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REGISTERED NUMBER: OC349324 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2024

FOR

PREMIER QUALITY LETTINGS LLP

PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PREMIER QUALITY LETTINGS LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: Mr N E J Griffiths
Mrs W Griffiths





REGISTERED OFFICE: Pharmacy Chambers
High Street
Wadhurst
East Sussex
TN5 6AP





REGISTERED NUMBER: OC349324 (England and Wales)





ACCOUNTANTS: Honey Barrett Limited
Chartered Accountants
Pharmacy Chambers
High Street
Wadhurst
East Sussex
TN5 6AP

PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - -
Investment property 6 456,000 440,000
456,000 440,000

CURRENT ASSETS
Debtors 7 2,139 2,643
Cash at bank 3,492 228
5,631 2,871
CREDITORS
Amounts falling due within one year 8 2,522 1,636
NET CURRENT ASSETS 3,109 1,235
TOTAL ASSETS LESS CURRENT
LIABILITIES

459,109

441,235

CREDITORS
Amounts falling due after more than one
year

9

269,993

269,993
NET ASSETS ATTRIBUTABLE TO
MEMBERS

189,116

171,242

LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

6,800

4,926

MEMBERS' OTHER INTERESTS
Capital accounts 14,139 14,139
Non distributable reserve 12 168,177 152,177
189,116 171,242

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 6,800 4,926
Members' other interests 182,316 166,316
189,116 171,242

PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324)

BALANCE SHEET - continued
31 MARCH 2024


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 2024.

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.

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 Profit and loss account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 29 July 2024 and were signed by:





Mr N E J Griffiths - Designated member

PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Premier Quality Lettings 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. Turnover represents the value of property management fees charged for services provided during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - straight line over 3 years

All fixed assets are initially recorded at cost.

Investment property
Investment property is shown at the market value at the balance sheet date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until Members agree to divide them. Profits are otherwise automatically divided and included under Members' remuneration charged as an expense in the profit and loss account.

Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans receivable and other financial assets are initially measured at transaction price excluding any transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment for bad and doubtful debts.

PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued

Creditors
Short term trade creditors are measured at the transaction price (which is usually the invoice price). Loans and other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to Members, even if that obligation is conditional.

Taxation
Tax to be paid on the profits arising in the LLP are a personal tax liability of the Members of the LLP and therefore are not included as a tax charge or provision within these financial statements.

4. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

5. TANGIBLE FIXED ASSETS
Office
equipment
£   
COST
At 1 April 2023
and 31 March 2024 702
DEPRECIATION
At 1 April 2023
and 31 March 2024 702
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 440,000
Fair value adjustment 16,000
At 31 March 2024 456,000
NET BOOK VALUE
At 31 March 2024 456,000
At 31 March 2023 440,000

The property was purchased on 18th September 2018 and the Members last adjusted the fair value of the property as at 31 March 2024 using an online valuation.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2020 61,376
Valuation in 2021 10,800
Valuation in 2022 6,000
Valuation in 2023 77,000
Valuation in 2024 16,000
Cost 284,824
456,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,139 2,643

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Accruals and deferred income 2,522 1,636

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans more 5yrs non-inst 269,993 269,993

PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 269,993 269,993

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Mortgage 269,993 269,993

A mortgage is secured on the investment property and on the assets of the partnership.

11. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to Members rank equally with debts due to ordinary creditors in a winding up.

12. RESERVES
Non
distributable
reserve
£   
At 1 April 2023 152,177
Fair value transfer 16,000
At 31 March 2024 168,177