Registered number
OC423155
The Spencer Property Partnership LLP
Filleted Accounts
31 March 2024
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
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