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REGISTERED NUMBER: OC414910 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Shortest Path Property LLP

Shortest Path Property LLP (Registered number: OC414910)

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










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Shortest Path Property LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: T P Macdonald
Mrs C D Macdonald
Shortest Path Investments Limited





REGISTERED OFFICE: 7 Chartwell
Farnham
Surrey
GU9 8SU





REGISTERED NUMBER: OC414910 (England and Wales)





ACCOUNTANTS: APT
44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN

Shortest Path Property LLP (Registered number: OC414910)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 689 708
Investment property 5 330,000 830,000
330,689 830,708

CURRENT ASSETS
Debtors 6 1,440 690
Cash at bank 8,685 8,743
10,125 9,433
CREDITORS
Amounts falling due within one year 7 (1,000 ) (1,982 )
NET CURRENT ASSETS 9,125 7,451
TOTAL ASSETS LESS CURRENT
LIABILITIES

339,814

838,159

CREDITORS
Amounts falling due after more than one
year

8

(150,446

)

(457,401

)
NET ASSETS ATTRIBUTABLE TO
MEMBERS

189,368

380,758

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 189,368 380,758
189,368 380,758

TOTAL MEMBERS' INTERESTS
Members' other interests 189,368 380,758

Shortest Path Property LLP (Registered number: OC414910)

Balance Sheet - continued
31 March 2024


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.

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 2 August 2024 and were signed by:





T P Macdonald - Designated member

Shortest Path Property LLP (Registered number: OC414910)

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


1. STATUTORY INFORMATION

Shortest Path 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.

The functional and presentational currency of the LLP is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover represents net rental income receivable, excluding value added tax. Rental income is recognised on an accruals basis in accordance with the substance of the relevant agreement.

Other income
Interest income, including income arising from finance leases and other financial instruments, is recognised using the effective interest method.

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 etc - 25% on reducing balance

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

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.

Shortest Path Property LLP (Registered number: OC414910)

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


2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable/payable in one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include deposits held at call with banks.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at the present value of future payments.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Provision for liabilities
Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. EMPLOYEE INFORMATION

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

Shortest Path Property LLP (Registered number: OC414910)

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


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 2,927
Additions 394
Disposals (739 )
At 31 March 2024 2,582
DEPRECIATION
At 1 April 2023 2,219
Charge for year 230
Eliminated on disposal (556 )
At 31 March 2024 1,893
NET BOOK VALUE
At 31 March 2024 689
At 31 March 2023 708

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 830,000
Disposals (500,000 )
At 31 March 2024 330,000
NET BOOK VALUE
At 31 March 2024 330,000
At 31 March 2023 830,000

The designated members are of the opinion that the market value of the properties are properly reflected at the period end.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 30,000
Cost 300,000
330,000

Shortest Path Property LLP (Registered number: OC414910)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 1,440 690

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other creditors 1,000 1,982

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 150,446 457,401

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 150,446 457,401

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 150,446 457,401

Loans are secured by way of first legal charge over the investment properties.