Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC338906 2023-01-01 2023-12-31 OC338906 2022-01-01 2022-12-31 OC338906 2023-12-31 OC338906 2022-12-31 OC338906 c:Buildings 2023-01-01 2023-12-31 OC338906 c:Buildings 2023-12-31 OC338906 c:Buildings 2022-12-31 OC338906 c:Buildings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC338906 c:FurnitureFittings 2023-01-01 2023-12-31 OC338906 c:FurnitureFittings 2023-12-31 OC338906 c:FurnitureFittings 2022-12-31 OC338906 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC338906 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC338906 c:CurrentFinancialInstruments 2023-12-31 OC338906 c:CurrentFinancialInstruments 2022-12-31 OC338906 c:CurrentFinancialInstruments 2 2023-12-31 OC338906 c:CurrentFinancialInstruments 2 2022-12-31 OC338906 c:Non-currentFinancialInstruments 2023-12-31 OC338906 c:Non-currentFinancialInstruments 2022-12-31 OC338906 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 OC338906 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 OC338906 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 OC338906 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 OC338906 e:FRS102 2023-01-01 2023-12-31 OC338906 e:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 OC338906 e:FullAccounts 2023-01-01 2023-12-31 OC338906 e:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC338906 e:PartnerLLP1 2023-01-01 2023-12-31 OC338906 e:PartnerLLP2 2023-01-01 2023-12-31 OC338906 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-12-31 OC338906 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-12-31 OC338906 c:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 OC338906 c:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31 OC338906 c:FurtherSpecificReserve2ComponentTotalEquity 2023-12-31 OC338906 c:FurtherSpecificReserve2ComponentTotalEquity 2022-12-31 iso4217:GBP xbrli:pure


Registered number: OC338906












LEKAH LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

LEKAH LLP

CONTENTS



Page
Information
 
1
Balance sheet
 
2 - 3
Reconciliation of members' interests
 
4
Notes to the financial statements
 
5 - 11


 

LEKAH LLP

INFORMATION




Designated Members

B Salem
D Salem

LLP registered number

OC338906

Registered office

16 Great Queen StreetCovent GardenLondonWC2B 5AH

Accountants

Blick Rothenberg LimitedChartered Accountants16 Great Queen StreetCovent GardenLondonWC2B 5AH

Page 1


 
REGISTERED NUMBER:OC338906
LEKAH LLP

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
20,007,569
18,516,931

Current assets
  

Debtors: amounts falling due within one year
 5 
32,551
4,431,066

Cash at bank
  
377,393
2,066,712

  
409,944
6,497,778

Creditors:  amounts falling due within one year
 6 
(13,339,396)
(11,850,863)

Net current liabilities
  
 
 
(12,929,452)
 
 
(5,353,085)

Total assets less current liabilities
  
7,078,117
13,163,846

Creditors: amounts falling due after more than one year
 7 
-
(8,037,787)

  
7,078,117
5,126,059

  

Net assets
  
7,078,117
5,126,059


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
9,191,388
9,191,388

Revaluation reserve classified as equity
  
(2,015,920)
(3,515,920)

Other reserves classified as equity
  
(97,351)
(549,409)

  
 
7,078,117
 
5,126,059

  
7,078,117
5,126,059


Total members' interests
  

Amounts due to/(from) members (included in creditors/debtors
 5 
3,278,030
(2,031,436)

Members' other interests
  
7,078,117
5,126,059

Total members' interests
  
10,356,147
3,094,623


Page 2


 
REGISTERED NUMBER:OC338906
LEKAH LLP
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 profit and loss account 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 by: 




B Salem
Designated member

Date: 19 August 2024

The notes on pages 5 to 11 form part of these financial statements.

