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REGISTERED NUMBER: OC356329 (England and Wales)















Report of the Members and

Unaudited Financial Statements

for the Period 1st October 2022 to 31st December 2023

for

Ascot Property Estates LLP

Ascot Property Estates LLP (Registered number: OC356329)






Contents of the Financial Statements
for the Period 1st October 2022 to 31st December 2023




Page

General Information 1

Report of the Members 2

Chartered Certified Accountants' Report 3

Income Statement 4

Balance Sheet 5

Reconciliation of Members' Interests 7

Notes to the Financial Statements 9


Ascot Property Estates LLP

General Information
for the Period 1st October 2022 to 31st December 2023







DESIGNATED MEMBERS: Mrs S S Patel
S Patel
Mrs N Sethi
N Sethi





REGISTERED OFFICE: The Lexicon
10-12 Mount STreet
Manchester
M2 5NT





REGISTERED NUMBER: OC356329 (England and Wales)





ACCOUNTANTS: Veritas Accountants & Advisory Limited
The Lexicon
Mount Street
Manchester
M2 5NT

Ascot Property Estates LLP (Registered number: OC356329)

Report of the Members
for the Period 1st October 2022 to 31st December 2023

The members present their report with the financial statements of the LLP for the period 1st October 2022 to 31st December 2023.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the period under review was that of the rental of investment property.

DESIGNATED MEMBERS
The designated members during the period under review were:

Mrs S S Patel
S Patel
Mrs N Sethi
N Sethi

RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS
The profit for the period before members' remuneration and profit shares was £26,152 (2022 - £6,869 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 company. 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:





Designated member


8th August 2024

Chartered Certified Accountants' Report to the Members
on the Unaudited Financial Statements of
Ascot Property Estates LLP


In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Ascot Property Estates LLP for the period ended 31st December 2023 which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the members of Ascot Property Estates LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ascot Property Estates LLP and state those matters that we have agreed to state to the members of Ascot Property Estates LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Ascot Property Estates LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ascot Property Estates LLP. You consider that Ascot Property Estates LLP is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Ascot Property Estates LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Veritas Accountants & Advisory Limited
The Lexicon
Mount Street
Manchester
M2 5NT


8th August 2024

Ascot Property Estates LLP (Registered number: OC356329)

Income Statement
for the Period 1st October 2022 to 31st December 2023

Period
1/10/22
to Year Ended
31/12/23 30/9/22
Notes £    £   

TURNOVER - -

Administrative expenses 91,417 53,023
(91,417 ) (53,023 )

Other operating income 117,569 59,892
OPERATING PROFIT and
PROFIT FOR THE FINANCIAL PERIOD
BEFORE MEMBERS' REMUNERATION AND
PROFIT SHARES


26,152


6,869

PROFIT FOR THE FINANCIAL PERIOD
BEFORE MEMBERS' REMUNERATION AND
PROFIT SHARES


26,152


6,869

Members' remuneration charged as an
expense

4

(26,152

)

(6,869

)
PROFIT FOR THE FINANCIAL PERIOD
AVAILABLE FOR DISCRETIONARY DIVISION
AMONG MEMBERS


-


-

Ascot Property Estates LLP (Registered number: OC356329)

Balance Sheet
31st December 2023

31.12.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 702,446 661,632

CURRENT ASSETS
Debtors 6 10,651 4,261
Cash at bank 43,824 40,041
54,475 44,302
CREDITORS
Amounts falling due within one year 7 405,519 380,685
NET CURRENT LIABILITIES (351,044 ) (336,383 )
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO MEMBERS 351,402 325,249

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

279,841

254,688

MEMBERS' OTHER INTERESTS
Capital accounts 1,000 -
Other reserves 70,561 70,561
351,402 325,249

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 279,841 254,688
Members' other interests 71,561 70,561
351,402 325,249

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 period ended 31st December 2023.

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.

Ascot Property Estates LLP (Registered number: OC356329)

Balance Sheet - continued
31st December 2023


The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 8th August 2024 and were signed by:





N Sethi - Designated member

Ascot Property Estates LLP (Registered number: OC356329)

Reconciliation of Members' Interests
for the Period 1st October 2022 to 31st December 2023


EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 1st October 2022 - 70,561 70,561
Members' remuneration charged as an expense,
including employment and retirement benefit costs

-

-

-
Profit for the financial period available for discretionary
division among members

-

-

-
Members' interests after profit for the period - 70,561 70,561
Introduced by members 1,000 - 1,000
Drawings on account and distributions of profit - - -
Balance at 31st December 2023 1,000 70,561 71,561

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£    £   
Amount due to members 254,688
Amount due from members -
Balance at 1st October 2022 254,688 325,249
Members' remuneration charged as an expense,
including employment and retirement benefit costs

26,152

26,152

Profit for the financial period available for discretionary
division among members

-

-

Members' interests after profit for the period 280,840 351,401
Introduced by members - 1,000
Drawings on account and distributions of profit (27,152 ) (27,152 )
Amount due to members 279,841
Amount due from members -
Balance at 31st December 2023 253,688 325,249

Ascot Property Estates LLP (Registered number: OC356329)

Reconciliation of Members' Interests
for the Period 1st October 2022 to 31st December 2023

EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 247,819
Amount due from members -
Balance at 1st October 2021 70,561 247,819 318,380
Members' remuneration charged as
an expense, including employment
and retirement benefit costs


-


6,869


6,869


Profit for the financial period
available for discretionary division
among members


-


-


-


Members' interests after profit for the
period

70,561

254,688

325,249

Drawings on account and
distributions of profit

-

(6,869

)

(6,869

)

Amount due to members 254,688
Amount due from members -
Balance at 30th September 2022 70,561 247,819 318,380

Ascot Property Estates LLP (Registered number: OC356329)

Notes to the Financial Statements - continued
for the Period 1st October 2022 to 31st December 2023

1. STATUTORY INFORMATION

Ascot Property 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
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There has been no critical judgements, estimate and assumptions made in the preparation of these financial statements.

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.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

3. EMPLOYEE INFORMATION

The average number of employees, including members with contracts of employment, during the period was 2 (2022 - 2 ) .

4. INFORMATION IN RELATION TO MEMBERS
Period
1/10/22
to Year Ended
31/12/23 30/9/22
£    £   
Members' remuneration charged as an expense
Remuneration paid under an employment
contract

26,152

6,869

Ascot Property Estates LLP (Registered number: OC356329)

Notes to the Financial Statements - continued
for the Period 1st October 2022 to 31st December 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st October 2022 661,632
Additions 40,814
At 31st December 2023 702,446
NET BOOK VALUE
At 31st December 2023 702,446
At 30th September 2022 661,632

Investment property includes various inter connected commercial and residential properties in Hyde. The fair value of the investment property has been determined by the members, on an open market basis by reference to market evidence of transaction prices for similar properties.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 30.9.22
£    £   
Other debtors 10,651 4,261

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 30.9.22
£    £   
Trade creditors 25,538 461
Amounts owed to associates 375,201 375,201
Other creditors 4,780 5,023
405,519 380,685

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 30.9.22
£    £   
Within one year - 8,902
Between one and five years 7,128 -
7,128 8,902

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

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