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REGISTERED NUMBER: OC430539 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 March 2024

for

DVGMI Properties LLP

DVGMI Properties LLP (Registered number: OC430539)






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


DVGMI Properties LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: D Olaoye
DV-OLA Properties Ltd
V T Olaoye





REGISTERED OFFICE: 24 Pond View
Darlington
Co. Durham
DL1 1LD





REGISTERED NUMBER: OC430539 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Oaklea House
46 Coatham Road
Redcar
TS10 1RS

DVGMI Properties LLP (Registered number: OC430539)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 4 374,000 188,044

CURRENT ASSETS
Debtors 5 5,546 18,249
Cash at bank 268 264
5,814 18,513
CREDITORS
Amounts falling due within one year 6 (6,192 ) (6,633 )
NET CURRENT (LIABILITIES)/ASSETS (378 ) 11,880
TOTAL ASSETS LESS CURRENT
LIABILITIES

373,622

199,924

CREDITORS
Amounts falling due after more than one year 7 (310,061 ) (157,090 )
NET ASSETS ATTRIBUTABLE TO
MEMBERS

63,561

42,834

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

63,561

42,834

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 63,561 42,834
Amounts due from members 5 (5,546 ) (17,401 )
58,015 25,433

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.

DVGMI Properties LLP (Registered number: OC430539)

Balance Sheet - continued
31 March 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 16 September 2024 and were signed by:





D Olaoye - Designated member

DVGMI Properties LLP (Registered number: OC430539)

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

1. STATUTORY INFORMATION

DVGMI Properties 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.

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

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.

3. EMPLOYEE INFORMATION

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 188,044
Additions 165,000
Revaluations 20,956
At 31 March 2024 374,000
NET BOOK VALUE
At 31 March 2024 374,000
At 31 March 2023 188,044

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 20,956
Cost 353,044
374,000

DVGMI Properties LLP (Registered number: OC430539)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 848
Amounts due from members 5,546 17,401
5,546 18,249

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 8) 4,896 5,433
Accrued expenses 1,296 1,200
6,192 6,633

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 8) 11,043 13,090
Other loans (see note 8) 299,018 144,000
310,061 157,090

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 299,018 144,000

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 yr 4,896 5,433

Amounts falling due between two and five years:
Bank loans more than 1 year 11,043 13,090

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 299,018 144,000

DVGMI Properties LLP (Registered number: OC430539)

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

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 63,561 42,834

Falling due within one year 63,561 42,834

Members rank ahead of other creditors in a liquidation.