Limited Liability Partnership registration number OC419735 (England and Wales)
MARGUERITE PROPERTIES LONDON LLP
Annual report and unaudited financial statements
For the year ended 31 March 2024
Pages for filing with registrar
MARGUERITE PROPERTIES LONDON LLP
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
MARGUERITE PROPERTIES LONDON LLP
STATEMENT OF FINANCIAL POSITION
As at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
751
5,646
Investment property
5
1,200,000
1,100,000
1,200,751
1,105,646
Current assets
Trade and other receivables
6
261,539
257,702
Cash and cash equivalents
4,438
4,862
265,977
262,564
Current liabilities
7
(44,383)
(25,610)
Net current assets
221,594
236,954
Total assets less current liabilities
1,422,345
1,342,600
Non-current liabilities
8
(766,822)
(766,661)
Net assets attributable to members
655,523
575,939
Represented by:
Loans and other debts due to members within one year
9
Amounts due in respect of profits
(81,780)
(56,996)
Other amounts
(462,697)
(467,065)
(544,477)
(524,061)
Members' other interests
9
Revaluation reserve
1,200,000
1,100,000
655,523
575,939

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

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.

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.

MARGUERITE PROPERTIES LONDON LLP
STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 31 March 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 15 November 2024 and are signed on their behalf by:
15 November 2024
Mr P Orford
Ms V Kaminov
Designated member
Designated Member
Limited Liability Partnership registration number OC419735 (England and Wales)
MARGUERITE PROPERTIES LONDON LLP
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Marguerite Properties London LLP is a limited liability partnership incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY.

 

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

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
Revenue

The company's turnover comprises rental income from tenants of its investment property. It is recognised on an accrual basis. Rental income received in advance is deferred in balance sheet and recognised as it is earned.

1.3
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

MARGUERITE PROPERTIES LONDON LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
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.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

MARGUERITE PROPERTIES LONDON LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 5 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, other loans that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

MARGUERITE PROPERTIES LONDON LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 6 -
3
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
32,090
Depreciation and impairment
At 1 April 2023
26,444
Depreciation charged in the year
4,895
At 31 March 2024
31,339
Carrying amount
At 31 March 2024
751
At 31 March 2023
5,646
5
Investment property
2024
£
Fair value
At 1 April 2023
1,100,000
Net gains or losses through fair value adjustments
100,000
At 31 March 2024
1,200,000

The members have considered the carrying value of the investment property and, having taken advice from external sources without obtaining an external valuation, the members are satisfied that the year end value of the property is appropriate and represents its market value at 31 March 2024.

MARGUERITE PROPERTIES LONDON LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 7 -
6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
-
0
280
Other receivables
261,539
257,422
261,539
257,702
7
Current liabilities
2024
2023
£
£
Other payables
44,383
25,610
8
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
766,822
766,661

The loans are secured by fixed charges over the assets of the LLP.

MARGUERITE PROPERTIES LONDON LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 8 -
9
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Revaluation
reserve
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 April 2023
1,100,000
-
1,100,000
(524,061)
(524,061)
575,939
Loss for the financial year available for discretionary division among members
-
(24,784)
(24,784)
-
-
(24,784)
Members' interests after loss for the year
1,100,000
(24,784)
1,075,216
(524,061)
(524,061)
551,155
Allocation of loss for the financial year
-
24,784
24,784
(24,784)
(24,784)
-
Introduced by members
-
-
-
4,368
4,368
4,368
Fair value adjustment to investments
100,000
-
100,000
-
-
100,000
Members' interests at 31 March 2024
1,200,000
-
1,200,000
(544,477)
(544,477)
655,523
MARGUERITE PROPERTIES LONDON LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 9 -
10
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

11
Revaluation reserve
2024
2023
£
£
At beginning of year
1,100,000
1,100,000
Fair value adjustment to investments
100,000
-
At end of year
1,200,000
1,100,000
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