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Registered number: OC392622














TUSCANY DEVELOPMENTS PARTNERS LLP

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TUSCANY DEVELOPMENTS PARTNERS LLP
 

CONTENTS



Page
Balance sheet
 
1 - 2
Reconciliation of members' interests
 
3
Notes to the financial statements
 
4 - 8


 
TUSCANY DEVELOPMENTS PARTNERS LLP
REGISTERED NUMBER:OC392622

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Tangible assets
 4 
1,030,951
1,003,105

Investment property
 5 
13,824,286
13,574,218

  
14,855,237
14,577,323

Current assets
  

Debtors: amounts falling due within one year
 6 
1,453,622
1,390,306

Cash at bank and in hand
 7 
19,886
12,323

  
1,473,508
1,402,629

Creditors: amounts falling due within one year
 8 
(185,110)
(115,870)

Net current assets
  
 
 
1,288,398
 
 
1,286,759

Total assets less current liabilities
  
16,143,635
15,864,082

  

Net assets
  
16,143,635
15,864,082


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 9 
17,701,982
17,145,938

  
17,701,982
17,145,938

Members' other interests
  

Other reserves classified as equity
  
(1,558,347)
(1,281,856)

  
 
(1,558,347)
 
(1,281,856)

  
16,143,635
15,864,082


Total members' interests
  

Loans and other debts due to members
 9 
17,701,982
17,145,938

Members' other interests
  
(1,558,347)
(1,281,856)

  
16,143,635
15,864,082


1

 
TUSCANY DEVELOPMENTS PARTNERS LLP
REGISTERED NUMBER:OC392622
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 25 September 2024.




Tuscany Developments Partners LLC
Bella Terra Properties LLC
Designated member
Designated member

The notes on pages 4 to 8 form part of these financial statements.

Tuscany Developments Partners LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

2

 
TUSCANY DEVELOPMENTS PARTNERS LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2023






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total


Amounts due to members 

16,325,572
16,325,572


Balance at 1 January 2022 
(1,043,562)
(1,043,562)
16,325,572
16,325,572
15,282,010

Loss for the year available for discretionary division among members
 
(238,294)
(238,294)
-
-
(238,294)

Members' interests after profit for the year
(1,281,856)
(1,281,856)
16,325,572
16,325,572
15,043,716

Amounts introduced by members
 
-
-
820,366
820,366
820,366

Amounts due to members
 


17,145,938
17,145,938


Balance at 31 December 2022
(1,281,856)
(1,281,856)
17,145,938
17,145,938
15,864,082

Loss for the year available for discretionary division among members
 
(276,491)
(276,491)
-
-
(276,491)

Members' interests after profit for the year
(1,558,347)
(1,558,347)
17,145,938
17,145,938
15,587,591

Amounts introduced by members
 
-
-
556,044
556,044
556,044

Amounts due to members
 


17,701,982
17,701,982


Balance at 31 December 2023 
(1,558,347)
(1,558,347)
17,701,982
17,701,982
16,143,635

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

3

 
TUSCANY DEVELOPMENTS PARTNERS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Tuscany Developments Partners LLP, is a Limited Liability Partnership (LLP), registered in England and Wales, registration number OC392622.
The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE. 
The principal place of business is 312 Aspen Airport Business Center Ste D Aspen, CO 81611.
The principal activity of the LLP is that of real estate development in Tuscany, Italy.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The LLP's functional and presentational currency is Euros. 

The following principal accounting policies have been applied:

 
2.2

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.4

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

4

 
TUSCANY DEVELOPMENTS PARTNERS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Computer equipment
-
20%
Other fixed assets
-
0%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. 


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 1).

5

 
TUSCANY DEVELOPMENTS PARTNERS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Land
Total




Cost or valuation


At 1 January 2023
-
7,631
1,000,000
1,007,631


Additions
30,829
-
-
30,829



At 31 December 2023

30,829
7,631
1,000,000
1,038,460



Depreciation


At 1 January 2023
-
4,526
-
4,526


Charge for the year on owned assets
2,021
962
-
2,983



At 31 December 2023

2,021
5,488
-
7,509



Net book value



At 31 December 2023
28,808
2,143
1,000,000
1,030,951



At 31 December 2022
-
3,105
1,000,000
1,003,105


5.


Investment property


Property under development




Valuation


At 1 January 2023
13,574,218


Additions at cost
250,068



At 31 December 2023
13,824,286

The property investment comprises of a property located in San Gimignano SI, Italy. During the year, the property was still under development. Therefore, in line with the principles of Section 16 to FRS102, the fair value of the investment property is not available and a cost approach has been adopted.






6

 
TUSCANY DEVELOPMENTS PARTNERS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022


Other debtors
1,448,131
1,384,443

Prepayments and accrued income
5,491
5,863

1,453,622
1,390,306



7.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
19,886
12,323

Less: bank overdrafts
(12)
(96)

19,874
12,227



8.


Creditors: Amounts falling due within one year

2023
2022

Bank overdrafts
12
96

Trade creditors
79,964
36,709

Other taxation and social security
29,716
17,143

Other creditors
67,858
54,110

Accruals
7,560
7,812

185,110
115,870


7

 
TUSCANY DEVELOPMENTS PARTNERS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans and other debts due to members


2023
2022



Other amounts due to members
17,701,982
17,145,938

Loans and other debts due to members may be further analysed as follows:

2023
2022



Falling due within one year
17,701,982
17,145,938

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


10.


Controlling party

Tuscany Development Partners LLC, a company incorporated in the state of Delaware, United States of America, is the immediate parent entity.

 
8