Matrix Park Properties LLP Filleted Accounts Cover
Matrix Park Properties LLP
Registered No. OC327657
Information for Filing with the Registrar
31 March 2024
Matrix Park Properties LLP Balance Sheet Registrar
at
31 March 2024
Registered No.
OC327657
Notes
2024
2023
£
£
Fixed assets
Investment property
5
646,513
646,513
646,513
646,513
Current assets
Debtors
6
90,288
90,144
Cash at bank and in hand
6,370
17,859
96,658
108,003
Creditors: Amounts falling due within one year
7
(23,274)
(22,321)
Net current assets
73,384
85,682
Total assets less current liabilities
719,897
732,195
Creditors: Amounts falling due after more than one year
8
(718,585)
(698,328)
Net assets attributable to members
1,312
33,867
Represented by:
Members' other interests
Members' capital
100
100
Other reserves
1,212
33,767
1,312
33,867
1,312
33,867
These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
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 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 Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the members on 20 November 2024 and signed on its behalf by:
G. Pulford
Designated member
20 November 2024
Matrix Park Properties LLP Notes to the Accounts Registrar
for the year ended 31 March 2024
1
General information
Matrix Park Properties LLP is a limited liability partnership and incorporated in England and Wales.
Its registered number is: OC327657
Its registered office is:
Speed Medical House
Matrix Park
Chorley
PR7 7NA
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2018.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Members' remuneration and division of profits
Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account.

In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense.

Profits are treated as being available for discretionary division only if the 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. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
Members' Interests
Members' interests are classified as either equity or debt.

Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves.

Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members.
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.
3
Information in relation to members
2024
2023
Number
Number
The average number of members during the year :
2
2
2024
2023
£
£
The amount of profit attributable to the member with the largest entitlement was:
-
15,148
4
Employees
2024
2023
Number
Number
The average number of persons employed during the year was:
0
0
5
Investment property
Freehold Investment Property
£
Valuation
At 1 April 2023
646,513
At 31 March 2024
646,513
6
Debtors
2024
2023
£
£
VAT recoverable
144-
Other debtors
90,14490,144
90,28890,144
7
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
22,52421,601
Accruals and deferred income
750720
23,27422,321
8
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
42,41165,858
Other loans
676,174632,470
718,585698,328
Liabilities repayable in more than five years after the balance sheet date
Amount repayable other than by instalments
676,174
632,470
676,174
632,470
The loans are secured by fixed charges on the freehold property
9
Creditors: borrowings
2024
2023
£
£
The aggregate amount of secured liabilities included within creditors falling due within and after one year
64,93587,459
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
Matrix Park Properties LLPOC32765731 March 202401 April 2023false20 November 2024BTCSoftware AP Solution 2024 11.1.0411.1.04OC3276572023-04-012024-03-31OC3276572024-03-31OC327657countries:UnitedKingdom2023-04-012024-03-31OC327657bus:RegisteredOffice2023-04-012024-03-31OC3276572022-04-012023-03-31OC327657core:FreeholdInvestmentProperty2023-04-01OC327657core:FreeholdInvestmentProperty2024-03-31OC3276572023-03-31OC327657core:WithinOneYear2024-03-31OC327657core:WithinOneYear2023-03-31OC327657core:AfterOneYear2024-03-31OC327657core:AfterOneYear2023-03-31OC327657core:MoreThanFiveYears2024-03-31OC327657core:MoreThanFiveYears2023-03-31OC327657core:AfterOneYear2023-04-012024-03-31OC327657core:Secured2024-03-31OC327657core:Secured2023-03-31OC3276572023-04-01OC327657bus:SmallEntities2023-04-012024-03-31OC327657bus:FullAccounts2023-04-012024-03-31OC327657bus:AuditExempt-NoAccountantsReport2023-04-012024-03-31OC327657bus:PartnerLLP22023-04-012024-03-31OC327657bus:LimitedLiabilityPartnershipLLP2023-04-012024-03-31xbrli:pureiso4217:GBP