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REGISTERED NUMBER: OC370575 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ASD PROPERTY SOLUTIONS LLP

ASD PROPERTY SOLUTIONS LLP (REGISTERED NUMBER: OC370575)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ASD PROPERTY SOLUTIONS LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DESIGNATED MEMBERS: D P Kennard
Mrs F S Kennard
Kennard Care Services Ltd





REGISTERED OFFICE: 30/34 North Street
Hailsham
East Sussex
BN27 1DW





REGISTERED NUMBER: OC370575 (England and Wales)





ACCOUNTANTS: Watson Associates (Professional Services) Limited
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

ASD PROPERTY SOLUTIONS LLP (REGISTERED NUMBER: OC370575)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investments 4 319,895 564,314
Investment property 5 2,325,000 2,325,000
2,644,895 2,889,314

CURRENT ASSETS
Cash at bank 6,657 6,319

CREDITORS
Amounts falling due within one year 6 (36,168 ) (30,915 )
NET CURRENT LIABILITIES (29,511 ) (24,596 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,615,384

2,864,718

CREDITORS
Amounts falling due after more than one
year

7

(336,360

)

(363,492

)
NET ASSETS ATTRIBUTABLE TO
MEMBERS

2,279,024

2,501,226

ASD PROPERTY SOLUTIONS LLP (REGISTERED NUMBER: OC370575)

BALANCE SHEET - continued
31 DECEMBER 2023

2023 2022
Notes £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

2,279,024

1,280,469

MEMBERS' OTHER INTERESTS
Capital accounts - 1,220,757
2,279,024 2,501,226

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 2,279,024 1,280,469
Members' other interests - 1,220,757
2,279,024 2,501,226

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 December 2023.

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 18 September 2024 and were signed by:




D P Kennard - Designated member




Mrs F S Kennard - Designated member


ASD PROPERTY SOLUTIONS LLP (REGISTERED NUMBER: OC370575)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

ASD Property Solutions 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.

Critical accounting judgements and key sources of estimation uncertainty
No significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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 (2022 - NIL).

4. FIXED ASSET INVESTMENTS
Loans to
other
participating
interests
£   
At 1 January 2023 564,314
New in year (244,419 )
At 31 December 2023 319,895

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 2,325,000
NET BOOK VALUE
At 31 December 2023 2,325,000
At 31 December 2022 2,325,000

ASD PROPERTY SOLUTIONS LLP (REGISTERED NUMBER: OC370575)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2016 214,000
Valuation in 2022 885,953
Cost 1,225,047
2,325,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,525,047 1,525,047

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 32,648 28,274
Other creditors 3,520 2,641
36,168 30,915

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 336,360 363,492

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 336,360 363,492

ASD PROPERTY SOLUTIONS LLP (REGISTERED NUMBER: OC370575)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. FINANCIAL INSTRUMENTS

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

Amounts shown as due as loans and other debts due to members rank pari pasu in relation to other creditors in the event of winding up.