Registered number: OC386148
ROYALE WHARF PROPERTIES LLP
UNAUDITED
MEMBERS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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ROYALE WHARF PROPERTIES LLP
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CONTENTS
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Notes to the financial statements
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ROYALE WHARF PROPERTIES LLP
REGISTERED NUMBER:OC386148
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BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Loans and other debts due to members within one year
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Loans and other debts due to members
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1
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ROYALE WHARF PROPERTIES LLP
REGISTERED NUMBER:OC386148
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BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 30 October 2024.
A Zykov
For and on behalf of Trinique Worldwide Holding Limited
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ROYALE WHARF PROPERTIES LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Royale Wharf Properties LLP is a Limited Liability Partnership registered in England and Wales, registration number OC386148. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE. The principal place of the business is First Floor, 17 Grosvenor Hill, Mayfair, London, W1K 3QB.
The principal activity of the LLP continued to be residential property trading.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The LLP's functional and presentational currency is pound sterling.
The following principal accounting policies have been applied:
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the LLP has transferred the significant risks and rewards of ownership to the buyer;
∙the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of turnover can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Stock of properties is valued at the lower of cost and net realisable value. Costs include all direct costs incurred during the purchase of the stock.
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ROYALE WHARF PROPERTIES LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, and security instruments from related parties.
Short term creditors are measured at the transaction price.
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Discounted security instruments
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Discounted security instruments represent a commitment treated as a liability. They are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. The unwinding of discount is charged to the Statement of comprehensive income and is included within finance costs.
Interest income is recognised in profit or loss using the effective interest method.
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The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
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Prepayments and accrued income
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ROYALE WHARF PROPERTIES LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Included in other creditors above are two (2023- three) discounted security instruments at a total cost of £3,652,536 (2023 - £5,447,460). The discounted security instruments have the following costs, face values and maturity dates.
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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ROYALE WHARF PROPERTIES LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Related party transactions
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As at 31 March 2024, other debtors included a balance owed from an entity under common control totalling £35,258 (2023 - £10,000). The loan was interest free and repyable on demand.
During the year, the LLP issued discounted security instruments at a cost of £3,652,536 (2023 -£5,447,460) to a related party under common ownership.
All of the discounted security instruments are included in creditors falling due within one year. Finance charges totalled a sum of £265,059 (2023 - £219,957) payable on redemption, of which £182,256 (2023 - £147,273) has been accrued and included in other creditors at the balance sheet date.
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