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REGISTERED NUMBER: OC336093 (England and Wales)















Unaudited Financial Statements for the Year Ended 5 April 2024

for

Fairfax Mansions LLP

Fairfax Mansions LLP (Registered number: OC336093)






Contents of the Financial Statements
for the Year Ended 5 April 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fairfax Mansions LLP

General Information
for the Year Ended 5 April 2024







DESIGNATED MEMBERS: Mrs. Aroona Mahendra Patel
Fairfax Properties Ltd
The Poppyarron Trust





REGISTERED OFFICE: 173 Cleveland Street
London
W1T 6QR





REGISTERED NUMBER: OC336093 (England and Wales)





ACCOUNTANTS: Shah Dodhia & Co
173 Cleveland Street
London
W1T 6QR

Fairfax Mansions LLP (Registered number: OC336093)

Balance Sheet
5 April 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment property 4 14,630,000 12,200,000

CURRENT ASSETS
Debtors 5 237,371 246,226
Cash at bank 532,392 842,163
769,763 1,088,389
CREDITORS
Amounts falling due within one year 6 475,152 5,852,322
NET CURRENT ASSETS/(LIABILITIES) 294,611 (4,763,933 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,924,611

7,436,067

CREDITORS
Amounts falling due after more than one
year

7

5,450,000

-
NET ASSETS ATTRIBUTABLE TO
MEMBERS

9,474,611

7,436,067

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

9,474,611

7,436,067

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 9,474,611 7,436,067

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 5 April 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.

Fairfax Mansions LLP (Registered number: OC336093)

Balance Sheet - continued
5 April 2024


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 22 July 2024 and were signed by:





Mrs. Aroona Mahendra Patel - Designated member

Fairfax Mansions LLP (Registered number: OC336093)

Notes to the Financial Statements
for the Year Ended 5 April 2024

1. STATUTORY INFORMATION

Fairfax Mansions 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 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.

Disclosure exemptions

The entity qualifies as a small LLP and therefore has taken exemptions available under Section 1A in respect of the following disclosures:

(a) No cash flow statement has been presented for the LLP.

(b) Disclosures in respect of financial instruments have not been presented.

Revenue recognition
Turnover represents rents and service charges receivable during the year.

Investment property
Investment properties are properties held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition, investment properties are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit and loss in the year that they arise and no depreciation is provided in respect of investment properties.

3. EMPLOYEE INFORMATION

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

4. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 6 April 2023 12,200,000
Revaluations 2,430,000
At 5 April 2024 14,630,000
NET BOOK VALUE
At 5 April 2024 14,630,000
At 5 April 2023 12,200,000

Fairfax Mansions LLP (Registered number: OC336093)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

4. INVESTMENT PROPERTY - continued

The investment properties were professionally revalued as at August 2023 at £14.6 million by a professional valuer in accordance with the RICS Valuation - Global Standards, incorporating the IVS and the RICS valuation - Global Standard 2017 - UK national supplement published by the RICS (the RICS Red Book) on the basis of Market Value. The investment properties are carried forward at this professional valuation together with additions thereafter at cost.

The historical cost of the investment properties is £8,229,554 (2023: £8,229,554).

Fair value at 5 April 2024 is represented by:
£
Valuation in 2024 14,630,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 205,706 234,537
Other debtors 31,665 11,689
237,371 246,226

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 50,000 5,575,000
Taxation and social security - 11,410
Other creditors 425,152 265,912
475,152 5,852,322

The bank loan is secured by first legal charges over the leasehold properties owned by the entity and a debenture creating floating charge over all the assets. The loan is available at SONIA plus a margin of 2.85% p.a. and available for 5 years from January 2024.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loan 5,450,000 -

Fairfax Mansions LLP (Registered number: OC336093)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of winding up the amounts in "Loans and other debts due to members" will rank equally with unsecured creditors.




Members'
capital


Loan

Share of
Profits/(Losses


)
Share of
Unrealised
Profits/(Losses


)


Total
£    £    £    £    £   

Balance at 6 April
2023

30,000

3,517,202

(81,580

)

3,970,445

7,436,067

Profit on fixed
assets at fair value
through profit or
loss



-



-



-



2,430,000



2,430,000
Loss for the
financial year

-

-

(274,246

)

-

(274,246

)
Loan repayment - (117,210 ) - - (117,210 )
------------- ---------------- ------------------ ------------------ ----------------
Balance at 5 April
2024

30,000

3,399,992

(355,826

)

6,400,445

9,474,611
======= ========= ========= ========= =========

9. RELATED PARTY DISCLOSURES

In the opinion of the members the ultimate controlling party of the LLP is Fairfax Properties Ltd which holds 66.67% interest in the LLP.

The members confirm that there were no other related party transactions during the year.