REGISTERED NUMBER: |
SHREESAII LLP |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
SHREESAII LLP |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
SHREESAII LLP (REGISTERED NUMBER: OC316768) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Reconciliation of Members' Interests | 7 |
Notes to the Financial Statements | 9 |
SHREESAII LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
2nd Floor, One Hobbs House, |
Harrovian Business Village |
Bessborough Road |
Harrow |
Middlesex |
HA1 3EX |
SHREESAII LLP (REGISTERED NUMBER: OC316768) |
REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The members present their report with the financial statements of the LLP for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of property trading. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £32,321 (2022 - £54,123 profit). |
MEMBERS' INTERESTS |
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the |
cash requirements of the business. A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par". |
ON BEHALF OF THE MEMBERS: |
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
SHREESAII 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 Shreesaii LLP for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests 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 Shreesaii 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 Shreesaii LLP and state those matters that we have agreed to state to the members of Shreesaii 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 Shreesaii LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that Shreesaii 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 Shreesaii LLP. You consider that Shreesaii 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 Shreesaii 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. |
2nd Floor, One Hobbs House, |
Harrovian Business Village |
Bessborough Road |
Harrow |
Middlesex |
HA1 3EX |
SHREESAII LLP (REGISTERED NUMBER: OC316768) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING PROFIT |
Interest payable and similar expenses |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
SHREESAII LLP (REGISTERED NUMBER: OC316768) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 463,439 | 456,191 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
257,439 |
250,191 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 206,000 | 206,000 |
463,439 | 456,191 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 257,439 | 250,191 |
Members' other interests | 206,000 | 206,000 |
463,439 | 456,191 |
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. |
SHREESAII LLP (REGISTERED NUMBER: OC316768) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
The financial statements were approved by the members of the LLP and authorised for issue on |
SHREESAII LLP (REGISTERED NUMBER: OC316768) |
RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 January 2023 | 206,000 | - | 206,000 |
Profit for the financial year available for discretionary division among members |
- |
32,321 |
32,321 |
Members' interests after profit for the year | 206,000 | 32,321 | 238,321 |
Other divisions of profit | - | (32,321 | ) | (32,321 | ) |
Introduced by members | - | - | - |
Drawings on account and distributions of profit | - | - | - |
Balance at 31 December 2023 | 206,000 | - | 206,000 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 250,191 |
Amount due from members | - |
Balance at 1 January 2023 | 250,191 | 456,191 |
Profit for the financial year available for discretionary division among members |
- |
32,321 |
Members' interests after profit for the year | 250,191 | 488,512 |
Other divisions of profit | 32,321 | - |
Introduced by members | 58,148 | 58,148 |
Drawings on account and distributions of profit | (83,221 | ) | (83,221 | ) |
Amount due to members | 257,439 |
Amount due from members | - |
Balance at 31 December 2023 | 257,439 | 463,439 |
SHREESAII LLP (REGISTERED NUMBER: OC316768) |
RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 January 2022 | 206,000 | - | 206,000 |
Profit for the financial year available for discretionary division among members |
- |
54,123 |
54,123 |
Members' interests after profit for the year | 206,000 | 54,123 | 260,123 |
Other divisions of profit | - | (54,123 | ) | (54,123 | ) |
Introduced by members | - | - | - |
Drawings on account and distributions of profit | - | - | - |
Balance at 31 December 2022 | 206,000 | - | 206,000 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 269,421 |
Amount due from members | - |
Balance at 1 January 2022 | 269,421 | 475,421 |
Profit for the financial year available for discretionary division among members |
- |
54,123 |
Members' interests after profit for the year | 269,421 | 529,544 |
Other divisions of profit | 54,123 | - |
Introduced by members | 32,537 | 32,537 |
Drawings on account and distributions of profit | (105,890 | ) | (105,890 | ) |
Amount due to members | 250,191 |
Amount due from members | - |
Balance at 31 December 2022 | 250,191 | 456,191 |
SHREESAII LLP (REGISTERED NUMBER: OC316768) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Shreesaii 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 |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenues are recognised when the rental properties are occupied by tenants. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | INFORMATION IN RELATION TO MEMBERS |
2023 | 2022 |
The average number of members during the year was | 3 | 3 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
SHREESAII LLP (REGISTERED NUMBER: OC316768) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2023 | 2022 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years | 1,706,603 | 1,929,985 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2023 | 2022 |
£ | £ |
Amounts owed to members in respect of profits | 257,439 | 250,191 |
Falling due within one year | 257,439 | 250,191 |
Loan and other debts due to members rank in subordination to Bank Loans. Other creditors are unsecured. |
Bank Loans are secured by individual fixed charges over the stock of properties. |
The ability of the Members to reduce the Capital Accounts, Members Loans and Other Debts Due To Members are restricted to amounts in excess of the net unrealised equity in the Stock of Properties introduced to the Limited Liability Partnership. The minimum amount of Loans and Other Debts Due to Members has to be maintained at £206,000. |
10. | RELATED PARTY DISCLOSURES |
At the year-end date, included within Other Debtors is an amount of £10,805 (2022: £12,805) due from Asra |
Management Services LLP, an entity in which the Members have a beneficial interest. This amount is unsecured, interest free and repayable on demand. |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is R S Vora. |