WARWICK PROPERTIES LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Limited Liability Partnership Registration No. OC417991
(England and Wales)
WARWICK PROPERTIES LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WARWICK PROPERTIES LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,780,000
1,151,073
Current assets
Debtors
4
12,568
28,488
Cash at bank and in hand
21,990
1,927
34,558
30,415
Creditors: amounts falling due within one year
5
(56,324)
(88,436)
Net current liabilities
(21,766)
(58,021)
Total assets less current liabilities
1,758,234
1,093,052
Creditors: amounts falling due after more than one year
6
(469,592)
(516,743)
Net assets attributable to members
1,288,642
576,309
Represented by:
Members' other interests
Members' capital classified as equity
280,000
280,000
Other reserves classified as equity
1,008,642
296,309
1,288,642
576,309

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 Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 30 October 2024 and are signed on their behalf by:
Mr B Johnson
Designated member
Limited Liability Partnership registration number OC417991 (England and Wales)
WARWICK PROPERTIES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information

Warwick Properties LLP is a limited liability partnership incorporated in England and Wales. The registered office is 36 Howe Street, Bootle, Liverpool, L20 8NG.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

 

The financial statements are presented in GBP which is the functional currency used in the economic environment in which the LLP operates.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

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 represents rents and services recharges receivable.

1.3
Finance costs
Finance costs are charged to the statementment of profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
1.4
Borrowing costs
All borrowing costs are recognised in the statement of profit or loos in the year in which they are incurred.
1.5
Investment properties
Investment property is carried at fair value determined annually by either the members or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of profit or loss.
1.6
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.
WARWICK PROPERTIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.9
Financial instruments
The LLP only enters into basic financial instrument transactions that result in the recognition of the 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 non-puttable ordinary shares.
2
Employees

The average number of persons (excluding members) employed by the partnership during the year was nil (2023: nil).

3
Investment property
2024
£
Fair value
At 1 April 2023
1,151,073
Net gains or losses through fair value adjustments
628,927
At 31 March 2024
1,780,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 22 March 2024 by Fisher German, Chartered Surveyors, who are not connected with the limited liability partnership. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

WARWICK PROPERTIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,725
23,242
Other debtors
5,843
5,246
12,568
28,488
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
42,679
39,207
Trade creditors
1,221
8,989
Taxation and social security
7,802
10,982
Other creditors
4,622
29,258
56,324
88,436
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
469,592
516,743

Bank loans amounting to £512,271 (2023: £555,950) were secured.

 

Details of security provided:

 

NatWest Bank Plc holds a fixed and floating charge over all the property or undertakings of the LLP dated 29 August 2017.

 

NatWest Bank Plc also holds a charge over the land and buildings on the south side of Effingham Street, Bootle, including units 2, 4, 6, 8, 10, 12, and 14 dated 27 September 2017.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
293,878
359,916
WARWICK PROPERTIES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
7
Related party transactions

Warwick Development (North West) Limited is a related party due to common members and directors. During the year Warwick Properties LLP received rental income and recharges for insurance and utilities totalling £25,245 (2023: £104,954 from Warwick Development (North West) Limited. As at 31 March 2024 the LLP was owed £nil (2023: £20,430) from Warwick Development (North West) Limited.

 

Warwick Acquisitions Limited is a related party due to common members and directors. During the year Warwick Properties LLP received rental income and recharges for insurance and utilities totalling £1,228 (2023: £4,813) from Warwick Acquisitions Limited.

 

Warwick Holdings Group Limited is a related party due to common members and directors. During the year Warwick Properties LLP received rental income and recharges for insurance and utilities totalling £79,418 (2023: £nil) from Warwick Holdings Group Limited. As at 31 March 2024 the LLP was owed £2,977 (2023: £nil) from Warwick Holdings Group Limited.

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