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REGISTERED NUMBER: OC385638 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Ashenden Property LLP

Ashenden Property LLP (Registered number: OC385638)






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




Page

General Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Ashenden Property LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: Mr. S Ashenden
Mrs. L Ashenden





REGISTERED OFFICE: Suite 3
Falcon Court Business Centre
College Road
Maidstone
Kent
ME15 6FT





REGISTERED NUMBER: OC385638 (England and Wales)





ACCOUNTANTS: Skyfire Accountancy Ltd
The Old Rectory
Springhead Road
Northfleet
Kent
DA11 8HN

Ashenden Property LLP (Registered number: OC385638)

Abridged Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 1,248,500 1,572,730

CURRENT ASSETS
Cash at bank 2,835 14,529

CREDITORS
Amounts falling due within one year 910 884
NET CURRENT ASSETS 1,925 13,645
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,250,425

1,586,375

CREDITORS
Amounts falling due after more than one
year

6

693,348

870,955
NET ASSETS ATTRIBUTABLE TO
MEMBERS

557,077

715,420

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

340,065

455,515

MEMBERS' OTHER INTERESTS
Fair value reserve 217,012 259,905
557,077 715,420

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 340,065 455,515
Members' other interests 217,012 259,905
557,077 715,420

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.

Ashenden Property LLP (Registered number: OC385638)

Abridged Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered 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 Balance Sheet for the year ended 31 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 13 August 2024 and were signed by:




Mr. S Ashenden - Designated member




Mrs. L Ashenden - Designated member


Ashenden Property LLP (Registered number: OC385638)

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

1. STATUTORY INFORMATION

Ashenden 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rental income excluding VAT. It is recognised on receipt of the rent payment from the tenant.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in other comprehensive income.

4. EMPLOYEE INFORMATION

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

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,572,730
Disposals (324,230 )
At 31 March 2024 1,248,500
NET BOOK VALUE
At 31 March 2024 1,248,500
At 31 March 2023 1,572,730

Ashenden Property LLP (Registered number: OC385638)

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

5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 555,223
Valuation in 2018 34,377
Valuation in 2019 34,000
Valuation in 2021 83,405
Valuation in 2022 142,500
Valuation in 2024 (156,230 )
Cost 555,225
1,248,500

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

31.3.24 31.3.23
£    £   
Cost 723,225 723,225

Investment property was valued on an open market basis on 31 March 2023 by the designated members .

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.3.24 31.3.23
£    £   
Repayable by instalments
Mortgage 693,348 870,955

7. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Mortgage 693,348 870,955

Mortgages outstanding at the year end were secured on properties owned by the business. The properties are the rental properties owned and rented by the partnership.

8. LOANS AND OTHER DEBTS DUE TO MEMBERS
31.3.24 31.3.23
£    £   
Amounts owed to members in respect of profits 340,065 455,515

Falling due within one year 340,065 455,515

The balances shown above would rank below unsecured creditors from the proceeds of a winding-up of the LLP.