Page 3

 

LEKAH LLP

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Members' capital (classified as equity)
Revaluation reserve
Other reserves
Total equity
Other debts due from members
Total

£
£
£
£
£
£

Amounts due from members 

(2,034,381)


Balance at 1 January 2022 
9,191,388
(3,515,920)
73,957
5,749,425
(2,034,381)
3,715,044

Loss for the year available for discretionary division among members
 
-
-
(549,409)
(549,409)
-
(549,409)

Members' interests after profit for the year
9,191,388
(3,515,920)
(475,452)
5,200,016
(2,034,381)
3,165,635

Other division of losses
-
-
(73,957)
(73,957)
73,957
-

Drawings
-
-
-
-
(71,012)
(71,012)

Amounts due from members
 




(2,031,436)


Balance at 31 December 2022
9,191,388
(3,515,920)
(549,409)
5,126,059
(2,031,436)
3,094,623

Profit for the year available for discretionary division among members
 
-
-
1,402,649
1,402,649
-
1,402,649

Members' interests after profit for the year
9,191,388
(3,515,920)
853,240
6,528,708
(2,031,436)
4,497,272

Other division of profits
-
-
549,409
549,409
(549,409)
-

Revaluation gain
-
1,500,000
(1,500,000)
-
-
-

Drawings
-
-
-
-
5,858,875
5,858,875

Amounts due to members
 




3,278,030


Balance at 31 December 2023 
9,191,388
(2,015,920)
(97,351)
7,078,117
3,278,030
10,356,147



Page 4

 

LEKAH LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Lekah LLP is incorporated and registered in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

  
2.3

Revenue

Turnover represents rent receivable. Rent is recognised on an accruals basis. There are no lease incentives.

  
2.4

Investments

Investments held as fixed assets are shown at cost less provision for impairment.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 

LEKAH LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.6

Investment property

Investment property is carried at fair value determined annually 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 the profit and loss account and subsequently accumulated in the revaluation reserve.

  
2.7

Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.


2.8

Financial instruments

The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. 
 
The LLP’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including other debtors, cash and bank balances, amounts due from members 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including other creditors, bank loans and loans from members 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 6

 

LEKAH LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)




Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the LLP would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
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) despite having retained some significant risks and rewards of ownership, 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 are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Page 7

 

LEKAH LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.9

Foreign currency translation

Functional and presentation currency
The LLP's functional and presentational currency is Sterling (£).
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'Interest receivable and similar income' or 'Interest payable and similar expenses' . All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

  
2.10

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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.11

Interest income

Interest income is recognised in the profit and loss account using the effective interest rate method.

Page 8

 

LEKAH LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.12

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with the provisions of Section 22 Liabilities and Equity of FRS102. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the profit and loss account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the profit and loss account and are equity appropriations in the balance sheet.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the balance sheet within 'Loans and other debts due to members' and are charged to the profit and loss account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 9

 

LEKAH LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Investment property
Equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
18,500,000
38,102
18,538,102


Revaluations
1,500,000
-
1,500,000



At 31 December 2023

20,000,000
38,102
20,038,102



Depreciation


At 1 January 2023
-
21,171
21,171


Charge for the year
-
9,362
9,362



At 31 December 2023

-
30,533
30,533



Net book value



At 31 December 2023
20,000,000
7,569
20,007,569



At 31 December 2022
18,500,000
16,931
18,516,931

The historical cost of the investment property is £22,015,920. The investment property was revalued on 31 December 2023 on the basis of open market valuation for existing use by a member of the LLP. 


5.


Debtors

2023
2022
£
£


Other debtors
2,834
2,175,572

Prepayments and accrued income
29,717
224,058

Amounts due from members
-
2,031,436

32,551
4,431,066


Page 10

 

LEKAH LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank loans
10,000,000
11,800,000

Other creditors
-
6,893

Accruals and deferred income
61,366
43,970

Amount due to members
3,278,030
-

13,339,396
11,850,863


Bank loans totalling £10,000,000 (2022: £11,800,000) are secured by a fixed charge over the investment property.


7.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Other creditors
-
8,037,787


8.
Related party transactions

Transactions with related parties are as follows:





Relationship

Transaction

Amount
Amount due (to)/from related parties




2023
 
2022 
2023 
2022 




£
 
£ 
£ 
£ 



Designated members
Interest/loan
5,309,466
(2,945)
(3,278,030)
2,031,436




 
Page 11