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REGISTERED NUMBER: OC313892 (England and Wales)







Report of the Members and

Financial Statements for the Year Ended 31st March 2024

for

Norton Lakes Property LLP

Norton Lakes Property LLP (Registered number: OC313892)






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




Page

General Information 1

Report of the Members 2

Income Statement 3

Abridged Statement of Financial Position 4

Notes to the Financial Statements 5


Norton Lakes Property LLP

General Information
for the Year Ended 31st March 2024







DESIGNATED MEMBERS: Mrs E M McAuley
Mrs V J Sinclair





REGISTERED OFFICE: Caerleon
2 Clarence Road
Great Malvern
Worcestershire
WR14 3DU





REGISTERED NUMBER: OC313892 (England and Wales)





ACCOUNTANTS: The Richards Sandy Partnership
Thorneloe House
25 Barbourne Road
Worcester
Worcestershire
WR1 1RU

Norton Lakes Property LLP (Registered number: OC313892)

Report of the Members
for the Year Ended 31st March 2024

The members present their report with the financial statements of the LLP for the year ended 31st March 2024.

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

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

Mrs E M McAuley
Mrs V J Sinclair

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £462,204 (2023 - £3,012,304 profit).

MEMBERS' INTERESTS
The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership's transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ON BEHALF OF THE MEMBERS:





Ms E M McAuley - Designated member


1st August 2024

Norton Lakes Property LLP (Registered number: OC313892)

Income Statement
for the Year Ended 31st March 2024

2024 2023
£    £   

TURNOVER 465,750 465,750

Administrative expenses 6,117 (2,546,554 )
OPERATING PROFIT 459,633 3,012,304

Interest receivable and similar income 2,571 -
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND
PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




462,204




3,012,304

Norton Lakes Property LLP (Registered number: OC313892)

Abridged Statement of Financial Position
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 7,000,000 7,000,000

CURRENT ASSETS
Debtors 41,211 10,780
Cash at bank 443,365 270,943
484,576 281,723
CREDITORS
Amounts falling due within one year 561,701 406,896
NET CURRENT LIABILITIES (77,125 ) (125,173 )
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

6,922,875

6,874,827

LOANS AND OTHER DEBTS DUE TO
MEMBERS

5

6,922,875

6,874,827

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 5 6,922,875 6,874,827

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 31st 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 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 Statement of Financial Position for the year ended 31st 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.

The financial statements were approved by the members of the LLP and authorised for issue on 1st August 2024 and were signed by:





Ms E M McAuley - Designated member

Norton Lakes Property LLP (Registered number: OC313892)

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

1. STATUTORY INFORMATION

Norton Lakes 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. 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 under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

3. EMPLOYEE INFORMATION

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023
and 31st March 2024 7,000,000
NET BOOK VALUE
At 31st March 2024 7,000,000
At 31st March 2023 7,000,000

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2023 2,549,165
Cost 4,450,835
7,000,000

5. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a
winding up.
There is no provision for specific legally enforceable protection afforded to creditors in such an event.
There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members' other
interests'.