0 false false false false false false false false false false false false false false false false No description of principal activity 2022-04-06 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP OC307549 2022-04-06 2023-04-05 OC307549 2023-04-05 OC307549 2022-04-05 OC307549 2022-04-05 OC307549 bus:Director1 2022-04-06 2023-04-05 OC307549 core:LandBuildings core:LongLeaseholdAssets 2022-04-05 OC307549 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-05 OC307549 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-06 2023-04-05 OC307549 core:LandBuildings core:LongLeaseholdAssets 2022-04-06 2023-04-05 OC307549 core:WithinOneYear 2023-04-05 OC307549 core:WithinOneYear 2022-04-05 OC307549 core:BetweenOneFiveYears 2023-04-05 OC307549 core:MoreThanFiveYears 2023-04-05 OC307549 core:LandBuildings core:LongLeaseholdAssets 2022-04-05 OC307549 bus:SmallEntities 2022-04-06 2023-04-05 OC307549 bus:AuditExemptWithAccountantsReport 2022-04-06 2023-04-05 OC307549 bus:FullAccounts 2022-04-06 2023-04-05 OC307549 bus:SmallCompaniesRegimeForAccounts 2022-04-06 2023-04-05 OC307549 bus:LimitedLiabilityPartnershipLLP 2022-04-06 2023-04-05 OC307549 core:PlantMachinery 2022-04-06 2023-04-05 OC307549 core:PlantMachinery 2022-04-05 OC307549 core:PlantMachinery 2023-04-05
REGISTERED NUMBER: OC307549
Stolkin Properties LLP
Filleted Unaudited Accounts
5 April 2023
Stolkin Properties LLP
Statement of Financial Position
5 April 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
4
4,926,227
79,293
Current assets
Debtors
5
636,281
630,875
Cash at bank and in hand
251,153
27,187
---------
---------
887,434
658,062
Creditors: amounts falling due within one year
6
( 318,601)
( 235,811)
---------
---------
Net current assets
568,833
422,251
------------
---------
Total assets less current liabilities
5,495,060
501,544
------------
---------
Net assets
5,495,060
501,544
------------
---------
Represented by:
Loans and other debts due to members
Members' capital classified as a liability
7
4,944,284
113,200
Other amounts
7
377,652
388,344
------------
---------
5,321,936
501,544
Members' other interests
Other reserves
173,124
------------
---------
5,495,060
501,544
------------
---------
Total members' interests
Loans and other debts due to members
7
5,321,936
501,544
Members' other interests
173,124
------------
---------
5,495,060
501,544
------------
---------
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 5 April 2023 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts .
Stolkin Properties LLP
Statement of Financial Position (continued)
5 April 2023
These accounts were approved by the members and authorised for issue on 31 January 2024 , and are signed on their behalf by:
M R Stolkin
Designated Member
Registered number: OC307549
Stolkin Properties LLP
Notes to the Accounts
Year ended 5 April 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 14 Egerton Gardens Mews, London, SW3 2EH.
2.
Statement of compliance
These accounts have been prepared in compliance with Section 1A FRS102,'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021.
3.
Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Valuation of investment properties A key accounting estimate in preparing these financial statements relates to the fair value of the investment properties. The directors have have extensive experience in the property industry and have determined the value of the investment properties at the reporting date. Naturally, the valuation of the and the investment properties is inherently subjective.
Revenue recognition
Turnover relates to rents receivable excluding VAT amended for deferred and accrued income. Rental income is recognised in accordance with te terms of the lease.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Operating leases
Operating leases - as lessor Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Taxation
The taxation payable on profits is the personal liability of the members during the year.
4.
Tangible assets
Investment Freehold property
Investment Leasehold property
Equipment
Total
£
£
£
£
Cost
At 6 April 2022
79,257
1,541
80,798
Additions
4,926,200
4,926,200
Disposals
( 79,257)
( 79,257)
------------
--------
-------
------------
At 5 April 2023
4,926,200
1,541
4,927,741
------------
--------
-------
------------
Depreciation
At 6 April 2022
1,505
1,505
Charge for the year
9
9
------------
--------
-------
------------
At 5 April 2023
1,514
1,514
------------
--------
-------
------------
Carrying amount
At 5 April 2023
4,926,200
27
4,926,227
------------
--------
-------
------------
At 5 April 2022
79,257
36
79,293
------------
--------
-------
------------
Included within the above is investment property as follows:
£
At 6 April 2022
79,257
Additions
4,926,200
Disposals
( 79,257)
------------
At 5 April 2023
4,926,200
------------
The members are of the opinion that the purchase cost is the current fair value.
5.
Debtors
2023
2022
£
£
Other debtors
636,281
630,875
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
911
Social security and other taxes
23,687
121
Other creditors
294,003
235,690
---------
---------
318,601
235,811
---------
---------
7.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
377,652
388,344
Other amounts
4,944,284
113,200
------------
---------
5,321,936
501,544
------------
---------
Loans and other debts due to members' rank equally with debts due to other creditors in a winding up.
8.
Operating leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
288,477
Later than 1 year and not later than 5 years
1,153,908
Later than 5 years
909,691
------------
----
2,352,076
------------
----