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REGISTERED NUMBER: OC330962 (England and Wales)












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: S C Osborne
Mrs L P Osborne
K B Osborne
Mrs R Osborne





REGISTERED OFFICE: c/o Mrs L Osborne
Glen View
Penvean Lane
Falmouth
Cornwall
TR11 4JF





REGISTERED NUMBER: OC330962 (England and Wales)





ACCOUNTANTS: Hodgsons
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 73 91
Investment property 5 400,000 375,000
400,073 375,091

CURRENT ASSETS
Debtors 6 573 660
Cash at bank 5,290 4,313
5,863 4,973
CREDITORS
Amounts falling due within one year 7 (1,482 ) (1,344 )
NET CURRENT ASSETS 4,381 3,629
TOTAL ASSETS LESS CURRENT
LIABILITIES

404,454

378,720

CREDITORS
Amounts falling due after more than one
year

8

(131,805

)

(131,805

)
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 LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 4th April 2024.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

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 13th August 2024 and were signed by:





Mrs L P Osborne - Designated member

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The LLP's accounts have been prepared in compliance with the LLP SORP (2017).

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

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 7,767
DEPRECIATION
At 5th April 2023 7,676
Charge for year 18
At 4th April 2024 7,694
NET BOOK VALUE
At 4th April 2024 73
At 4th April 2023 91

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 5th April 2023 375,000
Revaluations 25,000
At 4th April 2024 400,000
NET BOOK VALUE
At 4th April 2024 400,000
At 4th April 2023 375,000

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 573 660

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 1,482 1,344

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
4.4.24 4.4.23
£    £   
Other creditors 131,805 131,805

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Mortgage 131,805 131,805

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'.