Limited Liability Partnership registration number OC382586 (England and Wales)
CLERKENWELL PROPERTY INVESTMENTS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CLERKENWELL PROPERTY INVESTMENTS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
T Katz
T Baker
A Issroff
LLP registration number
OC382586
Registered office
5 Technology Park
Colindeep Lane
London
United Kingdom
NW9 6BX
Accountants
Grunberg & Co Limited
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
CLERKENWELL PROPERTY INVESTMENTS LLP
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
CLERKENWELL PROPERTY INVESTMENTS LLP
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,338
2,922
Investment property
5
2,250,000
2,250,000
2,252,338
2,252,922
Current assets
Debtors
6
35,644
31,644
Cash at bank and in hand
1,995
2,374
37,639
34,018
Creditors: amounts falling due within one year
7
(30,287)
(58,663)
Net current assets/(liabilities)
7,352
(24,645)
Total assets less current liabilities
2,259,690
2,228,277
Creditors: amounts falling due after more than one year
8
(605,540)
(605,737)
Net assets attributable to members
1,654,150
1,622,540
Represented by:
Loans and other debts due to members within one year
10
Members' capital classified as a liability
555,856
524,246
Members' other interests
10
Revaluation reserve
1,098,294
1,098,294
1,654,150
1,622,540

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

CLERKENWELL PROPERTY INVESTMENTS LLP
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 25 September 2024 and are signed on their behalf by:
25 September 2024
A Issroff
Designated member
Limited Liability Partnership registration number OC382586 (England and Wales)
CLERKENWELL PROPERTY INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Clerkenwell Property Investments LLP is a limited liability partnership incorporated in England and Wales. The registered office is 5 Technology Park, Colindeep Lane, London, United Kingdom, NW9 6BX.

 

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
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement.

 

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.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

CLERKENWELL PROPERTY INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
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.

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.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

CLERKENWELL PROPERTY INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Employees

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

2024
2023
Number
Number
Total
3
3
3
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
3
3
CLERKENWELL PROPERTY INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
18,527
7,601
26,128
Depreciation and impairment
At 1 April 2023
16,455
6,751
23,206
Depreciation charged in the year
414
170
584
At 31 March 2024
16,869
6,921
23,790
Carrying amount
At 31 March 2024
1,658
680
2,338
At 31 March 2023
2,072
850
2,922
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
2,250,000

 

The investment property was valued on an open market basis at the 31 March 2024 by the members with no change being needed.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
35,644
31,644
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
23,812
50,628
Trade creditors
496
-
Other taxation and social security
3,966
5,118
Accruals and deferred income
2,013
2,917
30,287
58,663
CLERKENWELL PROPERTY INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
390,230
390,427
Other creditors
215,310
215,310
605,540
605,737

The bank loan of £ 414,042 is secured by a first legal charge over the company's investment property.

 

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.

CLERKENWELL PROPERTY INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
10
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
Revaluation
reserve
Other reserves
Total
Members' capital
Total
Total
2024
£
£
£
£
£
Members' interests at 1 April 2023
1,098,294
-
1,098,294
524,246
524,246
1,622,540
Profit for the financial year available for discretionary division among members
-
1,610
1,610
-
-
1,610
Members' interests after profit for the year
1,098,294
1,610
1,099,904
524,246
524,246
1,624,150
Other divisions of profits
-
(1,610)
(1,610)
1,610
1,610
-
Introduced by members
-
-
-
30,000
30,000
30,000
Members' interests at 31 March 2024
1,098,294
-
1,098,294
555,856
555,856
1,654,150
2024-03-312023-04-01false25 September 2024CCH SoftwareCCH Accounts Production 2024.200falsefalseOC3825862023-04-012024-03-31OC382586bus:PartnerLLP12023-04-012024-03-31OC382586bus:PartnerLLP22023-04-012024-03-31OC382586bus:PartnerLLP32023-04-012024-03-31OC3825862024-03-31OC3825862022-04-012023-03-31OC382586bus:LimitedLiabilityPartnershipLLP2023-04-012024-03-31OC382586bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31OC382586bus:FRS1022023-04-012024-03-31OC382586bus:AuditExempt-NoAccountantsReport2023-04-012024-03-31OC382586bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:shares