REGISTERED NUMBER: |
KLS Property Investments LLP |
Unaudited Financial Statements |
for the Year Ended 4th April 2024 |
REGISTERED NUMBER: |
KLS Property Investments LLP |
Unaudited Financial Statements |
for the Year Ended 4th April 2024 |
KLS Property Investments LLP (Registered number: OC330962) |
Contents of the Financial Statements |
for the Year Ended 4th April 2024 |
Page |
General Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
KLS Property Investments LLP |
General Information |
for the Year Ended 4th April 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
48 Arwenack Street |
Falmouth |
Cornwall |
TR11 3JH |
KLS Property Investments LLP (Registered number: OC330962) |
Statement of Financial Position |
4th April 2024 |
4.4.24 | 4.4.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
272,649 |
246,915 |
KLS Property Investments LLP (Registered number: OC330962) |
Statement of Financial Position - continued |
4th April 2024 |
4.4.24 | 4.4.23 |
Notes | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
96,901 |
71,167 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 175,748 | 175,748 |
272,649 | 246,915 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 96,901 | 71,167 |
Members' other interests | 175,748 | 175,748 |
272,649 | 246,915 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
KLS Property Investments LLP (Registered number: OC330962) |
Notes to the Financial Statements |
for the Year Ended 4th April 2024 |
1. | STATUTORY INFORMATION |
KLS Property Investments LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
These financial statements cover the individual entity. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The LLP's accounts have been prepared in compliance with the LLP SORP (2017). |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
The fair value is not based on a valuation by an independent valuer. |
Members' remuneration and division of profits |
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members. |
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the statement of financial position. |
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members'. |
The remainder of profit shares, which have not been allocated until after the statement of financial position date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves. |
Taxation |
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate. |
KLS Property Investments LLP (Registered number: OC330962) |
Notes to the Financial Statements - continued |
for the Year Ended 4th April 2024 |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 5th April 2023 |
and 4th April 2024 |
DEPRECIATION |
At 5th April 2023 |
Charge for year |
At 4th April 2024 |
NET BOOK VALUE |
At 4th April 2024 |
At 4th April 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 5th April 2023 |
Revaluations | 25,000 |
At 4th April 2024 |
NET BOOK VALUE |
At 4th April 2024 |
At 4th April 2023 |
Fair value at 4th April 2024 is represented by: |
£ |
Valuation in 2017 | (22,150 | ) |
Valuation in 2018 | 7,230 |
Valuation in 2019 | 35,000 |
Valuation in 2020 | (27,666 | ) |
Valuation in 2022 | 25,000 |
Valuation in 2024 | 25,000 |
Cost | 357,586 |
400,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
4.4.24 | 4.4.23 |
£ | £ |
Other debtors |
KLS Property Investments LLP (Registered number: OC330962) |
Notes to the Financial Statements - continued |
for the Year Ended 4th April 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
4.4.24 | 4.4.23 |
£ | £ |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
4.4.24 | 4.4.23 |
£ | £ |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Mortgage |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
4.4.24 | 4.4.23 |
£ | £ |
Mortgage | 131,805 | 131,805 |
Mortgage |
The current mortgage is secured by way of a fixed charge over a property at Pengarth Rise, Falmouth, Cornwall. |
10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
The loans and other debts rank equally to other creditors. |
No restrictions or limitations exist on the ability of the members to reduce the amount of 'Members' other interests'. |