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REGISTERED NUMBER: OC368917 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

MRMU Property LLP

MRMU Property LLP (Registered number: OC368917)






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




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MRMU Property LLP

General Information
for the Year Ended 31 May 2024







DESIGNATED MEMBERS: Marblehome Limited
The Couture Gallery Ltd
M.R.M.U Limited





REGISTERED OFFICE: 6 Campden Street
London
W8 7EP





REGISTERED NUMBER: OC368917 (England and Wales)





ACCOUNTANTS: Monahans
Chartered Accountants
Suite B, Blackdown House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

MRMU Property LLP (Registered number: OC368917)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,182,326 7,182,326

CURRENT ASSETS
Debtors 5 191,356 198,960
Cash at bank 1,653 280
193,009 199,240
CREDITORS
Amounts falling due within one year 6 838,073 863,640
NET CURRENT LIABILITIES (645,064 ) (664,400 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,537,262

6,517,926

CREDITORS
Amounts falling due after more than one
year

7

2,603,205

2,720,517
NET ASSETS ATTRIBUTABLE TO
MEMBERS

3,934,057

3,797,409

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

697,956

602,308

MEMBERS' OTHER INTERESTS
Capital accounts 3,236,101 3,195,101
3,934,057 3,797,409

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 697,956 602,308
Members' other interests 3,236,101 3,195,101
3,934,057 3,797,409

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 May 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.

MRMU Property LLP (Registered number: OC368917)

Balance Sheet - continued
31 May 2024


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 2 September 2024 and were signed by:




Marblehome Limited - Designated member




M.R.M.U Limited - Designated member


MRMU Property LLP (Registered number: OC368917)

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

1. STATUTORY INFORMATION

MRMU Property LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Tangible fixed assets
Investment properties are initially recognised at cost and subsequently carried at fair value, determined annually by the designated members who are not professionally qualified valuers. Changes in fair values are recognised in the profit and loss.

The investment properties are subject to renovations or improvements at regular intervals. The cost of major renovations and improvements are capitalised and the carrying amounts of the replaced components are recognised in the profit and loss. The cost of maintenance, repairs and minor improvements is recognised in the profit and loss when incurred.

On disposal of an investment property, the difference between the disposal proceeds and the carrying amount is recognised in the profit or loss.

Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members' remuneration charged as an expenses in the profit and loss account.

TAXATION
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.

CREDITORS
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised a transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

MEMBER'S CAPITAL
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.

3. EMPLOYEE INFORMATION

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

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST
At 1 June 2023
and 31 May 2024 7,182,326
NET BOOK VALUE
At 31 May 2024 7,182,326
At 31 May 2023 7,182,326

MRMU Property LLP (Registered number: OC368917)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 184,638 182,491
Prepayments and accrued income 6,718 16,469
191,356 198,960

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 110,334 110,333
Other loans 626,000 625,000
Trade creditors 2,760 50,760
VAT 11,900 11,900
Other creditors 64,625 44,625
Accrued expenses 22,454 21,022
838,073 863,640

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 63,522 110,333
Bank loans - 2-5 years 3,333 73,834
Bank loans more 5 yrs non-inst 2,536,350 2,536,350
2,603,205 2,720,517

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 2,536,350 2,536,350

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,713,539 2,830,850

The bank loan is secured by way of mortgage dated 10 May 2018.

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 697,956 602,308

Falling due within one year 697,956 602,308

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