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REGISTERED NUMBER: OC373545 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Morondava Property LLP

Morondava Property LLP (Registered number: OC373545)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

General Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Morondava Property LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: Mr. M Bellamy
Mrs. G Bellamy





REGISTERED OFFICE: Suite 3
Falcon Court Business Centre
College Road
Maidstone
Kent
ME15 6TF





REGISTERED NUMBER: OC373545 (England and Wales)





ACCOUNTANTS: Skyfire Accountancy Ltd
The Old Rectory
Springhead Road
Northfleet
Kent
DA11 8HN

Morondava Property LLP (Registered number: OC373545)

Abridged Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 529 623
Investment property 6 390,000 685,000
390,529 685,623

CURRENT ASSETS
Debtors 191 1,825
Cash at bank 428 1,628
619 3,453
CREDITORS
Amounts falling due within one year 2,800 2,800
NET CURRENT (LIABILITIES)/ASSETS (2,181 ) 653
TOTAL ASSETS LESS CURRENT
LIABILITIES

388,348

686,276

CREDITORS
Amounts falling due after more than one
year

7

217,781

353,383
NET ASSETS ATTRIBUTABLE TO
MEMBERS

170,567

332,893

Morondava Property LLP (Registered number: OC373545)

Abridged Balance Sheet - continued
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

37,567

82,893

MEMBERS' OTHER INTERESTS
Fair value reserve 133,000 250,000
170,567 332,893

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 37,567 82,893
Members' other interests 133,000 250,000
170,567 332,893

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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 8 August 2024 and were signed by:




Mr. M Bellamy - Designated member




Mrs. G Bellamy - Designated member


Morondava Property LLP (Registered number: OC373545)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Morondava Property 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.

Revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of services in the ordinary course of the LLP's activities. Sales are presented, net of value-added tax, rebates and discounts.

The LLP recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows:

Rental income from operating leases (net of any incentives given to the lessees) is recognised when the right to receive payment is established.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

4. EMPLOYEE INFORMATION

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

Morondava Property LLP (Registered number: OC373545)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 2,708
Disposals (364 )
At 31 March 2024 2,344
DEPRECIATION
At 1 April 2023 2,085
Charge for year 94
Eliminated on disposal (364 )
At 31 March 2024 1,815
NET BOOK VALUE
At 31 March 2024 529
At 31 March 2023 623

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 685,000
Disposals (235,000 )
Revaluations (60,000 )
At 31 March 2024 390,000
NET BOOK VALUE
At 31 March 2024 390,000
At 31 March 2023 685,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 195,916
Valuation in 2018 20,000
Valuation in 2019 75,000
Valuation in 2021 33,000
Valuation in 2022 82,000
Valuation in 2024 (198,903 )
Cost 182,987
390,000

Morondava Property LLP (Registered number: OC373545)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. INVESTMENT PROPERTY - continued

If Investment property had not been revalued it would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 182,987 279,084

Investment property was valued on an open market basis on 31 March 2024 by the designated members .

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.3.24 31.3.23
£    £   
Repayable otherwise than by instalments
Mortgage 211,948 344,750

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 220,581 356,183

The bank loans are secured against the properties held within investment properties.