Limited Liability Partnership registration number OC317488 (England and Wales)
A A PROPERTY INVESTMENTS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
A A PROPERTY INVESTMENTS LLP
CONTENTS
Page
Statement of financial position
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 8
A A PROPERTY INVESTMENTS LLP
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investment property
3
3,837,683
3,823,600
Investments
4
268,979
268,979
4,106,662
4,092,579
Current assets
Trade and other receivables
5
305,012
395,212
Cash and cash equivalents
57,902
102,454
362,914
497,666
Current liabilities
6
(85,035)
(90,326)
Net current assets
277,879
407,340
Total assets less current liabilities
4,384,541
4,499,919
Non-current liabilities
7
(2,655,833)
(2,773,333)
Net assets attributable to members
1,728,708
1,726,586
Represented by:
Members' other interests
Members' capital classified as equity
(360,022)
(419,828)
Revaluation reserve
2,079,608
2,079,608
Other reserves classified as equity
9,122
66,806
1,728,708
1,726,586

For the financial year ended 31 March 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 income statement within the financial statements.

The financial statements were approved by the members and authorised for issue on 27 November 2024 and are signed on their behalf by:
27 November 2024
Mr A J H Salter
Mr A  Fattal
Designated member
Designated Member
Limited Liability Partnership registration number OC317488 (England and Wales)
A A PROPERTY INVESTMENTS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Current financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital
Revaluation
reserve
Other reserves
Total
2024
£
£
£
£
Members' interests at 1 April 2023
(353,022)
2,079,608
-
1,726,586
Profit for the financial year available for discretionary division among members
-
-
9,122
9,122
Members' interests after profit for the year
(353,022)
2,079,608
9,122
1,735,708
Repayments of capital
(7,000)
-
-
(7,000)
Members' interests at 31 March 2024
(360,022)
2,079,608
9,122
1,728,708
A A PROPERTY INVESTMENTS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Prior financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital
Revaluation
reserve
Other reserves
Total
2023
£
£
£
£
Members' interests at 1 April 2022
(373,328)
2,079,608
-
1,706,280
Profit for the financial year available for discretionary division among members
-
-
66,806
66,806
Members' interests after profit for the year
(373,328)
2,079,608
66,806
1,773,086
Repayments of capital
(46,500)
-
-
(46,500)
Members' interests at 31 March 2023
(419,828)
2,079,608
66,806
1,726,586
A A PROPERTY INVESTMENTS LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Limited liability partnership information

A A Property Investments LLP is a limited liability partnership incorporated in England and Wales. The registered office is 73 Cornhill, London, EC3V 3QQ.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings.

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
Revenue
Turnover represents amounts receivable for rental income on an accruals basis.

If, at the statement of financial position date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the statement of financial position date are carried forward as work in progress.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement.

 

Members' participation rights in the earnings or assets of the LLP are analyzed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Entities in which the limited liability partnership has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

A A PROPERTY INVESTMENTS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

A A PROPERTY INVESTMENTS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

1.8
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
A A PROPERTY INVESTMENTS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
3
Investment property
2024
£
Fair value
At 1 April 2023
3,823,600
Additions through external acquisition
14,083
At 31 March 2024
3,837,683

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the designated member A J H Salter who is a member of the Royal Institution of Chartered Surveyors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4
Fixed asset investments
2024
2023
£
£
Investments
268,979
268,979

 

Movements in non-current investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 April 2023 & 31 March 2024
268,979
Carrying amount
At 31 March 2024
268,979
At 31 March 2023
268,979
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Other receivables
305,012
395,212
A A PROPERTY INVESTMENTS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
6
Current liabilities
2024
2023
£
£
Taxation and social security
7,820
10,380
Other payables
77,215
79,946
85,035
90,326
7
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
2,655,833
2,773,333

The long-term loans are secured by fixed charges over the LLP's investment property.

8
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.

9
Related party transactions

Included in debtors is the sum of £304,912 (2023 - £395,112) due from Edgewest Askew Limited, a company under common control.

 

Included in creditors is the sum of £10,000 (2023 - £Nil) due to APF Property Investments LLP, a partnership in which A Fattal is a Designated Member.

 

Included in creditors is the sum of £10,000 (2023 - £Nil) due to Fewhurst Land Ltd, a company in which A Salter has a material interest.

 

There are no terms as to interest or repayment in respect of these balances.

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