IRIS Accounts Production v24.2.0.383 OC431477 designated member designated member 1.4.23 31.3.24 31.3.24 0 0 false true false false true false Fair value model 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhOC4314772023-03-31OC4314772024-03-31OC4314772023-04-012024-03-31OC4314772022-03-31OC4314772022-04-012023-03-31OC4314772023-03-31OC431477ns15:EnglandWales2023-04-012024-03-31OC431477ns14:PoundSterling2023-04-012024-03-31OC431477ns10:PartnerLLP12023-04-012024-03-31OC431477ns10:PartnerLLP22023-04-012024-03-31OC431477ns10:LimitedLiabilityPartnershipLLP2023-04-012024-03-31OC431477ns10:SmallEntities2023-04-012024-03-31OC431477ns10:AuditExemptWithAccountantsReport2023-04-012024-03-31OC431477ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31OC431477ns10:LimitedLiabilityPartnershipsSORP2023-04-012024-03-31OC431477ns10:FullAccounts2023-04-012024-03-31OC431477ns10:RegisteredOffice2023-04-012024-03-31OC431477ns5:CurrentFinancialInstruments2024-03-31OC431477ns5:CurrentFinancialInstruments2023-03-31OC431477ns5:Non-currentFinancialInstruments2024-03-31OC431477ns5:Non-currentFinancialInstruments2023-03-31OC431477ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31OC431477ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31OC431477ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-31OC431477ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-31OC431477ns5:Secured2024-03-31OC431477ns5:Secured2023-03-31
REGISTERED NUMBER: OC431477 (England and Wales)










REPORT OF THE MEMBERS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

THE ORCHARDS LETTINGS PARTNERSHIP LLP

THE ORCHARDS LETTINGS PARTNERSHIP LLP (REGISTERED NUMBER: OC431477)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 MARCH 2024




Page

General Information 1

Report of the Members 2

Chartered Accountants' Report 3

Income Statement 4

Statement of Financial Position 5

Notes to the Financial Statements 7


THE ORCHARDS LETTINGS PARTNERSHIP LLP

GENERAL INFORMATION
For The Year Ended 31 MARCH 2024







DESIGNATED MEMBERS: Dr A E Harding
Mrs P M Harding





REGISTERED OFFICE: The Orchard
Clunton
Craven Arms
Shropshire
SY7 0HZ





REGISTERED NUMBER: OC431477 (England and Wales)





ACCOUNTANTS: EA
Chartered Accountants
869 High Road
London
N12 8QA

THE ORCHARDS LETTINGS PARTNERSHIP LLP (REGISTERED NUMBER: OC431477)

REPORT OF THE MEMBERS
For The Year Ended 31 MARCH 2024

The members present their report with the financial statements of the LLP for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of property investment.

DESIGNATED MEMBERS
The designated members during the year under review were:

Dr A E Harding
Mrs P M Harding

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £62,642 (2023 - £58,507 profit).

MEMBERS' INTERESTS
The members' subscription to capital is as determined by the members from time to time.

The LLP has an unconditional right to refuse repayment to the members of the amounts contributed by them.

Details of changes in members' capital in the period ended 31 March 2021 are set out in the financial statements.

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members as agreed by the members from time to time.

ON BEHALF OF THE MEMBERS:





Dr A E Harding - Designated member


12 September 2024

CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
THE ORCHARDS LETTINGS PARTNERSHIP LLP


In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of The Orchards Lettings Partnership LLP for the year ended 31 March 2024 which comprise the Income Statement, Statement of Financial Position and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of The Orchards Lettings Partnership LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Orchards Lettings Partnership LLP and state those matters that we have agreed to state to the members of The Orchards Lettings Partnership LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Orchards Lettings Partnership LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that The Orchards Lettings Partnership LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Orchards Lettings Partnership LLP. You consider that The Orchards Lettings Partnership LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Orchards Lettings Partnership LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






EA
Chartered Accountants
869 High Road
London
N12 8QA


12 September 2024

THE ORCHARDS LETTINGS PARTNERSHIP LLP (REGISTERED NUMBER: OC431477)

INCOME STATEMENT
For The Year Ended 31 MARCH 2024

2024 2023
£    £   

TURNOVER 55,478 60,120

Administrative expenses 25,686 26,491
OPERATING PROFIT 29,792 33,629

Interest receivable and similar income 222 35
30,014 33,664
Gain/loss on revaluation of investment
property

50,000

45,000
80,014 78,664

Interest payable and similar expenses 17,372 20,157
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND
PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




62,642




58,507

THE ORCHARDS LETTINGS PARTNERSHIP LLP (REGISTERED NUMBER: OC431477)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,250,000 1,200,000

CURRENT ASSETS
Debtors 5 5,946 3,511
Cash at bank 47,897 38,195
53,843 41,706
CREDITORS
Amounts falling due within one year 6 9,180 9,685
NET CURRENT ASSETS 44,663 32,021
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,294,663

1,232,021

CREDITORS
Amounts falling due after more than one
year

7

512,478

512,478
NET ASSETS ATTRIBUTABLE TO
MEMBERS

782,185

719,543

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

603,315

590,673

MEMBERS' OTHER INTERESTS
Fair value reserves 11 195,000 145,000
Other reserves 11 (16,130 ) (16,130 )
782,185 719,543

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 603,315 590,673
Members' other interests 178,870 128,870
782,185 719,543

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 ORCHARDS LETTINGS PARTNERSHIP LLP (REGISTERED NUMBER: OC431477)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 12 September 2024 and were signed by:




Dr A E Harding - Designated member




Mrs P M Harding - Designated member


THE ORCHARDS LETTINGS PARTNERSHIP LLP (REGISTERED NUMBER: OC431477)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 MARCH 2024

1. STATUTORY INFORMATION

The Orchards Lettings Partnership 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents the value of rental income chargeable in respect of the LLP's investment properties. Turnover is recognised evenly over the period of the rental agreements.

Investment property
Investment properties are carried at fair values. Revaluation surpluses are recognised in the statement of
income. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in The Financial Reporting Standard 102 (Section 1A) for small entities. The partners considers that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt The Financial Reporting Standard 102 (Section 1A) for Smaller Entities in order to give a true and fair view. If this departure from the Act had not been made, the profit for the financial year would have been reduced by the amount of depreciation.

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 1,200,000
Revaluations 50,000
At 31 March 2024 1,250,000
NET BOOK VALUE
At 31 March 2024 1,250,000
At 31 March 2023 1,200,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 1,250,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 472 2,162
Other debtors 360 -
Prepayments 5,114 1,349
5,946 3,511

THE ORCHARDS LETTINGS PARTNERSHIP LLP (REGISTERED NUMBER: OC431477)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MARCH 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Rental deposits 4,380 5,005
Accrued expenses 4,800 4,680
9,180 9,685

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 8) 512,478 512,478

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 512,478 512,478

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 512,478 512,478

The bank loans are secured by way of a fixed charge over the relevant properties owned by the LLP.

10. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 603,315 590,673

Falling due within one year 603,315 590,673



11. RESERVES
Fair
value Other
reserves reserves Totals
£    £    £   
At 1 April 2023 145,000 (16,130 ) 128,870
Fair value reserves 50,000 - 50,000
At 31 March 2024 195,000 (16,130 ) 178,870