REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements |
for the Period 1st October 2022 to 31st December 2023 |
for |
Ascot Property Estates LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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: |
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 |
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. |
The Lexicon |
Mount Street |
Manchester |
M2 5NT |
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 | ) |
Other operating income |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
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 |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
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 |
Additions |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 30th September 2022 |
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 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 30.9.22 |
£ | £ |
Trade creditors |
Amounts owed to associates | 375,201 | 375,201 |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 30.9.22 |
£ | £ |
Within one year |
Between one and five years |
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. |