0 false false false false false false false false false false false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 93 93 93 xbrli:pure xbrli:shares iso4217:GBP OC434117 2023-04-01 2024-03-31 OC434117 2024-03-31 OC434117 2023-03-31 OC434117 bus:Director6 2023-04-01 2024-03-31 OC434117 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 OC434117 core:Non-currentFinancialInstruments 2024-03-31 OC434117 core:Non-currentFinancialInstruments 2023-03-31 OC434117 bus:SmallEntities 2023-04-01 2024-03-31 OC434117 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC434117 bus:FullAccounts 2023-04-01 2024-03-31 OC434117 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC434117 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31
REGISTERED NUMBER: OC434117
Theseus Property LLP
Filleted Unaudited Financial Statements
31 March 2024
Theseus Property LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investments
4
93
93
Current assets
Debtors
5
46,053,538
48,103,178
Cash at bank and in hand
47
18,149
-------------
-------------
46,053,585
48,121,327
-------------
-------------
Net current assets
46,053,585
48,121,327
-------------
-------------
Total assets less current liabilities
46,053,678
48,121,420
-------------
-------------
Represented by:
Loans and other debts due to members
Other amounts
6
44,962,223
47,461,980
Members' other interests
Members' capital classified as equity
100
100
Other reserves
1,091,355
659,340
-------------
-------------
46,053,678
48,121,420
-------------
-------------
Total members' interests
Loans and other debts due to members
6
44,962,223
47,461,980
Members' other interests
1,091,455
659,440
-------------
-------------
46,053,678
48,121,420
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the LLP 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Theseus Property LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 4 November 2024 , and are signed on their behalf by:
Manish Gudka
Designated Member
Registered number: OC434117
Theseus Property LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 1st Floor, 88 Baker Street, London, W1U 6TQ, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
Taxation on LLP profits is the personal liability of the members and consequently neither taxation nor deferred taxation is accounted for in these financial statements.
Going concern
These financial statements have been prepared on the going concern basis.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4.
Investments
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024
93
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
93
----
At 31 March 2023
93
----
5.
Debtors
2024
2023
£
£
Amounts owed by group undertakings
40,540,063
43,023,662
Other debtors
5,513,475
5,079,516
-------------
-------------
46,053,538
48,103,178
-------------
-------------
The amount due from Theseus JV LLP of £40,540,063 is unsecured, interest free and repayable upon demand. The amount of £5,513,475 due from Carrodina JV LLP attracts a variable rate of interest and is unsecured and repayable upon demand.
6.
Loans and other debts due to members
2024
2023
£
£
Loans from members
44,962,223
47,461,980
-------------
-------------