REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 5 April 2024 |
for |
Fairfax Mansions LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
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 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 |
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 |
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 |
Revaluations | 2,430,000 |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
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 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
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 |
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. |