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REGISTERED NUMBER: OC417623 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Element Property Group LLP

Element Property Group LLP (Registered number: OC417623)

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


Element Property Group LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: Mrs C Papanastasiou
A Papanastasiou





REGISTERED OFFICE: 26 Palace Gatees Road
London
N22 7BN





REGISTERED NUMBER: OC417623 (England and Wales)





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

Element Property Group LLP (Registered number: OC417623)

Balance Sheet
31 March 2024

31.3.24 31.3.23
as restated
Notes £    £   
FIXED ASSETS
Tangible assets 4 891 1,398
Investment property 5 11,005,000 8,735,134
11,005,891 8,736,532

CURRENT ASSETS
Debtors 6 40,053 97,482
Cash at bank 178,623 193,319
218,676 290,801
CREDITORS
Amounts falling due within one year 7 (44,691 ) (42,385 )
NET CURRENT ASSETS 173,985 248,416
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

11,179,876

8,984,948

Element Property Group LLP (Registered number: OC417623)

Balance Sheet - continued
31 March 2024

31.3.24 31.3.23
as restated
Notes £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 11,179,876 8,984,948
11,179,876 8,984,948

TOTAL MEMBERS' INTERESTS
Members' other interests 11,179,876 8,984,948
Amounts due from members 6 - (91,915 )
11,179,876 8,893,033

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 14 August 2024 and were signed by:





C A Papanastasiou - Designated member

Element Property Group LLP (Registered number: OC417623)

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


1. STATUTORY INFORMATION

Element Property Group 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.

Turnover
Turnover represents rental income received excluding value added tax and is measured at the fair value.

Other income
Interest income, including income arising from finance leases and other financial instruments, is recognised using the effective interest method. Income from fixed asset investments is recognised when the right to it has been established.

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.

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 - 25% on cost

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.

Element Property Group LLP (Registered number: OC417623)

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.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. EMPLOYEE INFORMATION

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

Element Property Group LLP (Registered number: OC417623)

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


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 2,474
DEPRECIATION
At 1 April 2023 1,076
Charge for year 507
At 31 March 2024 1,583
NET BOOK VALUE
At 31 March 2024 891
At 31 March 2023 1,398

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 8,735,134
Additions 568,744
Revaluations 1,701,122
At 31 March 2024 11,005,000
NET BOOK VALUE
At 31 March 2024 11,005,000
At 31 March 2023 8,735,134

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2020 665,879
Valuation in 2022 (488,774 )
Valuation in 2024 1,701,122
Cost 9,126,773
11,005,000

Element Property Group LLP (Registered number: OC417623)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
as restated
£    £   
Other debtors 40,053 97,482

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
as restated
£    £   
Trade creditors - 1,354
Other creditors 44,691 41,031
44,691 42,385

8. CONTINGENT LIABILITIES

There is a cross guarantee in place with Element Investments Limited, a connected company, whose bank loan balances totals £6,353,208 (2023: £6,171,608).