Registered number
OC413688
HOTT Property LLP
Filleted Accounts
31 March 2023
HOTT Property LLP
Registered number: OC413688
Balance Sheet
as at 31 March 2023
Notes 2023 2022
restated
£ £
Fixed assets
Investments 3 215,000 208,300
Current assets
Debtors 4 55,609 53,050
Cash at bank and in hand 4,787 5,920
60,396 58,970
Creditors: amounts falling due within one year 5 (128,773) (121,389)
Net current liabilities (68,377) (62,419)
Total assets less current liabilities 146,623 145,881
Creditors: amounts falling due after more than one year 6 (196,617) (202,867)
Net liabilities attributable to members (49,994) (56,986)
Represented by:
Members' other interests
Revaluation reserve 6,700 -
Other reserves (56,694) (56,986)
(49,994) (56,986)
(49,994) (56,986)
Total members' interests
Members' other interests (49,994) (56,986)
(49,994) (56,986)
For the year ended 31 March 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 14 August 2024 and signed on their behalf by:
Mr T Tchorzewski
Designated member
HOTT Property LLP
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 0 1
3 Fixed asset investments
Other
investments
£
Cost
At 1 April 2022 208,300
Revaluation 6,700
At 31 March 2023 215,000
Historical cost
At 31 March 2023 208,300
At 31 March 2023 the valuation of the property was reviewed by Mr H Ottley and Mr T Tchorszewski, the directors of the company. Following the review Mr H Ottley and Mr T Tchorszewski are satisfied that the current valuation represents the fair value of the property. The revalued asset has not been valued by a qualified valuer. The valuation is representative of similar property values in the area.
4 Debtors 2023 2022
restated
£ £
Trade debtors 1,609 -
Other debtors 54,000 53,050
55,609 53,050
5 Creditors: amounts falling due within one year 2023 2022
restated
£ £
Bank loans and overdrafts 6,250 932
Other creditors 122,523 120,457
128,773 121,389
6 Creditors: amounts falling due after one year 2023 2022
restated
£ £
Bank loans 196,617 202,867
7 Loans 2023 2022
restated
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 157,500 157,500
Instalments falling due for payment after more than five years 14,118 20,368
171,618 177,868
Secured bank loans 157,500 157,500
The mortgage is secured by a charge over the investment property including a negative pledge.
8 Revaluation reserve 2023 2022
£ £
Gain on revaluation of land and buildings 6,700 -
At 31 March 2023 6,700 -
9 Restatement of Prior Year
A number of prior year balances have been adjusted to reflect the true costs at last year's balance sheet date. The following changes have been made:
Other debtors have increased by £22,454, cash at bank has increaed by £4,704, other creditors have increased by £120,107 and bank loans have increased by £935 less than 1 year and £73,653 more than 1 year. Partner's capital accounts have reduced by £167,537. None of these changes affect previously declared profit figures.
10 Other information
HOTT Property LLP is a limited liability partnership incorporated in England. Its registered office is:
Bury Lodge
Bury Road
Stowmarket
Suffolk
IP14 1JA
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