Limited Liability Partnership registration number OC322963 (England and Wales)
GROVE PROPERTY INVESTMENTS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
GROVE PROPERTY INVESTMENTS LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GROVE PROPERTY INVESTMENTS LLP
BALANCE SHEET
AS AT
5 APRIL 2024
05 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
745,000
745,000
Current assets
Debtors
4
1,447
3,840
Cash at bank and in hand
41,967
37,354
43,414
41,194
Creditors: amounts falling due within one year
5
(4,813)
(3,741)
Net current assets
38,601
37,453
Total assets less current liabilities and net assets attributable to members
783,601
782,453
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
37,664
36,516
Other amounts
642,522
642,522
680,186
679,038
Members' other interests
Other reserves classified as equity
103,415
103,415
783,601
782,453

For the financial year ended 5 April 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.

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 10 June 2024 and are signed on their behalf by:
10 June 2024
Mr J Grove
Designated member
Limited Liability Partnership registration number OC322963 (England and Wales)
GROVE PROPERTY INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 2 -
1
Accounting policies
Limited liability partnership information

Grove Property Investments LLP is a limited liability partnership incorporated in England and Wales. The registered office is The Old Bank, 14 Bank Street, Lutterworth, Leicestershire, England, LE17 4AJ.

 

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the total invoice value, excluding value added tax, of rent during the year.

1.3
Investment property

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

1.4
Financial instruments
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.

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.

GROVE PROPERTY INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
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
Employees

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

2024
2023
Number
Number
2
2
3
Investment property
2024
£
Fair value
At 6 April 2023 and 5 April 2024
745,000

The residential investment properties were valued on an open market basis on 5 April 2023 by Belvoir Property Management (UK) Limited and the commercial investment property was valued on an open market basis on 8 April 2016 by CP Bigwood Chartered Surveyors. In the opinion of the members there has been no material change in the fair value of the commercial investment property for the year ended 5 April 2024.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,447
3,840
GROVE PROPERTY INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
1,523
2,500
Other creditors
3,290
1,241
4,813
3,741
6
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.

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