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REGISTERED NUMBER: OC427999 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 5 April 2024

for

May & Thomson Property LLP

May & Thomson Property LLP (Registered number: OC427999)

Contents of the Financial Statements
for the Year Ended 5 April 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


May & Thomson Property LLP

General Information
for the Year Ended 5 April 2024







DESIGNATED MEMBERS: S Chandarana
Mrs N Chandarana





REGISTERED OFFICE: 3 Hurst Place
Northwood
Middlesex
HA6 2JS





REGISTERED NUMBER: OC427999 (England and Wales)





ACCOUNTANTS: APT
44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN

May & Thomson Property LLP (Registered number: OC427999)

Balance Sheet
5 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,632 19,510
Investment property 5 2,813,890 2,813,890
2,828,522 2,833,400

CURRENT ASSETS
Debtors 6 83,558 84,190
Cash at bank 50,831 12,667
134,389 96,857
CREDITORS
Amounts falling due within one year 7 16,912 5,485
NET CURRENT ASSETS 117,477 91,372
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

2,945,999

2,924,772

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 2,945,999 2,924,772
2,945,999 2,924,772

TOTAL MEMBERS' INTERESTS
Members' other interests 2,945,999 2,924,772

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 5 April 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

May & Thomson Property LLP (Registered number: OC427999)

Balance Sheet - continued
5 April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 12 November 2024 and were signed by:





S Chandarana - Designated member

May & Thomson Property LLP (Registered number: OC427999)

Notes to the Financial Statements
for the Year Ended 5 April 2024


1. STATUTORY INFORMATION

May & Thomson Property LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The functional and presentational currency of the LLP is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is rental income recognised on an accruals basis in accordance with the substance of the relevant agreement net of valued added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

May & Thomson Property LLP (Registered number: OC427999)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities including trade and other payables 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Provision for liabilities
Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 6 April 2023
and 5 April 2024 25,640
DEPRECIATION
At 6 April 2023 6,130
Charge for year 4,878
At 5 April 2024 11,008
NET BOOK VALUE
At 5 April 2024 14,632
At 5 April 2023 19,510

May & Thomson Property LLP (Registered number: OC427999)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 6 April 2023
and 5 April 2024 2,813,890
NET BOOK VALUE
At 5 April 2024 2,813,890
At 5 April 2023 2,813,890

The investment properties have been valued by the members, and are disclosed at their open market value.

Fair value at 5 April 2024 is represented by:
£   
Valuation in 2022 88,713
Cost 2,725,177
2,813,890

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 3,090
Other debtors 83,558 81,100
83,558 84,190

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 933 700
Other creditors 15,979 4,785
16,912 5,485

8. CONTINGENT LIABILITIES

There is a cross guarantee in place with May & Thomson Estates Limited, whose bank loan balances total £1,786,442 (2023: £1,782,884).