REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Union Central Estates LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Union Central Estates LLP |
Union Central Estates LLP (Registered number: OC328329) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
Union Central Estates LLP |
General Information |
for the Year Ended 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
97 Judd Street |
London |
WC1H 9JG |
Union Central Estates LLP (Registered number: OC328329) |
Report of the Members |
for the Year Ended 31 March 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of property investment. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £3,166 (2023 - £9,895 profit). |
MEMBERS' INTERESTS |
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business. |
A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par". |
ON BEHALF OF THE MEMBERS: |
Union Central Estates LLP (Registered number: OC328329) |
Income Statement |
for the Year Ended 31 March 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest payable and similar expenses |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Union Central Estates LLP (Registered number: OC328329) |
Balance Sheet |
31 March 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
4,545,147 |
4,147,683 |
Union Central Estates LLP (Registered number: OC328329) |
Balance Sheet - continued |
31 March 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
913,194 |
515,730 |
MEMBERS' OTHER INTERESTS |
Revaluation reserve | 11 |
4,545,147 | 4,147,683 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 913,194 | 515,730 |
Members' other interests | 3,631,953 | 3,631,953 |
4,545,147 | 4,147,683 |
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 were approved by the members of the LLP and authorised for issue on |
Union Central Estates LLP (Registered number: OC328329) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Union Central Estates 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 |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets and depreciation |
Fixtures and fittings | - |
Investment property |
Investment property are valued on an existing use of open market value basis. Any aggregate surplus or deficit arising from changes in fair value is recognised within net assets attributable to members. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31/3/24 | 31/3/23 |
£ | £ |
Depreciation - owned assets |
Union Central Estates LLP (Registered number: OC328329) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Investment property is valued by the members at its approximate market value as at 31st March 2024. |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2023 | 3,631,953 |
Cost | 2,068,047 |
5,700,000 |
Union Central Estates LLP (Registered number: OC328329) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Trade creditors |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Bank loans |
The bank loan is secured by a fixed and floating charge over the assets of the LLP. |
10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Drawings are treated as payments on account of profit allocation and are only repayable to the LLP in so far as there are insufficient profits to allocate against such drawings. Any drawings in excess of total profits allocated would be included within 'amounts due from members' within debtors. |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2023 |
and 31 March 2024 |