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REGISTERED NUMBER: OC407579 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Wellesley Property Services UK LLP

Wellesley Property Services UK LLP (Registered number: OC407579)

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










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wellesley Property Services UK LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: Wellesley Property Services Ltd
A J Hannigan
Mrs L J Hannigan





REGISTERED OFFICE: 44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN





REGISTERED NUMBER: OC407579 (England and Wales)





ACCOUNTANTS: APT
44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN

Wellesley Property Services UK LLP (Registered number: OC407579)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 3,970,000 3,934,129
3,970,000 3,934,129

CURRENT ASSETS
Debtors 6 14,238 5,140
Cash at bank 31,637 83,660
45,875 88,800
CREDITORS
Amounts falling due within one year 7 (22,460 ) (7,002 )
NET CURRENT ASSETS 23,415 81,798
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,993,415

4,015,927

CREDITORS
Amounts falling due after more than one
year

8

(645,341

)

(919,566

)
NET ASSETS ATTRIBUTABLE TO
MEMBERS

3,348,074

3,096,361

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 3,348,074 3,096,361
3,348,074 3,096,361

TOTAL MEMBERS' INTERESTS
Members' other interests 3,348,074 3,096,361

Wellesley Property Services UK LLP (Registered number: OC407579)

Balance Sheet - continued
31 March 2024


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.

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

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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 15 August 2024 and were signed by:





A J Hannigan - Designated member

Wellesley Property Services UK LLP (Registered number: OC407579)

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


1. STATUTORY INFORMATION

Wellesley Property Services UK 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. ACCOUNTING POLICIES

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

The functional and presentational currency of the LLP is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover represents rental income measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Other income
Interest income, including income arising from finance leases and other financial instruments, is recognised using the effective interest method.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

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

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Wellesley Property Services UK LLP (Registered number: OC407579)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances 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 rate method.

Basic financial liabilities including trade and other payables 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Provision for liabilities
Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEE INFORMATION

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 335
DEPRECIATION
At 1 April 2023
and 31 March 2024 335
NET BOOK VALUE
At 31 March 2024 -

Wellesley Property Services UK LLP (Registered number: OC407579)

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


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 3,934,129
Additions 3,000
Revaluations 32,871
At 31 March 2024 3,970,000
NET BOOK VALUE
At 31 March 2024 3,970,000
At 31 March 2023 3,934,129

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 181,103
Valuation in 2018 208,021
Valuation in 2022 378,683
Valuation in 2023 110,000
Valuation in 2024 32,871
Cost 3,059,322
3,970,000

Investment property are disclosed at fair value in accordance with valuations provided by estate agents.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 5,500 1,154
Other debtors 8,738 3,986
14,238 5,140

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 2,826 2,651
Other creditors 19,634 4,351
22,460 7,002

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 645,341 919,566

Wellesley Property Services UK LLP (Registered number: OC407579)

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


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.3.24 31.3.23
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 645,341 919,566

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 645,341 919,566

Security is provided by way of fixed and floating charges against all assets of the LLP.