Registered number
OC394342
Silverlake Estates LLP
Filleted Accounts
31 March 2024
Silverlake Estates LLP
Registered number: OC394342
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,005,800 7,000,000
Current assets
Debtors 4 79,301 106,374
Cash at bank and in hand 2,395 22,917
81,696 129,291
Creditors: amounts falling due within one year 5 (333,026) (334,632)
Net current liabilities (251,330) (205,341)
Total assets less current liabilities 4,754,470 6,794,659
Creditors: amounts falling due after more than one year 6 (11,664) (21,666)
Net assets attributable to members 4,742,806 6,772,993
Represented by:
Loans and other debts due to members 7 6,785,143 6,815,330
Members' other interests
Members' capital classified as equity (2,042,337) (42,337)
4,742,806 6,772,993
Total members' interests
Loans and other debts due to members 7 6,785,143 6,815,330
Members' other interests (2,042,337) (42,337)
4,742,806 6,772,993
For the year ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 17 July 2024 and signed on their behalf by:
M R Shooter
Designated member
Silverlake Estates LLP
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover represents rents receivable and other similar income.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Investment property
Investment property is included at fair value. Any surplus or deficit on revaluation is dealt with through the profit and loss account. No depreciation is provided in respect of investment property.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Funiture, fixtures and fittings 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP - -
3 Tangible fixed assets Freehold investment property Furniture, fixtures and fittings Total
£ £ £
Fair value or cost
At 1 April 2023 7,000,000 - 7,000,000
Additions - 7,250 7,250
Revaluation (2,000,000) (2,000,000)
At 31 March 2024 5,000,000 7,250 5,007,250
Depreciation
Charge for the year - 1,450 1,450
At 31 March 2024 - 1,450 1,450
Net book value
At 31 March 2024 5,000,000 5,800 5,005,800
At 31 March 2023 7,000,000 - 7,000,000
4 Debtors 2024 2023
£ £
Trade debtors 24,119 22,083
Other debtors 55,182 84,291
79,301 106,374
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 45,345 36,000
Other taxes and social security costs 14,614 8,232
Other creditors 263,067 280,400
333,026 334,632
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,664 21,666
7 Loans and other debts due to members 2024 2023
£ £
Members capital classified as debt 4,892,941 4,911,714
Amounts due to members in respect of profits 1,892,202 1,903,616
6,785,143 6,815,330
Amounts falling due within one year 6,785,143 6,815,330
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
Silverlake Estates LLP is a limited liability partnership incorporated in England. Its registered office is:
9 Bonhill Street
London
EC2A 4DJ
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