Limited Liability Partnership registration number OC304242 (England and Wales)
DELTA KILO PROPERTY LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
One Bell Lane
Lewes
East Sussex
BN7 1JU
DELTA KILO PROPERTY LLP
CONTENTS
Page
LLP Information
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 9
DELTA KILO PROPERTY LLP
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
-
250,000
Current assets
Debtors
5
-
355
Cash at bank and in hand
-
3,330
-
3,685
Creditors: amounts falling due within one year
6
-
(30,671)
Net current liabilities
-
(26,986)
Total assets less current liabilities
-
223,014
Creditors: amounts falling due after more than one year
7
-
(28,058)
Net assets attributable to members
-
194,956
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(97,616)
(83)
Members' other interests
Members' capital classified as equity
97,616
97,616
Revaluation reserve
-
97,423
-
194,956
Total members' interests
Loans and other debts due to members
(97,616)
(83)
Members' other interests
97,616
195,039
-
194,956
DELTA KILO PROPERTY LLP
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -

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 Period ended 31 August 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.

The financial statements were approved by the members and authorised for issue on 17 October 2024 and are signed on their behalf by:
17 October 2024
Mr D J Brook
Mr C P Brook
Designated member
Designated Member
Limited Liability Partnership Registration No. OC304242
DELTA KILO PROPERTY LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 AUGUST 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 (classified as equity)
Revaluation
reserve
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
£
Amounts due to members
(83)
Members' interests at 1 April 2023
97,616
97,423
-
195,039
(83)
(83)
194,956
Profit for the Period available for discretionary division among members
-
-
64,629
64,629
-
-
64,629
Members' interests after profit for the Period
97,616
97,423
64,629
259,668
(83)
(83)
259,585
Allocation of profit for the Period
-
-
(64,629)
(64,629)
64,629
64,629
-
Drawings
-
-
-
-
(162,162)
(162,162)
(162,162)
Other movements
-
(97,423)
-
(97,423)
-
-
(97,423)
Members' interests at 31 August 2024
97,616
-
-
97,616
(97,616)
(97,616)
-
Amounts due to members
(97,616)
(97,616)
DELTA KILO PROPERTY LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 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 (classified as equity)
Revaluation
reserve
Other reserves - as restated
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
£
Amounts due to members
1,338
Members' interests at 1 April 2022
97,616
107,423
-
205,039
1,338
1,338
206,377
Loss for the financial year available for discretionary division among members
-
-
(12,045)
(12,045)
-
-
(12,045)
Members' interests after loss for the year
97,616
107,423
(12,045)
192,994
1,338
1,338
194,332
Allocation of loss for the financial year
-
-
2,045
2,045
(2,045)
(2,045)
-
Other divisions of losses
-
-
10,000
10,000
-
-
10,000
Drawings
-
-
-
-
624
624
624
Cumulative fair value adjustment transferred to profit or loss
-
(10,000)
-
(10,000)
-
-
(10,000)
Members' interests at 31 August 2023
97,616
97,423
-
195,039
(83)
(83)
194,956
Amounts due to members
(83)
(83)
DELTA KILO PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
- 5 -
1
Accounting policies
Limited liability partnership information

Delta Kilo Property LLP is a limited liability partnership incorporated in England and Wales. The registered office is BCL House, Gatwick Road, Crawley, West Sussex, RH10 9AX.

 

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
Reporting period

The reporting period length was extended to 31 August 2024 to ensure all amounts had cleared during the final period of the partnership therefore amounts are not directly comparable.

1.3
Turnover
Turnover represents amounts receivable for rents.
1.4
Members' participating interests

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.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

DELTA KILO PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
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. Changes in fair value are recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 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.

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.

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.

DELTA KILO PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 7 -
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.

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.

DELTA KILO PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 8 -
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.

1.8
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

1.9
Retirement benefits and post retirement payments to members

The limited liability partnership has no policy in respect of post-retirement payments to members.

2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Information in relation to members
2024
2023
Number
Number
The average number of members during the Period was
8
8
DELTA KILO PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 9 -
4
Investment property
2024
£
Fair value
At 1 April 2023
250,000
Disposals
(250,000)
At 31 August 2024
-

All the investment properties were freehold and were sold within the year.

 

The historical cost of these assets is £152,577 (2023 - £152,577).

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
355
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
-
30,671

Other creditors include amounts due on mortgages of £Nil (2023 - 4,200) which are secured on the limited liability partnership's freehold investment properties.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
28,058

Other creditors include amounts due on mortgages of £Nil (2023 - £32,154) which are secured on the limited liability partnership's freehold investment properties.

8
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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