Registered number
OC359682
Kingscroft Estates LLP
Filleted Accounts
31 March 2024
Kingscroft Estates LLP
Registered number: OC359682
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,424,990 3,693,995
Investments 4 724,285 1,210,915
7,149,275 4,904,910
Current assets
Debtors 5 1,071,906 1,048,937
Cash at bank and in hand 48,001 14,418
1,119,907 1,063,355
Creditors: amounts falling due within one year 6 (190,588) (171,405)
Net current assets 929,319 891,950
Total assets less current liabilities 8,078,594 5,796,860
Creditors: amounts falling due after more than one year 7 (2,758,824) (2,883,432)
Net assets attributable to members 5,319,770 2,913,428
Represented by:
Loans and other debts due to members 9 889,078 981,348
Members' other interests
Members' capital classified as equity 1,693,450 1,932,080
Fair value reserve 2,737,242 -
4,430,692 1,932,080
5,319,770 2,913,428
Total members' interests
Loans and other debts due to members 9 889,078 981,348
Members' other interests 4,430,692 1,932,080
5,319,770 2,913,428
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
Kingscroft 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 the value of rents receivable, hotel income and airbnb 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
Investments
Investments in associated undertakings are measured at cost less any accumulated impairment losses.
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 properties Furniture, fixtures and fittings Total
£ £ £
Cost
At 1 April 2023 3,662,758 72,877 3,735,635
Revaluation 2,737,242 2,737,242
At 31 March 2024 6,400,000 72,877 6,472,877
Depreciation
At 1 April 2023 - 41,640 41,640
Charge for the year - 6,247 6,247
At 31 March 2024 - 47,887 47,887
Net book value
At 31 March 2024 6,400,000 24,990 6,424,990
At 31 March 2023 3,662,758 31,237 3,693,995
4 Fixed asset investments
Other
investments
£
Cost
At 1 April 2023 1,210,915
Revaluation (238,630)
Disposals (248,000)
At 31 March 2024 724,285
5 Debtors 2024 2023
£ £
Other debtors 1,071,906 1,048,937
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans 129,158 122,550
Trade creditors 7,813 -
Other taxes and social security costs 31,770 25,405
Other creditors 5,000 5,000
Accruals 16,847 18,450
190,588 171,405
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,758,824 2,883,432
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 382,530 454,978
382,530 454,978
Secured bank loans 2,859,952 2,973,406
The loans are secured by legal charges over the LLP's properties and by floating charges over the LLP's assets and undertakings.
9 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits 889,078 981,348
Amounts falling due within one year 889,078 981,348
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
10 Other information
Kingscroft Estates LLP is a limited liability partnership incorporated in England. Its registered office is:
2 Hurdwick Place
London
NW1 2JE
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