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REGISTERED NUMBER: OC420266 (England and Wales)










REPORT OF THE MEMBERS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

KEEPFIRM PROPERTIES LLP

KEEPFIRM PROPERTIES LLP (REGISTERED NUMBER: OC420266)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

General Information 1

Report of the Members 2

Chartered Accountants' Report 3

Income Statement 4

Statement of Financial Position 5

Notes to the Financial Statements 7


KEEPFIRM PROPERTIES LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: Mr M S Goddard
Mrs E L Goddard





REGISTERED OFFICE: 869 High Road
London
N12 8QA





REGISTERED NUMBER: OC420266 (England and Wales)





ACCOUNTANTS: EA
Chartered Accountants
869 High Road
London
N12 8QA

KEEPFIRM PROPERTIES LLP (REGISTERED NUMBER: OC420266)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2024

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

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

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

Mr M S Goddard
Mrs E L Goddard

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £174,534 (2023 - £126,220 loss).

MEMBERS' INTERESTS
The members' subscription to capital is as determined by the members from time to time.

The LLP has an unconditional right to refuse repayment to the members of the amounts contributed by them.

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members as agreed by the members from time to time.

ON BEHALF OF THE MEMBERS:





Mr M S Goddard - Designated member


6 August 2024

CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
KEEPFIRM PROPERTIES 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 Keepfirm Properties LLP for the year ended 31 March 2024 which comprise the Income Statement, Statement of Financial Position 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Keepfirm Properties 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 Keepfirm Properties LLP and state those matters that we have agreed to state to the members of Keepfirm Properties LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Keepfirm Properties LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Keepfirm Properties 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 Keepfirm Properties LLP. You consider that Keepfirm Properties LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Keepfirm Properties 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.






EA
Chartered Accountants
869 High Road
London
N12 8QA


6 August 2024

KEEPFIRM PROPERTIES LLP (REGISTERED NUMBER: OC420266)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
£    £   

TURNOVER 149,832 108,963

Administrative expenses 80,431 66,865
OPERATING PROFIT 69,401 42,098

Gain/loss on revaluation of investment
property

164,985

(114,000

)
234,386 (71,902 )

Interest payable and similar expenses 59,852 54,318
PROFIT/(LOSS) FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND
PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




174,534




(126,220




)

KEEPFIRM PROPERTIES LLP (REGISTERED NUMBER: OC420266)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,631,001 2,267,000

CURRENT ASSETS
Debtors 5 4,006 1,464
Cash at bank 39,941 191,428
43,947 192,892
CREDITORS
Amounts falling due within one year 6 15,016 13,647
NET CURRENT ASSETS 28,931 179,245
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,659,932

2,446,245

CREDITORS
Amounts falling due after more than one year 7 1,487,354 1,480,542
NET ASSETS ATTRIBUTABLE TO MEMBERS 1,172,578 965,703

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

295,897

263,557

MEMBERS' OTHER INTERESTS
Capital accounts 523,127 523,127
Fair value reserve 11 405,762 240,777
Unallocated losses 11 (52,208 ) (61,758 )
1,172,578 965,703

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 295,897 263,557
Members' other interests 876,681 702,146
1,172,578 965,703

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.

KEEPFIRM PROPERTIES LLP (REGISTERED NUMBER: OC420266)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


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 6 August 2024 and were signed by:




Mr M S Goddard - Designated member




Mrs E L Goddard - Designated member


KEEPFIRM PROPERTIES LLP (REGISTERED NUMBER: OC420266)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Keepfirm Properties LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents the value of rental income chargeable in respect of the LLP's investment property. Turnover is recognised evenly over the period of the rental agreement.

Investment property
Investment properties are carried at fair value. Revaluation surpluses are recognised in the income statement. Deferred Taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102 (Section 1A). The directors consider that, because these properties are not held for consumption but for their investment potential, to depreciate them would no give a true and fair view and that it is necessary to adopt FRS 102 (Section 1A) in order to give a true and fair view. If this departure from the Act had not been made, the loss for the financial year would have been increased by the amount of depreciation.

3. EMPLOYEE INFORMATION

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 2,267,000
Additions 199,016
Revaluations 164,985
At 31 March 2024 2,631,001
NET BOOK VALUE
At 31 March 2024 2,631,001
At 31 March 2023 2,267,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 2,631,001

KEEPFIRM PROPERTIES LLP (REGISTERED NUMBER: OC420266)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. INVESTMENT PROPERTY - continued

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

2024 2023
£    £   
Cost 2,225,241 2,026,223

Investment property was valued on fair value basis on 31 March 2024 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 4,006 1,464

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 15,016 13,647

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 8) 1,487,354 1,480,542

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans 1,487,354 1,480,542

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans 1,487,354 1,480,542

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,487,354 1,480,542

The loans are secured by way of fixed and floating charges over the investment properties of the entity.

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with other creditors on a winding up.

KEEPFIRM PROPERTIES LLP (REGISTERED NUMBER: OC420266)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. RESERVES
Fair
value Unallocated
reserve losses Totals
£    £    £   
At 1 April 2023 240,777 (61,758 ) 179,019
Undivided profit - 9,550 9,550
Fair value reserve 164,985 - 164,985
At 31 March 2024 405,762 (52,208 ) 353,554