Limited Liability Partnership registration number OC425571 (England and Wales)
TLM PURFLEET LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TLM PURFLEET LLP
CONTENTS
Page
Members' responsibilities statement
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 9
TLM PURFLEET LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
-
44,000,000
Current assets
Debtors
5
120,383
180,093
Cash at bank and in hand
25,804,126
981,045
25,924,509
1,161,138
Creditors: amounts falling due within one year
6
(1,036,428)
(1,660,793)
Net current assets/(liabilities)
24,888,081
(499,655)
Total assets less current liabilities
24,888,081
43,500,345
Creditors: amounts falling due after more than one year
7
(20,885,519)
(21,474,108)
Net assets attributable to members
4,002,562
22,026,237
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
4,001,562
19,365,419
Other amounts
-
2,659,818
4,001,562
22,025,237
Members' other interests
Members' capital classified as equity
1,000
1,000
4,002,562
22,026,237
Total members' interests
Loans and other debts due to members
4,001,562
22,025,237
Members' other interests
1,000
1,000
4,002,562
22,026,237

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

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.

TLM PURFLEET 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 10 October 2024 and are signed on their behalf by:
10 October 2024
TLM Management II LLP
Designated member
Limited Liability Partnership Registration No. OC425571
TLM PURFLEET LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Current financial year
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 amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 April 2023
1,000
22,025,237
22,025,237
22,026,237
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
(2,322,858)
(2,322,858)
(2,322,858)
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
1,000
19,702,379
19,702,379
19,703,379
Repayment of debt (including members' capital classified as a liability)
-
(2,659,814)
(2,659,814)
(2,659,814)
Drawings on account and distributions of profit
-
(13,041,003)
(13,041,003)
(13,041,003)
Members' interests at 31 March 2024
1,000
4,001,562
4,001,562
4,002,562
TLM PURFLEET LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Prior financial year
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 amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 April 2022
1,000
19,003,647
19,003,647
19,004,647
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
3,621,530
3,621,530
3,621,530
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
1,000
22,625,177
22,625,177
22,626,177
Repayment of debt (including members' capital classified as a liability)
-
(599,940)
(599,940)
(599,940)
Members' interests at 31 March 2023
1,000
22,025,237
22,025,237
22,026,237
TLM PURFLEET LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Limited liability partnership information

TLM Purfleet LLP is a limited liability partnership incorporated in England and Wales. The registered office is 76 New Bond Street, London, England, W1S 1RX.

 

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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

During the year, the LLP sold the investment property and therefore no longer receives rental and other income from tenants. The funds from the sale are being held as a deposit in a bank account with interest rates that are currently, and forecasted to remain, high. The loan rate at which the partnership borrowed, is both low and fixed resulting in interest receivable on the deposit being higher than interest payable on the loan. The Members do not expect there to be any significant change to the business in the near future, therefore the Members remain confident that the Partnership will continue as a going concern.

1.3
Turnover

Turnover represents the amounts receivable for property rental services. Turnover is recognised in the period to which the properties are rented, and is shown net of VAT.

1.4
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.

1.5
Investment properties

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. The surplus or deficit on revaluation is recognised in the profit or loss account.

1.6
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are expensed over the term of the loan.

TLM PURFLEET LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.7
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 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

TLM PURFLEET LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

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

 

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.

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
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of Investment Property

The investment property is shown in the accounts at its fair value. This value is determined to be the value that could be achieved if the property was sold at the period end. The valuation has been determined by the members based on their knowledge of the industry and all the information available to them at the time. The members may obtain a valuation from an expert to assist them when determining the value.

3
Employees

The LLP had no employees during the period.

TLM PURFLEET LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
4
Investment property
2024
£
Fair value
At 1 April 2023
44,000,000
Additions through external acquisition
734,143
Disposals
(44,734,143)
At 31 March 2024
-

The Investment Property was sold to a third party on 13 December 2023.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
30,458
102,736
Other debtors
68,974
7,751
VAT recoverable
20,951
-
Prepayments and accrued income
-
69,606
120,383
180,093
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
732,320
732,320
Trade creditors
173,447
233,396
Other taxation and social security
-
22,376
Deferred income
-
257,858
Other creditors
8,056
-
Accruals
122,605
414,843
1,036,428
1,660,793

Bank loans and overdrafts shown here and within creditors falling due after more than one year, represent a loan of £21,828,205 (2023: £22,366,687), payable to the bank, less finance costs incurred upfront which are being amortised over the length of the loan. At the year end, £221,991 (2023: £305,981) of these finance costs have yet to be recognised in the profit and loss account. The loan is secured by a fixed and floating charge over all the assets of the LLP, including the Investment Property.

TLM PURFLEET LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
20,873,894
21,226,193
Deposits held
11,625
247,915
20,885,519
21,474,108

Bank loans and overdrafts shown here and within creditors falling due within one year, represent a loan of £21,828,205 (2023: £22,366,687), payable to the bank, less finance costs incurred upfront which are being amortised over the length of the loan. At the period end, £221,991 (2023: £305,981) of these finance costs remain. This loan is a joint facility with TLM Gemini LLP, TLM Romford Ltd and TLM Feltham LLP; related parties by virtue of common ownership. The LLP is jointly and severally liable for the loan which is secured by a fixed and floating charge over all the assets of the LLP, including the Investment Property. As at 31 March 2024, the total balance outstanding on the joint loan was £28,048,386 (2023: £33,633,307).

8
Loans and other debts due to members

Loans received from members do not accrue any interest. In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

 

Amounts owed to members can be repaid at the discretion of the members, where distributable cash exists and any Priority loans have first been repaid.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Toby Mason
Statutory Auditor:
Azets Audit Services
10
Related party transactions

During the year, the LLP sold the Investment Property and as part of the transaction paid £215,000 to Compagnie du parc, a company with common members.

11
Parent company

The immediate controlling party is TLM Master LLP by virtue of it holding more than 50% of the voting rights to TLM Purfleet LLP.

 

It is considered that there is no ultimate controlling party, as no individual has controlling voting rights over the LLP.

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