REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
MRMU Property LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
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 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 |
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 |
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 |
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 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
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 |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
VAT | 11,900 | 11,900 |
Other creditors |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yrs non-inst | 2,536,350 | 2,536,350 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
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. |