The Spencer Property Partnership LLP |
Registered number: |
OC423155 |
Balance Sheet |
as at 31 March 2024 |
Notes |
|
2024 |
|
2023 |
£ |
£ |
Fixed assets |
Fixed Assets |
3 |
|
36,427,730 |
|
46,749,859 |
Current assets |
|
|
|
|
|
Debtors |
4 |
|
1,458,815 |
|
847,845 |
Cash at bank and in hand |
|
|
43,941 |
|
116,171 |
|
|
|
1,502,756 |
|
964,016 |
|
Creditors: amounts falling due within one year |
5 |
|
(1,075,707) |
|
(896,508) |
|
Net current assets |
|
|
427,049 |
|
67,508 |
|
|
|
|
|
|
Total assets less current liabilities |
|
|
36,854,779 |
|
46,817,367 |
|
Creditors: amounts falling due after more than one year |
6 |
|
(19,339,130) |
|
(19,348,938) |
|
|
Net assets attributable to members |
17,515,649 |
|
27,468,429 |
|
|
|
|
|
|
Represented by: |
Loans and other debts due to members |
8 |
|
18,084,672 |
|
17,668,066 |
|
|
|
|
|
|
Members' other interests |
Other reserves |
|
|
(569,023) |
|
9,800,363 |
|
|
|
|
|
|
|
|
|
17,515,649 |
|
27,468,429 |
|
|
|
|
|
|
Total members' interests |
Loans and other debts due to members |
8 |
|
18,084,672 |
|
17,668,066 |
Members' other interests |
|
|
(569,023) |
|
9,800,363 |
|
|
|
|
17,515,649 |
|
27,468,429 |
|
|
|
|
|
|
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 to 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. |
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
These accounts were approved by the members on 29 November 2024 and signed on their behalf by: |
|
|
A I Spencer |
Designated member |
|
The Spencer Property Partnership LLP |
Notes to the Accounts |
for the year ended 31 March 2024 |
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention modified to include investment properties and certain financial instruments at fair value and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships (published December 2018). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes for the rental of the investment properties. |
|
|
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. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
over 5 years |
|
Motor Vehicles |
25% reducing balance |
|
|
Investment properties |
|
The investment properties are included at fair value. Gains and losses on revaluation are recognised in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Members' capital |
|
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the LLP |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
Investment properties |
|
Plant & Equipment |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
£ |
Fair value |
Cost |
Cost |
|
At 1 April 2023 |
46,695,000 |
|
42,934 |
|
90,489 |
|
46,828,423 |
|
Additions |
24,386 |
|
33,495 |
|
- |
|
57,881 |
|
Revaluation |
(10,369,386) |
|
|
|
|
|
(10,369,386) |
|
At 31 March 2024 |
36,350,000 |
|
76,429 |
|
90,489 |
|
36,516,918 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2023 |
- |
|
- |
|
78,564 |
|
78,564 |
|
Charge for the year |
- |
|
7,643 |
|
2,981 |
|
10,624 |
|
At 31 March 2024 |
- |
|
7,643 |
|
81,545 |
|
89,188 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2024 |
36,350,000 |
|
68,786 |
|
8,944 |
|
36,427,730 |
|
At 31 March 2023 |
46,695,000 |
|
42,934 |
|
11,925 |
|
46,749,859 |
|
|
In the opinion of a designated member, A I Spencer, the investment properties are stated in the balance sheet at fair value as at 31 March 2024. On a historical cost basis the properties would have been included at an original cost of £36,919,023 (2023: £36,894,637). |
|
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
74,835 |
|
140,974 |
|
Other debtors |
1,383,980 |
|
706,871 |
|
|
|
|
|
|
1,458,815 |
|
847,845 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Trade creditors |
180,256 |
|
57,943 |
|
Other taxes and social security costs |
75,056 |
|
82,476 |
|
Other creditors |
820,395 |
|
756,089 |
|
|
|
|
|
|
1,075,707 |
|
896,508 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
19,339,130 |
|
19,348,938 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans |
2024 |
|
2023 |
£ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
19,310,859 |
|
19,310,859 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by a fixed and floating charge over the investment properties. |
|
|
8 |
Loans and other debts due to members |
2024 |
|
2023 |
£ |
£ |
|
|
Members capital classified as debt |
100 |
|
100 |
|
Loans from members |
18,763,895 |
|
17,961,547 |
|
Amounts due to members in respect of profits |
(679,323) |
|
(293,581) |
|
|
|
|
|
|
18,084,672 |
|
17,668,066 |
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year |
18,084,672 |
|
17,668,066 |
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up. |
|
|
9 |
Controlling party |
|
|
A I Spencer is the ultimate controlling party |
|
|
10 |
Other information |
|
|
The Spencer Property Partnership LLP is a limited liability partnership incorporated in England. Its registered office is: |
|
10 Jacobs Well Mews |
|
London |
|
W1U 3DY |