Registered number: OC429382
APSLEY MEADOWSIDE PROPERTY LLP
Unaudited
Financial statements
For the Year Ended 31 March 2024
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APSLEY MEADOWSIDE PROPERTY LLP
Contents
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Statement of Financial Position
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Reconciliation of Members' Interests
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Notes to the Financial Statements
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APSLEY MEADOWSIDE PROPERTY LLP
Members' Report
For the Year Ended 31 March 2024
The members present their annual report together with the unaudited financial statements of Apsley Meadowside Property LLP (the "LLP") for the year ended 31 March 2024.
The LLP was formed on 23 October 2019 under Limited Liability Partnership Act 2000. The comparative figures are for the period from 6 April 2022 to 31 March 2023 and are therefore not directly comparable.
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 permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
Results for the year
The result for this reporting year amounted to £Nil (comparative period: £Nil).
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
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APSLEY MEADOWSIDE PROPERTY LLP
Registered number: OC429382
Statement of Financial Position
As at 31 March 2024
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Debtors: 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
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Members' capital classified as equity
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Loans and other debts due to members
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APSLEY MEADOWSIDE PROPERTY LLP
Registered number: OC429382
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:
Registered number: OC429382
The notes on pages 5 to 8 form part of these financial statements.
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APSLEY MEADOWSIDE PROPERTY LLP
Reconciliation of Members' Interests
For the Year Ended 31 March 2024
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Equity
Members' other interests
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Debt
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Result for the period available for discretionary division among members
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Result for the year available for discretionary division among members
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Amounts introduced by members
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APSLEY MEADOWSIDE PROPERTY LLP
Notes to the Financial Statements
For the Year Ended 31 March 2024
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
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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".
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:
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.
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.
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Members' participation rights
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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.
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APSLEY MEADOWSIDE PROPERTY LLP
Notes to the Financial Statements
For the Year Ended 31 March 2024
2.Accounting policies (continued)
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Members' participation rights (continued)
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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 in subsidiaries are measured at cost less accumulated impairment.
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.
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The LLP has no employees other than the members, who did not receive any remuneration during the year (2022: £Nil).
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APSLEY MEADOWSIDE PROPERTY LLP
Notes to the Financial Statements
For the Year Ended 31 March 2024
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Investments in subsidiary undertakings
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The following was a subsidiary undertaking of the LLP:
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Apsley Meadowside Holdings Limited
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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 undertaking were as follows:
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Aggregate of share capital and reserves
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Apsley Meadowside Holdings Limited
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APSLEY MEADOWSIDE PROPERTY LLP
Notes to the Financial Statements
For the Year Ended 31 March 2024
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Debtors: amounts falling due within one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings relate to amounts due from Apsley Meadowside House Holdings Limited, which are interest free, unsecured and repayable upon demand.
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Loans and other debts due to members
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Loans from members are unsecured, interest free and repayable on demand.
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