2022-04-06 2023-04-05 OC333589 d:FreeholdInvestmentProperty 2023-04-05 OC333589 d:FreeholdInvestmentProperty 2022-04-05 OC333589 d:FreeholdInvestmentProperty 2 2022-04-06 2023-04-05 OC333589 d:CurrentFinancialInstruments 2023-04-05 OC333589 d:CurrentFinancialInstruments 2022-04-05 OC333589 d:Non-currentFinancialInstruments 2023-04-05 OC333589 d:Non-currentFinancialInstruments 2022-04-05 OC333589 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-05 OC333589 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-05 OC333589 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-05 OC333589 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-05 OC333589 c:FRS102 2022-04-06 2023-04-05 OC333589 c:AuditExempt-NoAccountantsReport 2022-04-06 2023-04-05 OC333589 c:FullAccounts 2022-04-06 2023-04-05 OC333589 c:LimitedLiabilityPartnershipLLP 2022-04-06 2023-04-05 OC333589 c:PartnerLLP1 2022-04-06 2023-04-05 OC333589 c:PartnerLLP2 2022-04-06 2023-04-05 OC333589 d:OtherCapitalInstrumentsClassifiedAsEquity 2023-04-05 OC333589 d:OtherCapitalInstrumentsClassifiedAsEquity 2022-04-05 OC333589 d:FurtherSpecificReserve1ComponentTotalEquity 2023-04-05 OC333589 d:FurtherSpecificReserve1ComponentTotalEquity 2022-04-05 OC333589 f:PoundSterling 2022-04-06 2023-04-05 iso4217:GBP xbrli:pure

Registered number: OC333589










V & V INVESTMENTS LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 5 APRIL 2023

 
V & V INVESTMENTS LLP
REGISTERED NUMBER: OC333589

BALANCE SHEET
AS AT 5 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,386
4,514

Investment property
 5 
3,900,000
2,975,000

  
3,903,386
2,979,514

Current assets
  

Debtors: amounts falling due within one year
 6 
155,691
132,603

Cash at bank and in hand
  
4,621
1,560

  
160,312
134,163

Creditors: Amounts Falling Due Within One Year
 7 
(162,159)
(169,299)

Net current liabilities
  
 
 
(1,847)
 
 
(35,136)

Total assets less current liabilities
  
3,901,539
2,944,378

Creditors: amounts falling due after more than one year
 8 
(1,206,662)
(1,328,538)

  

Net assets
  
2,694,877
1,615,840


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 9 
2,462,645
2,308,608

Members' other interests
  

Members' capital classified as equity
  
200
200

Revaluation reserve classified as equity

  

232,032
(692,968)

  
 
232,232
 
(692,768)

  
2,694,877
1,615,840


Total members' interests
  

Loans and other debts due to members
 9 
2,462,645
2,308,608

Members' other interests
  
232,232
(692,768)

  
2,694,877
1,615,840

Page 1

 
V & V INVESTMENTS LLP
REGISTERED NUMBER: OC333589

BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 23 February 2024.




U S Vora
J S Virdi
Designated member
Designated member



S R Vora
Designated member




The notes on pages 3 to 8 form part of these financial statements.

V & V Investments LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 2

 
V & V INVESTMENTS LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

1.


General information

V & V Investments LLP is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000, registration number OC333589. The address of its registered office is 3rd Floor, 24 Old Bond Street, W1S 4BH.
The functional and presentational currency of the LLP is pounds stering (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue includes rent and insurance claims  receivable for the year from investment properties net of value added tax and is recognised in accordance with the LLP's leases with its tenants.
Rental income from investment properties is accrued on a time apportioned basis under the terms of the leases.

 
2.3

Members' share

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

Page 3

 
V & V INVESTMENTS LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102.

Financial instruments are recognised in the LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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
Page 4

 
V & V INVESTMENTS LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to
Page 5

 
V & V INVESTMENTS LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.


3.


Employees




The LLP had no employees other than the members during the year and the previous year.

The average monthly number of employees, including members, during the year was 5 (2022 - 5).


4.


Tangible fixed assets





Motor vehicles
Computer equipment
Total

£
£
£



Cost


At 6 April 2022
13,958
733
14,691



At 5 April 2023

13,958
733
14,691



Depreciation


At 6 April 2022
9,541
636
10,177


Charge for the year on owned assets
1,104
24
1,128



At 5 April 2023

10,645
660
11,305



Net book value



At 5 April 2023
3,313
73
3,386



At 5 April 2022
4,417
97
4,514

Page 6

 
V & V INVESTMENTS LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

5.


Investment property


Freehold investment property

£



Valuation


At 6 April 2022
2,975,000


Surplus on revaluation
925,000



At 5 April 2023
3,900,000

The 2023 valuations were made by a director, on a fair value for existing use basis.



At 5 April 2023



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
3,667,543
3,667,543


6.


Debtors

2023
2022
£
£


Trade debtors
24,201
33,751

Other debtors
68,629
46,687

Prepayments and accrued income
62,861
52,165

155,691
132,603



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
121,730
121,315

Trade creditors
5,461
40,783

Other creditors
250
250

Accruals and deferred income
34,718
6,951

162,159
169,299


Page 7

 
V & V INVESTMENTS LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
516,313
638,188

Other creditors
690,349
690,349

1,206,662
1,328,537


The aggregate amount of creditors for which security has been given amounted to £605,542 (2022 - £717,003) and is secured by a legal charge on the LLP's investment properties.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
-
123,496




9.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
2,462,645
2,308,608

2,462,645
2,308,608

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due after more than one year
2,462,645
2,308,608

2,462,645
2,308,608

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


10.


Related party transactions

At the balance sheet date two of  the members have provided guarantees in respect of bank borrowings totalling £605,542 (2022 - £717,003).


Page 8