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Company No: OC424944 (England and Wales)

SOCIAL REAL ESTATE VENTURES LLP

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

SOCIAL REAL ESTATE VENTURES LLP

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

SOCIAL REAL ESTATE VENTURES LLP

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
SOCIAL REAL ESTATE VENTURES LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investments 2 30 30
30 30
Current assets
Debtors 3 8,946,526 8,579,238
Cash at bank and in hand 104 94
8,946,630 8,579,332
Creditors: amounts falling due within one year 4 ( 50,242) ( 37,812)
Net current assets 8,896,388 8,541,520
Total assets less current liabilities 8,896,418 8,541,550
Net assets attributable to members 8,896,418 8,541,550
Represented by
Loans and other debts due to members within one year
Other amounts 5 8,896,418 8,541,550
8,896,418 8,541,550
Members' other interests
0 0
8,896,418 8,541,550
Total members' interests
Loans and other debts due to members 8,896,418 8,541,550
8,896,418 8,541,550

For the financial year ending 31 December 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

Social Real Estate Ventures LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

The financial statements of Social Real Estate Ventures LLP (registered number: OC424944) were approved and authorised for issue by the Board of Directors on 13 August 2024. They were signed on its behalf by:

Scp Investments No.1 Limited
Designated member
SOCIAL REAL ESTATE VENTURES LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
SOCIAL REAL ESTATE VENTURES LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Social Real Estate Ventures LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 71-75 Shelton Street, London, WC2H 9JQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2023).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £1.

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in. In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense' where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties, loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

2. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 30 30
At 31 December 2023 30 30
Carrying value at 31 December 2023 30 30
Carrying value at 31 December 2022 30 30

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Ownership
31.12.2022
Social Housing Plus Fore Street Ltd 71-75 Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ Property development Ordinary 100.00% 100.00%
Social Housing Plus Bensham Lane Ltd 71-75 Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ Property development Ordinary 100.00% 100.00%
Social Housing Plus Moorfield Road Limited 71-75 Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ Property development Ordinary 100.00% 100.00%

3. Debtors

2023 2022
£ £
Amounts owed by own subsidiaries 8,940,238 8,573,485
Prepayments 6,288 5,753
8,946,526 8,579,238

4. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 720 0
Amounts owed to own subsidiaries 46,126 32,439
Accruals 3,396 5,373
50,242 37,812

5. Loans and other debts due to members

2023 2022
£ £
Other amounts due to members 8,896,418 8,541,550

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.