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REGISTERED NUMBER: OC423114 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

SAK ASSETS LLP

SAK ASSETS LLP (REGISTERED NUMBER: OC423114)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SAK ASSETS LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DESIGNATED MEMBERS: Mrs L Hamdoun
Mr L Hamdoun
SAK Estates Ltd





REGISTERED OFFICE: Unit 2.02 High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES





REGISTERED NUMBER: OC423114 (England and Wales)





ACCOUNTANTS: Acuity Professional Partnership LLP
Unit 2.02 High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES

SAK ASSETS LLP (REGISTERED NUMBER: OC423114)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,664 2,215
Investment property 5 2,743,309 2,743,309
2,744,973 2,745,524

CURRENT ASSETS
Debtors 14,643 10,407

CREDITORS
Amounts falling due within one year 6 1,536 1,440
NET CURRENT ASSETS 13,107 8,967
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

2,758,080

2,754,491

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

14,771

11,182

MEMBERS' OTHER INTERESTS
Capital accounts 2,743,309 2,743,309
2,758,080 2,754,491

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 14,771 11,182
Members' other interests 2,743,309 2,743,309
Amounts due from members (14,643 ) (10,407 )
2,743,437 2,744,084

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.

SAK ASSETS LLP (REGISTERED NUMBER: OC423114)

STATEMENT OF FINANCIAL POSITION - 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 7 March 2024 and were signed by:





Mrs L Hamdoun - Designated member

SAK ASSETS LLP (REGISTERED NUMBER: OC423114)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

SAK Assets 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.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
In preparing the financial statements, the members are required to make estimates and judgements about the carrying amounts of assets and liabilities. The estimates and assumptions are reviewed on an ongoing basis and are based on historical experience and other factors that are considered by the members to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties.

Financial assets that are measured at cost and amortized cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognized in profit or loss.

For financial assets measured at amortized cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEE INFORMATION

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

SAK ASSETS LLP (REGISTERED NUMBER: OC423114)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
Cost
At 1 April 2022
and 31 March 2023 7,000
Depreciation
At 1 April 2022 4,785
Charge for year 551
At 31 March 2023 5,336
Net book value
At 31 March 2023 1,664
At 31 March 2022 2,215

5. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 April 2022
and 31 March 2023 2,743,309
Net book value
At 31 March 2023 2,743,309
At 31 March 2022 2,743,309

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other creditors 1,536 1,440

7. LOANS AND OTHER DEBTS DUE TO MEMBERS
31.3.23 31.3.22
£    £   
Amounts owed to members in respect of profits 14,771 11,182

Falling due within one year 14,771 11,182