Caseware UK (AP4) 2023.0.135 2023.0.135 02023-04-01falseNo description of principal activity0falsefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC438078 2023-04-01 2024-03-31 OC438078 2022-04-01 2023-03-31 OC438078 2024-03-31 OC438078 2023-03-31 OC438078 c:CurrentFinancialInstruments 2024-03-31 OC438078 c:CurrentFinancialInstruments 2023-03-31 OC438078 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC438078 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC438078 d:FRS102 2023-04-01 2024-03-31 OC438078 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC438078 d:FullAccounts 2023-04-01 2024-03-31 OC438078 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC438078 c:Subsidiary1 2023-04-01 2024-03-31 OC438078 c:Subsidiary1 1 2023-04-01 2024-03-31 OC438078 c:Subsidiary2 2023-04-01 2024-03-31 OC438078 c:Subsidiary2 1 2023-04-01 2024-03-31 OC438078 6 2023-04-01 2024-03-31 OC438078 d:PartnerLLP2 2023-04-01 2024-03-31 OC438078 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC438078 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC438078 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC438078 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC438078 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC438078










TERMINAL 5 PROPERTY LLP








Unaudited

Financial statements

For the Year Ended 31 March 2024

 
TERMINAL 5 PROPERTY LLP
 

Contents



Page
Members' Report
1
Statement of Comprehensive Income
2
Statement of Financial Position
3 - 4
Reconciliation of Members' Interests
5
Notes to the Financial Statements
6 - 9


 
TERMINAL 5 PROPERTY LLP
 
  
Members' Report
For the Year Ended 31 March 2024

The members present their annual report together with the unaudited financial statements of Terminal 5 Property LLP (the "LLP") for the year ended 31 March 2024
The LLP was formed on 25 June 2021 under Limited Liability Partnership Act 2000. 
 

Principal activities
 
 
The principal activity of the LLP during the year was that of a holding entity.
 
 
Designated members
 
 
The designated members who served the LLP during the year and up to date of this report were as follows:
 
Suraj Rashmikant Shah
 
Manish Gudka 
 
 

 
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
 
 
Members are not permitted to make drawings in anticipation of profits which will be allocated to them. 
Members will subscribe the level of capital in proportion to the loan amounts advanced by them to LLP. 
No members shall have the right, directly or indirectly, to withdraw or receive back any part of the amount standing to the credit of his Capital account, except upon the winding up of the LLP. 
 
 
Results for the year
 
 
The loss for this reporting year amounted to £500 (2023: profit of £843).
 
 
This report was approved by the members and signed on their behalf by: 




Manish Gudka
Designated Member
 
Registered office:
1st Floor
88 Baker Street
London
England
W1U 6TQ


Date: 4 November 2024
Page 1

 
TERMINAL 5 PROPERTY LLP
 
 
Statement of Comprehensive Income
For the Year Ended 31 March 2024

2024
2023
 
£
£

  

Administrative expenses
  
(500)
(650)

Operating loss
  
 
(500)
 
(650)

Interest receivable and similar income
  
-
1,493

(Loss)/profit before tax
  
 
(500)
 
843

(Loss)/profit for the year before members' remuneration and profit shares available for discretionary division among members
  
 
(500)
 
843

Other comprehensive income for the year
  

  

Total comprehensive (loss)/income for the year
  
(500)
843

All the activities of the LLP are from continuing operations.
The notes on pages 6 to 9 form part of these financial statements.

Page 2

 
TERMINAL 5 PROPERTY LLP
Registered number: OC438078

Statement of Financial Position
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
2
2

  
2
2

Current assets
  

Debtors: amounts falling due within one year
 5 
10,349,381
10,349,381

Cash at bank and in hand
  
911
1,411

Creditors: amounts falling due within one year
 6 
(1)
(1)

Net current assets
  
10,350,291
10,350,791

Total assets less current liabilities
  
10,350,293
10,350,793

  

Net assets
  
10,350,293
10,350,793


Represented by:
  

Loans and other debts due to members
  

Other amounts
 7 
10,349,870
10,349,870

Members' other interests
  

Members' capital classified as equity
  
100
100

Other reserves classified as equity
  
323
823

  
10,350,293
10,350,793


Total members' interests
  

Loans and other debts due to members
 7 
10,349,870
10,349,870

Members' other interests
  
423
923

  
10,350,293
10,350,793


Page 3

 
TERMINAL 5 PROPERTY LLP
Registered number: OC438078
    
Statement of Financial Position (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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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.

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 were approved and authorised for issue by the members and were signed on their behalf by: 




Manish Gudka
Designated member
Date: 4 November 2024

Registered number: OC438078
The notes on pages 6 to 9 form part of these financial statements.

Page 4

 
TERMINAL 5 PROPERTY LLP
 

Reconciliation of Members' Interests
For the Year Ended 31 March 2024







Equity
Members' other interests
Debt
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Balance at 1 April 2022 
100
(20)
80
13,199,870
13,199,870
13,199,950

Profit for the year available for discretionary division among members
-
843
843
-
-
843

Repayment of debt
 
-
-
-
(2,850,000)
(2,850,000)
(2,850,000)

Amounts due to members
 



10,349,870
10,349,870


Balance at 31 March 2023
100
823
923
10,349,870
10,349,870
10,350,793

Loss for the year available for discretionary division among members
-
(500)
(500)
-
-
(500)

Amounts due to members
 



10,349,870
10,349,870


Balance at 31 March 2024 
100
323
423
10,349,870
10,349,870
10,350,293

The notes on pages 6 to 9 form part of these financial statements.



Page 5

 
TERMINAL 5 PROPERTY LLP
 
 
 
Notes to the Financial Statements
For the 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.Accounting policies

 
2.1

Basis of preparation of financial statements

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".

These financial statements are presented in Sterling (£), which is the functional currency of the entity. All amounts are rounded to the nearest Pound (£), except when otherwise indicated.

The following principal accounting policies have been applied:

 
2.2

Going concern

These financial statements have been prepared on the going concern basis. The basis assumes that the LLP will be able to meet its obligations as they arise for the foreseeable future.

 
2.3

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.

 
2.4

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.
Page 6

 
TERMINAL 5 PROPERTY LLP
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)


2.4
Members' participation rights (continued)

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'.

 
2.5

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of Interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

 
2.9

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Page 7

 
TERMINAL 5 PROPERTY LLP
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the LLP would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The LLP has no employees other than the members, who did not receive any remuneration during the year (2023: £Nil).


4.


Investments





Investments in subsidiary undertakings

£



Cost 


At 1 April 2023
2



At 31 March 2024
2






Net book value



At 31 March 2024
2



At 31 March 2023
2

Page 8

 
TERMINAL 5 PROPERTY LLP
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

Subsidiary undertakings


The following were subsidiary undertakings of the LLP:

Name

Class of shares

Holding

Terminal 5 Group Finco Limited
Ordinary
100%
Terminal 5 Property Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Terminal 5 Group Finco Limited
2,259,462
1,202,435

Terminal 5 Property Limited
(2,793,760)
(1,886,025)


5.


Debtors: amounts falling due within one year

2024
2023
£
£


Amounts owed by group undertakings
10,349,381
10,349,381


Amounts owed by group undertakings relate to amounts due from Terminal 5 Group Finco Limited, which are unsecured, interest free and repayable upon demand.


6.


Creditors: amounts falling due within one year

2024
2023
£
£

Other creditors
1
1



7.


Loans and other debts due to members


2024
2023
£
£



Loans from members
10,349,870
10,349,870

Loans from members are unsecured, interest free and repayable on demand. 

Page 9