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REGISTERED NUMBER: OC377527 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Francis Associates (43) LLP

Francis Associates (43) LLP (Registered number: OC377527)

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


Francis Associates (43) LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: Mrs S E Francis
J M Francis





REGISTERED OFFICE: 44 The Pantiles
Tunbridged Wells
Kent
TN2 5TN





REGISTERED NUMBER: OC377527 (England and Wales)





ACCOUNTANTS: APT
44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN

Francis Associates (43) LLP (Registered number: OC377527)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 33,246 44,499
Investment property 5 16,496,643 14,027,225
16,529,889 14,071,724

CURRENT ASSETS
Debtors 6 9,253 6,738
Cash at bank 549,094 1,134,987
558,347 1,141,725
CREDITORS
Amounts falling due within one year 7 15,485 23,322
NET CURRENT ASSETS 542,862 1,118,403
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

17,072,751

15,190,127

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 17,072,751 15,190,127
17,072,751 15,190,127

TOTAL MEMBERS' INTERESTS
Members' other interests 17,072,751 15,190,127

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.

Francis Associates (43) LLP (Registered number: OC377527)

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 23 September 2024 and were signed by:





J M Francis - Designated member

Francis Associates (43) LLP (Registered number: OC377527)

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


1. STATUTORY INFORMATION

Francis Associates (43) 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.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover of the LLP represents gross rents receivable and recognised to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 25% on cost

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.

Other investments
Investments are shown at fair value or where fair value cannot be readily ascertained at cost less impairment. Any aggregate or surplus arising from changes in fair value is recognised through profit and loss.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Debtors and creditors receivable/payable in one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

3. EMPLOYEE INFORMATION

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

Francis Associates (43) LLP (Registered number: OC377527)

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


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 150,778
DEPRECIATION
At 1 April 2023 106,279
Charge for year 11,253
At 31 March 2024 117,532
NET BOOK VALUE
At 31 March 2024 33,246
At 31 March 2023 44,499

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 14,027,225
Additions 34,603
Revaluations 2,434,815
At 31 March 2024 16,496,643
NET BOOK VALUE
At 31 March 2024 16,496,643
At 31 March 2023 14,027,225

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2020 1,132,706
Valuation in 2022 (100,000 )
Valuation in 2023 (100,000 )
Valuation in 2024 2,434,815
Cost 13,129,122
16,496,643

Francis Associates (43) LLP (Registered number: OC377527)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 9,253 6,738

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 10,691 6,738
Other creditors 4,794 16,584
15,485 23,322