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REGISTERED NUMBER: OC438072
Bognor Regis Property LLP
Unaudited Financial Statements
31 March 2024
Bognor Regis Property LLP
Financial Statements
Year ended 31 March 2024
Contents
Page
Designated members and professional advisers
1
Members' report
2
Statement of comprehensive income
3
Statement of financial position
4
Reconciliation of members' interests
6
Notes to the financial statements
8
Bognor Regis Property LLP
Designated Members and Professional Advisers
Designated members
Suraj Shah
Mr Manish Gudka
Registered office
4th Floor
22 Baker Street
London
England
W1U 3BW
LLP registration number OC438072
Bognor Regis Property LLP
Members' Report
Year ended 31 March 2024
The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2024 .
Principal activities
The principal activity of the LLP during the year was that of a holding entity.
Incorporation
The LLP was formed on 25 June 2021 under Limited Liability Partnership Act 2000.
Designated members
The designated members who served the LLP during the year were as follows:
Suraj Shah
Mr Manish Gudka
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 31 October 2024 and signed on behalf of the members by:
Mr Manish Gudka
Designated Member
Registered office:
4th Floor
22 Baker Street
London
England
W1U 3BW
Bognor Regis Property LLP
Statement of Comprehensive Income
Year ended 31 March 2024
Period from
Year to
6 Apr 22 to
31 Mar 24
31 Mar 23
Note
£
£
Administrative expenses
500
144
----
----
Operating loss
( 500)
( 144)
Other interest receivable and similar income
18
----
----
Loss for the financial year before members' remuneration and profit shares available for discretionary division among members
(500)
(126)
----
----
All the activities of the LLP are from continuing operations.
Bognor Regis Property LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investments
4
2
2
Current assets
Debtors
5
3,740,674
3,740,674
Cash at bank and in hand
55
54
------------
------------
3,740,729
3,740,728
Creditors: amounts falling due within one year
6
1
1
------------
------------
Net current assets
3,740,728
3,740,727
------------
------------
Total assets less current liabilities
3,740,730
3,740,729
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
7
3,740,900
3,740,900
Members' other interests
Members' capital classified as equity
100
100
Other reserves
(270)
(271)
------------
------------
3,740,730
3,740,729
------------
------------
Total members' interests
Amounts due from members
(500)
Loans and other debts due to members
7
3,740,900
3,740,900
Members' other interests
(170)
(171)
------------
------------
3,740,230
3,740,729
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Bognor Regis Property LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 31 October 2024 , and are signed on their behalf by:
Mr Manish Gudka
Designated Member
Registered number: OC438072
Bognor Regis Property LLP
Reconciliation of Members' Interests
Year ended 31 March 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total 2024
£
£
£
£
£
£
Amounts due to members
3,740,900
3,740,900
Amounts due from members
------------
------------
Balance at 1 April 2023
100
(270)
(170)
3,740,900
3,740,900
3,740,730
Loss for the financial year available for discretionary division among members
(500)
(500)
(500)
----
----
----
------------
------------
------------
Members' interests after loss for the year
100
(770)
(670)
3,740,900
3,740,900
3,740,230
Other division of profits
500
500
(500)
(500)
Repayments of debt
------------
------------
Amounts due to members
3,740,900
3,740,900
Amounts due from members
(500)
(500)
----
----
----
------------
------------
------------
Balance at 31 March 2024
100
(270)
(170)
3,740,400
3,740,400
3,740,230
----
----
----
------------
------------
------------
Bognor Regis Property LLP
Reconciliation of Members' Interests (continued)
Year ended 31 March 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
£
Balance at 6 April 2022
100
(145)
(45)
3,849,900
3,849,900
3,849,855
Loss for the financial period available for discretionary division among members
(126)
(126)
(126)
----
----
----
------------
------------
------------
Members' interests after loss for the period
100
(271)
(171)
3,849,900
3,849,900
3,849,729
Repayments of debt
(109,000)
(109,000)
(109,000)
----
----
----
------------
------------
------------
Balance at 31 March 2023
100
(271)
(171)
3,740,900
3,740,900
3,740,729
----
----
----
------------
------------
------------
Bognor Regis Property LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 4th Floor, 22 Baker Street, London, W1U 3BW, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
Taxation on LLP profits is the personal liability of the members and consequently neither taxation nor deferred taxation is accounted for in these financial statements.
Going concern
These financial statements have been prepared on the going concern basis.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Bognor Regis Property LLP
Notes to the Financial Statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
Members' participation rights (continued)
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4.
Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
2
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
2
----
At 31 March 2023
2
----
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Bognor Regis Group Finco Limited
Ordinary
100
Bognor Regis Property Limited
Ordinary
100
The results and capital and reserves for the year are as follows:
Capital and reserves
Profit/(loss) for the year
2024
2023
2024
2023
£
£
£
£
Subsidiary undertakings
Bognor Regis Group Finco Limited
888,251
540,551
347,700
342,000
Bognor Regis Property Limited
(704,225)
(431,113)
( 273,112)
213,187
---------
---------
---------
---------
5.
Debtors
2024
2023
£
£
Amounts owed by group undertakings
3,740,174
3,740,674
Amounts due from members
500
------------
------------
3,740,674
3,740,674
------------
------------
The amounts due from Bognor Regis Group Finco Limited are unsecured, interest free and repayable upon demand.
6. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
1
1
----
----
7.
Loans and other debts due to members
2024
2023
£
£
Loans from members
3,740,900
3,740,900
------------
------------