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REGISTERED NUMBER: OC325004 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Rex Partners LLP

Rex Partners LLP (Registered number: OC325004)






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




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Rex Partners LLP

General Information
for the Year Ended 31 March 2023







DESIGNATED MEMBERS: S K M Williams
Mrs H A Williams
Rex Venture Resources Limited





REGISTERED OFFICE: 54 St. Marys Lane
Upminster
Essex
RM14 2QT





REGISTERED NUMBER: OC325004 (England and Wales)

Rex Partners LLP (Registered number: OC325004)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investments 4 25,096,407 17,350,821
Investment property 5 1,100,001 1,100,001
26,196,408 18,450,822

CURRENT ASSETS
Debtors 6 314,442 121,236
Cash at bank 9,855,440 5,859,017
10,169,882 5,980,253
CREDITORS
Amounts falling due within one year 7 471,074 671,421
NET CURRENT ASSETS 9,698,808 5,308,832
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

35,895,216

23,759,654

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

34,628,883

28,038,903

MEMBERS' OTHER INTERESTS
Revaluation reserve 9 (31,285 ) (31,285 )
Other reserves 1,297,618 (4,247,964 )
35,895,216 23,759,654

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 34,628,883 28,038,903
Members' other interests 1,266,333 (4,279,249 )
35,895,216 23,759,654

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.

Rex Partners LLP (Registered number: OC325004)

Balance Sheet - 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 19 December 2023 and were signed by:





S K M Williams - Designated member

Rex Partners LLP (Registered number: OC325004)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Rex Partners 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 represents rents receivable and service charge income excluding value added tax.

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.

FINANCIAL INSTRUMENTS
The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

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

Cash and cash equivalents
These comprise cash at bank and any short term highly liquid bank deposits with an original maturity of three month or less.

Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is evidence that the asset is impaired.

Trade creditors
Trade creditors are not interest bearing and are stated at their nominal value.

OPERATING LEASES
The company's properties are let out under operating leases and the income is credited to the profit and loss account on a straight line basis over the period of the lease.

INVESTMENTS
Listed investments are included in the balance sheet at market value. Unlisted investments are shown at cost less any provision for impairment.

3. EMPLOYEE INFORMATION

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

Rex Partners LLP (Registered number: OC325004)

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

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022 49,518,722
Additions 3,204,117
At 31 March 2023 52,722,839
PROVISIONS
At 1 April 2022 32,167,901
Provision for year (4,541,469 )
At 31 March 2023 27,626,432
NET BOOK VALUE
At 31 March 2023 25,096,407
At 31 March 2022 17,350,821

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 1,100,001
NET BOOK VALUE
At 31 March 2023 1,100,001
At 31 March 2022 1,100,001

The partnership's land and buildings are held in order to let under operating leases.

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2020 (31,286 )
Cost 1,131,287
1,100,001

If the land and buildings had not been revalued they would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 1,802,977 1,802,977

The land and buildings were valued on an open market basis on 31 March 2014 by the directors .

Rex Partners LLP (Registered number: OC325004)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors 118,413 121,236
Prepayments and accrued income 196,029 -
314,442 121,236

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
VAT 5,621 5,715
Other creditors 439,041 643,203
Accruals and deferred income 26,412 22,503
471,074 671,421

8. LOANS AND OTHER DEBTS DUE TO MEMBERS
31.3.23 31.3.22
£    £   
Loans from members 27,051,527 21,109,034
Amounts owed to members in respect of profits 7,577,356 6,929,869
34,628,883 28,038,903

Falling due within one year 34,628,883 28,038,903

Debts due to members rank equally with other creditors in the event of a winding up.

9. RESERVES
Revaluation
reserve
£   
At 1 April 2022
and 31 March 2023 (31,285 )

The revaluation reserve comprises the unallocated provision for the unrealised revaluation in the partnership's investment property.

Other reserves comprise the impairment provision on the partnership's listed investments not allocated to members.