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REGISTERED NUMBER: OC378025 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

SOUTH ESTATES LLP

SOUTH ESTATES LLP (REGISTERED NUMBER: OC378025)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SOUTH ESTATES LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DESIGNATED MEMBERS: Mr P C Goodsir
Mr R G Kilikita





REGISTERED OFFICE: Solar House
282 Chase Road
London
N14 6NZ





REGISTERED NUMBER: OC378025 (England and Wales)





ACCOUNTANTS: Freemans Partnership LLP
Chartered Certified Accountants
Solar House
282 Chase Road
London
N14 6NZ

SOUTH ESTATES LLP (REGISTERED NUMBER: OC378025)

BALANCE SHEET
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,630,000 2,630,000

CURRENT ASSETS
Debtors 5 717,650 733,702
Cash at bank 20,563 25,803
738,213 759,505
CREDITORS
Amounts falling due within one year 6 141,152 109,061
NET CURRENT ASSETS 597,061 650,444
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,227,061

3,280,444

CREDITORS
Amounts falling due after more than one
year

7

1,819,449

1,872,832
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,407,612

1,407,612

SOUTH ESTATES LLP (REGISTERED NUMBER: OC378025)

BALANCE SHEET - continued
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

-

-

MEMBERS' OTHER INTERESTS
Fair value reserve 9 1,407,612 1,407,612
1,407,612 1,407,612

TOTAL MEMBERS' INTERESTS
Members' other interests 1,407,612 1,407,612
Amounts due from members 5 (715,259 ) (731,593 )
692,353 676,019

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 January 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 29 October 2024 and were signed by:





Mr P C Goodsir - Designated member

SOUTH ESTATES LLP (REGISTERED NUMBER: OC378025)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

South Estates 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.

Turnover
Turnover represents amounts derived from rents charged to tenants during the year, and is recognised at the date the rental period occurred. This is stated after trade discounts 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 2 (2023 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 2,630,000
NET BOOK VALUE
At 31 January 2024 2,630,000
At 31 January 2023 2,630,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 1,450 -
Amounts due from members 715,259 731,593
Prepayments and accrued income 941 2,109
717,650 733,702

SOUTH ESTATES LLP (REGISTERED NUMBER: OC378025)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 53,383 53,383
Trade creditors 2,897 2,036
Other creditors 75,202 43,882
Accruals and deferred income 9,670 9,760
141,152 109,061

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans - 1-2 years 59,449 53,383
Bank loans - 2-5 years 180,000 179,449
Bank loans more 5 yr by instal 1,580,000 1,640,000
1,819,449 1,872,832

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,580,000 1,640,000

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.

There is no provision for specific legally enforceable protection afforded to creditors in such an event.

There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests'.

9. RESERVES
Fair
value
reserve
£   
At 1 February 2023 1,407,612
At 31 January 2024 1,407,612