Limited Liability Partnership registration number OC441361 (England and Wales)
MBKS Property LLP
Annual report and unaudited financial statements
For the period ended 27 July 2023
MBKS Property LLP
Contents
Page
Statement of financial position
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 7
MBKS Property LLP
Statement of financial position
As at 27 July 2023
- 1 -
27 July 2023
31 March 2023
as restated
Notes
Fixed assets
Investment property
3
680,000
680,000
Current assets
Cash at bank and in hand
934
12,492
Creditors: amounts falling due within one year
4
(934)
-
Net current assets
-
12,492
Total assets less current liabilities
680,000
692,492
Creditors: amounts falling due after more than one year
5
(144,783)
(146,283)
Net assets attributable to members
535,217
546,209
Represented by:
Members' other interests
Members' capital classified as equity
521,403
533,332
Other reserves classified as equity
13,814
12,877
535,217
546,209

For the financial period ended 27 July 2023 the limited liability partnership 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 relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

The financial statements were approved by the members and authorised for issue on 4 September 2024 and are signed on their behalf by:
04 September 2024
Mr M D Patel
Mrs B  Patel
Designated member
Designated Member
Limited Liability Partnership registration number OC441361 (England and Wales)
MBKS Property LLP
Reconciliation of members' interests
For the period ended 27 July 2023
- 2 -
Current financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
2023
Members' interests at 1 April 2023
533,332
12,877
546,209
Profit for the period available for discretionary division among members
-
937
937
Members' interests after profit for the period
533,332
13,814
547,146
Introduced by members
15,071
-
15,071
Repayments of capital
(27,000)
-
(27,000)
Members' interests at 27 July 2023
521,403
13,814
535,217
MBKS Property LLP
Reconciliation of members' interests (continued)
For the period ended 27 July 2023
- 3 -
Prior financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
2023
Members' interests at 9 March 2022
-
-
-
Profit for the period available for discretionary division among members
-
12,877
12,877
Members' interests after profit for the period
-
12,877
12,877
Introduced by members
542,546
-
542,546
Repayments of capital
(9,214)
-
(9,214)
Members' interests at 27 July 2022
533,332
12,877
546,209
MBKS Property LLP
Notes to the financial statements
For the period ended 27 July 2023
- 4 -
1
Accounting policies
Limited liability partnership information

MBKS Property LLP is a limited liability partnership incorporated in England and Wales. The registered office is 1 Victoria Court, Bank Square, Morley, Leeds, LS27 9SE.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest .

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

MBKS Property LLP
Notes to the financial statements (continued)
For the period ended 27 July 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

MBKS Property LLP
Notes to the financial statements (continued)
For the period ended 27 July 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2023
2023
Number
Number
Total
2
2
3
Investment property
2023
Fair value
At 1 April 2023 and 27 July 2023
680,000

The historic cost of investment properties amounts to £680,000 (31 March 2023 - £680,000). The fair value of the investment property has been arrived at on the basis of a valuation carried out by members. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

MBKS Property LLP
Notes to the financial statements (continued)
For the period ended 27 July 2023
- 7 -
4
Creditors: amounts falling due within one year
2023
2023
Other creditors
934
-
5
Creditors: amounts falling due after more than one year
2023
2023
Bank loans and overdrafts
144,783
144,783
Other creditors
-
1,500
144,783
146,283

The long-term loans are secured by fixed charges over the property held by the LLP.

 

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