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REGISTERED NUMBER: OC394135
W Property Investments LLP
Unaudited Financial Statements
30 June 2023
W Property Investments LLP
Financial Statements
Year ended 30 June 2023
Contents
Page
Members' report
1
Report to the members on the preparation of the unaudited statutory financial statements
2
Statement of comprehensive income
3
Statement of financial position
4
Reconciliation of members' interests
6
Notes to the financial statements
8
W Property Investments LLP
Members' Report
Year ended 30 June 2023
The members present their report and the unaudited financial statements of the LLP for the year ended 30 June 2023 .
Principal activities
The principal activity of the company during the year was making and or participating in bridging loans to property investors and developers
Designated members
The designated members who served the LLP during the year were as follows:
Summercroft Limited
South Square Capital Ltd
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 13 March 2024 and signed on behalf of the members by:
Summercroft Limited
South Square Capital Ltd
Designated Member
Designated Member
Registered office:
Suite A
4-6 Canfield Place
London
UK
NW6 3BT
W Property Investments LLP
Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of W Property Investments LLP
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, I have prepared for your approval the financial statements of W Property Investments LLP for the year ended 30 June 2023, which comprise the statement of comprehensive income, statement of financial position, reconciliation of members' interests and the related notes from the LLP's accounting records and from information and explanations you have given me. As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the members of W Property Investments LLP, as a body, in accordance with the terms of my engagement letter dated ***Please fill in the Date of Engagement in field 9 of Client Database > Setup > Action Dates***. My work has been undertaken solely to prepare for your approval the financial statements of W Property Investments LLP and state those matters that I have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than W Property Investments LLP and its members, as a body, for my work or for this report.
It is your duty to ensure that W Property Investments LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of W Property Investments LLP. You consider that W Property Investments LLP is exempt from the statutory audit requirement for the year. I have not been instructed to carry out an audit or a review of the financial statements of W Property Investments LLP. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
R WALTERS & CO Chartered accountants
Suite A 4 - 6 Canfield Place London England NW6 3BT
13 March 2024
W Property Investments LLP
Statement of Comprehensive Income
Year ended 30 June 2023
2023
2022
Note
£
£
Turnover
1,116,298
1,031,929
Cost of sales
420,409
342,404
------------
------------
Gross profit
695,889
689,525
Administrative expenses
567
619
---------
---------
Operating profit
695,322
688,906
---------
---------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
695,322
688,906
---------
---------
All the activities of the LLP are from continuing operations.
W Property Investments LLP
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Current assets
Debtors
4
12,613,198
13,989,265
Cash at bank and in hand
2,934
1,655,254
-------------
-------------
12,616,132
15,644,519
Creditors: amounts falling due within one year
5
8,439,428
11,918,736
-------------
-------------
Net current assets
4,176,704
3,725,783
------------
------------
Total assets less current liabilities
4,176,704
3,725,783
Creditors: amounts falling due after more than one year
6
720
------------
------------
Net assets
4,176,704
3,725,063
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
7
4,176,704
3,725,064
Members' other interests
Other reserves
(1)
------------
------------
4,176,704
3,725,063
------------
------------
Total members' interests
Loans and other debts due to members
7
4,176,704
3,725,064
Members' other interests
(1)
------------
------------
4,176,704
3,725,063
------------
------------
These financial statements have been prepared 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'.
For the year ending 30 June 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 financial statements .
W Property Investments LLP
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the members and authorised for issue on 13 March 2024 , and are signed on their behalf by:
Summercroft Limited
South Square Capital Ltd
Designated Member
Designated Member
Registered number: OC394135
W Property Investments LLP
Reconciliation of Members' Interests
Year ended 30 June 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
Balance at 1 July 2022
3,481,382
3,481,382
3,481,382
Profit for the financial year available for discretionary division among members
695,322
695,322
695,322
---------
---------
------------
------------
------------
Members' interests after profit for the year
695,322
695,322
3,481,382
3,481,382
4,176,704
Other division of profits
(695,322)
(695,322)
695,322
695,322
Other movements
---------
---------
------------
------------
------------
Balance at 30 June 2023
4,176,704
4,176,704
4,176,704
---------
---------
------------
------------
------------
W Property Investments LLP
Reconciliation of Members' Interests (continued)
Year ended 30 June 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2022
£
£
£
£
£
Balance at 1 July 2021
(1)
(1)
3,050,283
3,050,283
3,050,282
Profit for the financial year available for discretionary division among members
688,906
688,906
688,906
---------
---------
------------
------------
------------
Members' interests after profit for the year
688,905
688,905
3,050,283
3,050,283
3,739,188
Other division of profits
(688,906)
(688,906)
688,906
688,906
Other movements
(14,125)
(14,125)
(14,125)
---------
---------
------------
------------
------------
Balance at 30 June 2022
(1)
(1)
3,725,064
3,725,064
3,725,063
---------
---------
------------
------------
------------
W Property Investments LLP
Notes to the Financial Statements
Year ended 30 June 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Suite A, 4-6 Canfield Place, London, NW6 3BT, UK.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A 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' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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'.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Debtors
2023
2022
£
£
Trade debtors
12,613,198
13,989,265
-------------
-------------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
8,439,428
11,918,736
------------
-------------
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
720
----
----
7.
Loans and other debts due to members
2023
2022
£
£
Loans from members
200,000
185,875
Amounts owed to members in respect of profits
3,976,704
3,539,189
------------
------------
4,176,704
3,725,064
------------
------------