Limited Liability Partnership registration number OC441627 (England and Wales)
VIRDEE ESTATE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
VIRDEE ESTATE LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
VIRDEE ESTATE LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
4,418,000
4,418,000
Current assets
Debtors
5
2,663
1,379
Cash at bank and in hand
14,155
33,755
16,818
35,134
Creditors: amounts falling due within one year
6
(16,818)
(16,530)
Net current assets
-
18,604
Total assets less current liabilities and net assets attributable to members
4,418,000
4,436,604
Represented by:
Loans and other debts due to members within one year
8
Amounts due in respect of profits
-
18,604
Other amounts
4,414,000
4,414,000
4,414,000
4,432,604
Members' other interests
8
Members' capital classified as equity
4,000
4,000
4,418,000
4,436,604
Total members' interests
8
Amounts due from members
(2,146)
-
Loans and other debts due to members
4,414,000
4,432,604
Members' other interests
4,000
4,000
4,415,854
4,436,604

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2024 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.

VIRDEE ESTATE LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 15 October 2024 and are signed on their behalf by:
15 October 2024
R Virdee
Designated member
Limited Liability Partnership registration number OC441627 (England and Wales)
VIRDEE ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Virdee Estate LLP is a limited liability partnership incorporated in England and Wales. The registered office is 11 Broadwater Park, Maidenhead, Berkshire, SL6 2UA.

 

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 investment properties. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for property rental services.

1.3
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.

1.4
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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

VIRDEE ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
4
4
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
4,418,000

In the opinion of the members, the fair value of the investment properties are not materially different to the value of the properties when acquired.

 

The historical cost of the properties included in the valuation above is £4,418,000.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by members
2,146
-
Other debtors
517
1,379
2,663
1,379
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
540
Other creditors
16,818
15,990
16,818
16,530
VIRDEE ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
7
Deferred income
2024
2023
£
£
Other deferred income
13,188
13,050
VIRDEE ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 April 2023
4,000
-
4,000
4,432,604
4,432,604
4,436,604
Profit for the financial year available for discretionary division among members
-
171,028
171,028
-
-
171,028
Members' interests after profit for the year
4,000
171,028
175,028
4,432,604
4,432,604
4,607,632
Allocation of profit for the financial year
-
(171,028)
(171,028)
171,028
171,028
-
Other movements
-
-
-
(191,778)
(191,778)
(191,778)
Members' interests at 31 March 2024
4,000
-
4,000
4,411,854
4,411,854
4,415,854
Amounts due to members
4,414,000
Amounts due from members, included in debtors
(2,146)
4,411,854
VIRDEE ESTATE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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