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REGISTERED NUMBER: OC425840 (England and Wales)









Report of the Members and

Financial Statements for the Year Ended 31st March 2023

for

Mehmood Family Partnership LLP

Mehmood Family Partnership LLP (Registered number: OC425840)

Contents of the Financial Statements
for the Year Ended 31st March 2023










Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Reconciliation of Members' Interests 6

Notes to the Financial Statements 8


Mehmood Family Partnership LLP

General Information
for the Year Ended 31st March 2023







DESIGNATED MEMBERS: Mrs Z S Mehmood
S Mehmood
Pak Asset Management Limited





REGISTERED OFFICE: The Orchard
Green Lane
Stanmore
HA7 3AA





REGISTERED NUMBER: OC425840 (England and Wales)





ACCOUNTANTS: Vitta Advisory Limited
54 Newberries Avenue
Radlett
WD7 7EP

Mehmood Family Partnership LLP (Registered number: OC425840)

Report of the Members
for the Year Ended 31st March 2023


The members present their report with the financial statements of the LLP for the year ended 31st March 2023.

DESIGNATED MEMBERS
The designated members during the year under review were:

Mrs Z S Mehmood
S Mehmood
Pak Asset Management Limited

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £32,875 (2022 - £700,454 profit).

MEMBERS' INTERESTS

STATEMENT OF MEMBERS' RESPONSIBILITIES
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ON BEHALF OF THE MEMBERS:





S Mehmood - Designated member


12th April 2024

Mehmood Family Partnership LLP (Registered number: OC425840)

Income Statement
for the Year Ended 31st March 2023

31/3/23 31/3/22
Notes £    £   

TURNOVER 487,208 421,893

Administrative expenses (260,981 ) (87,406 )
226,227 334,487

Other operating income 112,913 121,888
OPERATING PROFIT 339,140 456,375

Profit/loss on disposal of tangible fixed
assets

4

-

499,672
339,140 956,047


Interest payable and similar expenses (306,265 ) (255,593 )
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




32,875




700,454

Mehmood Family Partnership LLP (Registered number: OC425840)

Balance Sheet
31st March 2023

31/3/23 31/3/22
Notes £    £   
FIXED ASSETS
Investment property 5 14,894,305 12,003,223

CURRENT ASSETS
Cash at bank 3,712 3,712

CREDITORS
Amounts falling due within one year 6 (11,047 ) (9,487 )
NET CURRENT LIABILITIES (7,335 ) (5,775 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,886,970

11,997,448

CREDITORS
Amounts falling due after more than one
year

7

(8,540,127

)

(6,599,792

)
NET ASSETS ATTRIBUTABLE TO
MEMBERS

6,346,843

5,397,656

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

6,346,843

5,397,656

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 6,346,843 5,397,656

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 31st 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.

Mehmood Family Partnership LLP (Registered number: OC425840)

Balance Sheet - continued
31st March 2023


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

The financial statements were approved by the members of the LLP and authorised for issue on 12th April 2024 and were signed by:





S Mehmood - Designated member

Mehmood Family Partnership LLP (Registered number: OC425840)

Reconciliation of Members' Interests
for the Year Ended 31st March 2023


EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 5,397,656
Amount due from members -
Balance at 1st April 2022 - 5,397,656 5,397,656
Profit for the financial year
available for discretionary division
among members


32,875


-


32,875


Members' interests after profit for
the year

32,875

5,397,656

5,430,531

Other divisions of profit (32,875 ) 32,875 -
Introduced by members - 948,278 948,278
Drawings on account and
distributions of profit

-

(31,966

)

(31,966

)

Amount due to members 6,346,843
Amount due from members -
Balance at 31st March 2023 - 6,346,843 6,346,843

Mehmood Family Partnership LLP (Registered number: OC425840)

Reconciliation of Members' Interests
for the Year Ended 31st March 2023

EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 4,692,758
Amount due from members -
Balance at 1st April 2021 - 4,692,758 4,692,758
Profit for the financial year
available for discretionary division
among members


700,454


-


700,454


Members' interests after profit for
the year

700,454

4,692,758

5,393,212

Other divisions of profit (700,454 ) 700,454 -
Introduced by members - 107,457 107,457
Drawings on account and
distributions of profit

-

(103,013

)

(103,013

)

Amount due to members 5,397,656
Amount due from members -
Balance at 31st March 2022 - 5,397,656 5,397,656

Mehmood Family Partnership LLP (Registered number: OC425840)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023


1. STATUTORY INFORMATION

Mehmood Family Partnership 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2022 - 2 ) .

4. EXCEPTIONAL ITEMS
31/3/23 31/3/22
£    £   
Profit/loss on disposal of tangible fixed
assets

-

499,672

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2022 12,003,223
Additions 2,891,082
At 31st March 2023 14,894,305
NET BOOK VALUE
At 31st March 2023 14,894,305
At 31st March 2022 12,003,223

Mehmood Family Partnership LLP (Registered number: OC425840)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023


5. INVESTMENT PROPERTY - continued

Fair value at 31st March 2023 is represented by:
£   
Valuation in 2021 (85,000 )
Cost 14,979,305
14,894,305

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans and overdrafts 9,487 9,487
Accruals and deferred income 1,560 -
11,047 9,487

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
£    £   
Bank loans 8,540,127 6,599,792

8. SECURED DEBTS

The following secured debts are included within creditors:

31/3/23 31/3/22
£    £   
Bank loans 8,549,614 6,609,279

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of winding up, amounts in 'Loans and other debts due to members' (other than members' capital classified as debt) would rank equally with other creditors.