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REGISTERED NUMBER: OC434369
Theseus JV LLP
Filleted Unaudited Financial Statements
31 March 2024
Theseus JV LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investments
4
4
4
Current assets
Debtors
5
44,357,392
47,062,898
Cash at bank and in hand
5,294
2,725
-------------
-------------
44,362,686
47,065,623
-------------
-------------
Net current assets
44,362,686
47,065,623
-------------
-------------
Total assets less current liabilities
44,362,690
47,065,627
-------------
-------------
Represented by:
Loans and other debts due to members
Other amounts
6
43,446,352
46,149,084
Members' other interests
Members' capital classified as equity
100
100
Other reserves
916,238
916,443
-------------
-------------
44,362,690
47,065,627
-------------
-------------
Total members' interests
Amounts due from members
(390)
(205)
Loans and other debts due to members
6
43,446,352
46,149,084
Members' other interests
916,338
916,543
-------------
-------------
44,362,300
47,065,422
-------------
-------------
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 JV 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:
Theseus Property LLP
Designated Member
Registered number: OC434369
Theseus JV 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
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
4
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
4
----
At 31 March 2023
4
----
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Theseus Mezz Co 1 Limited
Ordinary
100
Theseus Mezz Co 2 Limited
Ordinary
100
Theseus Mezz Co 4 Limited
Ordinary
100
Theseus Mezz Co 5 Limited
Ordinary
100
The results and capital and reserves for the year are as follows:
Capital and reserves
Profit/(loss) for the year
2024
2023
2024
2023
£
£
£
£
Subsidiary undertakings
Theseus Mezz Co 1 Limited
3,516,875
2,264,334
1,252,541
1,196,259
Theseus Mezz Co 2 Limited
3,475,876
2,208,596
1,267,280
1,180,533
Theseus Mezz Co 4 Limited
3,752,475
2,458,495
1,293,980
1,293,180
Theseus Mezz Co 5 Limited
3,202,089
2,050,339
1,151,750
1,077,449
------------
------------
------------
------------
5.
Debtors
2024
2023
£
£
Amounts owed by group undertakings
44,357,002
47,062,693
Amounts due from members
390
205
-------------
-------------
44,357,392
47,062,898
-------------
-------------
6.
Loans and other debts due to members
2024
2023
£
£
Loans from members
43,446,352
46,149,084
-------------
-------------