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REGISTERED NUMBER: OC310772 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

PROPERTY CONSOLIDATION (UK) LLP

PROPERTY CONSOLIDATION (UK) LLP (REGISTERED NUMBER: OC310772)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 7

PROPERTY CONSOLIDATION (UK) LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: N A Sellick
J T Sellick
Property Consolidation Limited





REGISTERED OFFICE: 38 Borough High Street
London
SE1 1XW





REGISTERED NUMBER: OC310772 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

PROPERTY CONSOLIDATION (UK) LLP (REGISTERED NUMBER: OC310772)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 56,909 40,877
Investment property 5 6,631,950 6,631,950
6,688,859 6,672,827

CURRENT ASSETS
Debtors 6 1,315,454 1,300,000
Cash at bank 5,372 9,341
1,320,826 1,309,341
CREDITORS
Amounts falling due within one year 7 428,822 555,337
NET CURRENT ASSETS 892,004 754,004
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,580,863

7,426,831

CREDITORS
Amounts falling due after more than one
year

8

3,192,231

3,202,435
NET ASSETS ATTRIBUTABLE TO
MEMBERS

4,388,632

4,224,396

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

344,067

179,831

MEMBERS' OTHER INTERESTS
Non-distributable reserve 11 4,044,565 4,044,565
4,388,632 4,224,396

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 344,067 179,831
Members' other interests 4,044,565 4,044,565
4,388,632 4,224,396

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

PROPERTY CONSOLIDATION (UK) LLP (REGISTERED NUMBER: OC310772)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 26 November 2024 and were signed by:





N A Sellick - Designated member

PROPERTY CONSOLIDATION (UK) LLP (REGISTERED NUMBER: OC310772)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Property Consolidation (UK) LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The members have made an assessment about the partnerships ability to continue as a going concern and they do not consider there to be any material uncertainties. As a result they have adopted the going concern basis of accounting.

Turnover
Turnover represents gross rent receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 187,580 61,799 102,075 351,454
Additions - 1,500 25,000 26,500
At 31 March 2024 187,580 63,299 127,075 377,954
DEPRECIATION
At 1 April 2023 185,673 61,032 63,872 310,577
Charge for year 476 442 9,550 10,468
At 31 March 2024 186,149 61,474 73,422 321,045
NET BOOK VALUE
At 31 March 2024 1,431 1,825 53,653 56,909
At 31 March 2023 1,907 767 38,203 40,877

PROPERTY CONSOLIDATION (UK) LLP (REGISTERED NUMBER: OC310772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 6,631,950
NET BOOK VALUE
At 31 March 2024 6,631,950
At 31 March 2023 6,631,950

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2013 1,054,293
Valuation in 2015 1,293,000
Valuation in 2017 2,066,950
Cost 2,217,707
6,631,950

The investment property valuation was assessed on 31 March 2024 by the members of the LLP. The valuation is considered to be the current market value for the investment property concerned taking into account the current rental status of the properties and the income arising.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 15,454 -
Other debtors 1,300,000 1,300,000
1,315,454 1,300,000

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 110,204 100,068
Trade creditors 11,139 -
Other creditors 307,479 455,269
428,822 555,337

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 3,192,231 3,202,435

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 3,180,000 3,180,000

PROPERTY CONSOLIDATION (UK) LLP (REGISTERED NUMBER: OC310772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank overdrafts 100,000 90,116
Bank loans 3,180,000 3,180,000
3,280,000 3,270,116

C Hoare & Co holds a charge given by Property Consolidation (UK) LLP for all monies due or to become due from the LLP to the chargee on any account whatsoever. The charge is a fixed charge over the LLP's two investment properties being 1,3,5 Bermondsey Street London and 38 Borough High Street London.

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

The amounts shown in 'Loans and other debts due to member's' would rank after other unsecured creditors in the event of a winding up.

11. RESERVES
Non-distributable
reserve
£   
At 1 April 2023
and 31 March 2024 4,044,565

12. RELATED PARTY DISCLOSURES

At the balance sheet date the LLP owed £229,412 (2023: £391,360) to EIG Limited [03734110].
This company is controlled and owned by N A Sellick.

ACCOUNTANTS' REPORT TO THE MEMBERS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PROPERTY CONSOLIDATION (UK) LLP

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In accordance with our terms of engagement we have prepared for your approval the attached financial statements from the business accounting records and from information and explanations you have given to us.

The financial statements have been compiled using the going concern and historical cost basis. It is not intended to achieve full compliance with the provisions of UK Generally Accepted Accounting Principles.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information and state those matters that we have agreed to state to you in this report in accordance with the guidance of ICAEW as detailed at icaew.com/compilation and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the person to whom this report is addressed for our work or for this report.

You have approved the financial statements for the period described above, and have acknowledged your responsibility for them, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for their compilation.

We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP


26 November 2024