IRIS Accounts Production v24.2.0.383 OC438978 designated member 1.4.23 31.3.24 31.3.24 0 0 false true false false true false Fair value model 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhOC4389782023-03-31OC4389782024-03-31OC4389782023-04-012024-03-31OC4389782022-03-31OC4389782022-04-012023-03-31OC4389782023-03-31OC438978ns15:EnglandWales2023-04-012024-03-31OC438978ns14:PoundSterling2023-04-012024-03-31OC438978ns10:PartnerLLP12023-04-012024-03-31OC438978ns10:LimitedLiabilityPartnershipLLP2023-04-012024-03-31OC438978ns10:SmallEntities2023-04-012024-03-31OC438978ns10:AuditExemptWithAccountantsReport2023-04-012024-03-31OC438978ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31OC438978ns10:LimitedLiabilityPartnershipsSORP2023-04-012024-03-31OC438978ns10:FullAccounts2023-04-012024-03-31OC438978ns10:PartnerLLP22023-04-012024-03-31OC438978ns10:PartnerLLP32023-04-012024-03-31OC438978ns10:RegisteredOffice2023-04-012024-03-31OC438978ns5:CurrentFinancialInstruments2024-03-31OC438978ns5:CurrentFinancialInstruments2023-03-31OC438978ns5:Non-currentFinancialInstruments2024-03-31OC438978ns5:Non-currentFinancialInstruments2023-03-31OC438978ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31OC438978ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31
REGISTERED NUMBER: OC438978 (England and Wales)










Report of the Members and

Financial Statements for the Year Ended 31 March 2024

for

Watson Property Partnership (Ascot) LLP

Watson Property Partnership (Ascot) LLP (Registered number: OC438978)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

General Information 1

Report of the Members 2

Chartered Accountants' Report 3

Income Statement 4

Balance Sheet 5

Notes to the Financial Statements 7


Watson Property Partnership (Ascot) LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: J Watson
R Watson
Watson Properties (Ascot) Limited





REGISTERED OFFICE: 46 Coatham Road
Redcar
United Kingdom
TS10 1RS





REGISTERED NUMBER: OC438978 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Oaklea House
46 Coatham Road
Redcar
TS10 1RS

Watson Property Partnership (Ascot) LLP (Registered number: OC438978)

Report of the Members
for the Year Ended 31 March 2024

The members present their report with the financial statements of the LLP for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of property renting.

DESIGNATED MEMBERS
The designated members during the year under review were:

J Watson
R Watson
Watson Properties (Ascot) Limited

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The loss for the year before members' remuneration and profit shares was £68,347 (2023 - £110,445 loss).

MEMBERS' INTERESTS
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares during the year in which it is made, with the balance of profits being distributed after the year end, subject to the cash requirements of the business. Capital is repaid to members on resignation or retirement. Only those members who have contributed capital to the LLP are allocated losses, if the LLP declares a loss in a period.

ON BEHALF OF THE MEMBERS:





J Watson - Designated member


18 September 2024

Chartered Accountants' Report to the Members
on the Unaudited Financial Statements of
Watson Property Partnership (Ascot) LLP


In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Watson Property Partnership (Ascot) LLP for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Watson Property Partnership (Ascot) LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Watson Property Partnership (Ascot) LLP and state those matters that we have agreed to state to the members of Watson Property Partnership (Ascot) LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Watson Property Partnership (Ascot) LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Watson Property Partnership (Ascot) LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Watson Property Partnership (Ascot) LLP. You consider that Watson Property Partnership (Ascot) LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Watson Property Partnership (Ascot) LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






SKS Bailey Group Limited
Oaklea House
46 Coatham Road
Redcar
TS10 1RS


18 September 2024

Watson Property Partnership (Ascot) LLP (Registered number: OC438978)

Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 120,173 123,035

Administrative expenses (74,510 ) (65,678 )
OPERATING PROFIT 45,663 57,357

Profit/loss on disposal of fixed asset
investments

4

(14,583

)

-
31,080 57,357

Gain/loss on revaluation of investment
property

(45,000

)

(120,000

)
(13,920 ) (62,643 )

Interest payable and similar expenses (54,427 ) (47,802 )
LOSS FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




(68,347




)




(110,445




)

Watson Property Partnership (Ascot) LLP (Registered number: OC438978)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 5 1,912,630 2,245,000

CURRENT ASSETS
Debtors 6 - 114,531

CREDITORS
Amounts falling due within one year 7 (9,886 ) (23,676 )
NET CURRENT (LIABILITIES)/ASSETS (9,886 ) 90,855
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,902,744

2,335,855

CREDITORS
Amounts falling due after more than one year 8 (1,326,800 ) (2,315,777 )
NET ASSETS ATTRIBUTABLE TO
MEMBERS

575,944

20,078

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

575,944

20,078

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 575,944 20,078
Amounts due from members 6 - (112,832 )
575,944 (92,754 )

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 31 March 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.

Watson Property Partnership (Ascot) LLP (Registered number: OC438978)

Balance Sheet - continued
31 March 2024


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

The financial statements were approved by the members of the LLP and authorised for issue on 18 September 2024 and were signed by:





J Watson - Designated member

Watson Property Partnership (Ascot) LLP (Registered number: OC438978)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Watson Property Partnership (Ascot) LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. EXCEPTIONAL ITEMS
2024 2023
£    £   
Profit/loss on disposal of fixed asset investments (14,583 ) -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 2,245,000
Additions 107,630
Disposals (395,000 )
Revaluations (45,000 )
At 31 March 2024 1,912,630
NET BOOK VALUE
At 31 March 2024 1,912,630
At 31 March 2023 2,245,000

Watson Property Partnership (Ascot) LLP (Registered number: OC438978)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 (120,000 )
Valuation in 2024 (45,000 )
Cost 2,077,630
1,912,630

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts due from members - 112,832
Prepayments - 1,699
- 114,531

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 6,838 1,684
Deferred income - 17,000
Accrued expenses 3,048 4,992
9,886 23,676

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Mortgages 1,326,800 2,315,777

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Mortgages 1,326,800 2,315,777

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

Members rank ahead of other creditors in a liquidation.