Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31falseProperty Investment0The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-010truetruefalse OC402679 2023-04-01 2024-03-31 OC402679 2022-04-01 2023-03-31 OC402679 2024-03-31 OC402679 2023-03-31 OC402679 c:FreeholdInvestmentProperty 2023-04-01 2024-03-31 OC402679 c:FreeholdInvestmentProperty 2024-03-31 OC402679 c:FreeholdInvestmentProperty 2023-03-31 OC402679 c:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 OC402679 c:CurrentFinancialInstruments 2024-03-31 OC402679 c:CurrentFinancialInstruments 2023-03-31 OC402679 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC402679 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC402679 e:FRS102 2023-04-01 2024-03-31 OC402679 e:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC402679 e:FullAccounts 2023-04-01 2024-03-31 OC402679 e:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC402679 e:PartnerLLP1 2023-04-01 2024-03-31 OC402679 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC402679 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC402679 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: OC402679














GARTH ENTERPRISES PARTNERSHIP LLP
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
GARTH ENTERPRISES PARTNERSHIP LLP
 

CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 6


 
GARTH ENTERPRISES PARTNERSHIP LLP
REGISTERED NUMBER:OC402679

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
7,996,508
13,777,166

Current assets
  

Debtors: amounts falling due within one year
 5 
162,723
426,884

Bank and cash balances
  
438,752
183,550

  
601,475
610,434

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(338,269)
(1,817,844)

Net current assets/(liabilities)
  
 
 
263,206
 
 
(1,207,410)

Net assets
  
8,259,714
12,569,756


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
8,259,714
12,569,756


Total members' interests
  

Members' other interests
  
8,259,714
12,569,756


Page 1

 
GARTH ENTERPRISES PARTNERSHIP LLP
REGISTERED NUMBER:OC402679
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 16 August 2024.




L Khalastchi on behalf of 
LVLT LTD
Designated member

The notes on pages 3 to 6 form part of these financial statements.

Garth Enterprises Partnership 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.

Page 2

 
GARTH ENTERPRISES PARTNERSHIP LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Garth Enterprises Partnership LLP is a limited liability partnership incorporated in England and Wales. Its registered office is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD; and its principal place of business is Whiteladies Park, Prince Albert Road, Ascot, Berkshire, SL5 8AQ.
The principal activity of the LLP is property investment.
The LLP's functional and presentational currency is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises rent receivable exclusive of Value Added Tax.
Rental income is recognised in the period to which it relates. Rental income received in advance is carried forward as deferred income.

 
2.3

Investment property

Investment property is carried at fair value determined annually by the designated members and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at the transaction price, less any impairment. 

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

 
GARTH ENTERPRISES PARTNERSHIP LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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 the Statement of Comprehensive Income.

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.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


3.


Employees

The LLP has no employees other than the members, who did not receive any remuneration (2022 - £nil).


The entity has no employees.

Page 4

 
GARTH ENTERPRISES PARTNERSHIP LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Investment property


Investment property

£



Valuation


At 1 April 2023
13,777,166


Disposals
(4,655,166)


Deficit on revaluation 
(1,125,493)



At 31 March 2024
7,996,507

The 2024 valuations were made by the designated members, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
12,137,442
16,357,941


5.


Debtors

2024
2023
£
£

Trade debtors
62,744
83,447

Other debtors
-
1,492

Prepayments and accrued income
99,979
341,945

162,723
426,884


Page 5

 
GARTH ENTERPRISES PARTNERSHIP LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdraft
41
-

Bridging loan
-
1,500,000

Trade creditors
83,391
62,188

Other taxation and social security
98,247
14,573

Other creditors
-
19,453

Accruals and deferred income
156,590
221,630

338,269
1,817,844


 
Page 6