Registered number: OC417196
MILTON PORTFOLIO PROPERTY LLP
Unaudited
Financial statements
Information for filing with the registrar
For the Period Ended 30 September 2024
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MILTON PORTFOLIO PROPERTY LLP
Registered number: OC417196
Statement of Financial Position
As at 30 September 2024
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Debtors: amounts falling due within one year
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Total assets less current liabilities
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Loans and other debts due to members
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Members' capital classified as equity
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Loans and other debts due to members
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MILTON PORTFOLIO PROPERTY LLP
Registered number: OC417196
Statement of Financial Position (continued)
As at 30 September 2024
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 4 to 7 form part of these financial statements.
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MILTON PORTFOLIO PROPERTY LLP
Reconciliation of Members' Interests
For the Period Ended 30 September 2024
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Equity
Members' other interests
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Debt
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Result for the period available for discretionary division among members
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Result for the period available for discretionary division among members
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Balance at 30 September 2024
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MILTON PORTFOLIO PROPERTY LLP
Notes to the Financial Statements
For the Period Ended 30 September 2024
Milton Portfolio Property LLP (the 'LLP') is a limited liability partnership registered on 4 May 2017 and is included in the Register of Companies for England and Wales.
The address of the registered office is 1st Floor, 88 Baker Street, London, England, W1U 6TQ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
These financial statements are presented in Sterling (£), which is the functional currency of the entity. All amounts are rounded to the nearest Pound (£), except when otherwise indicated.
The following principal accounting policies have been applied:
On 7 October 2024, the group sold its assets and therefore the LLP ceased their operations.
Considering the facts and circumstances above, the directors have concluded that adopting the going concern basis of accounting in preparing these LLP financial statements is no longer appropriate.
Accordingly, these LLP financial statements have been prepared on a basis other than of going concern. There have been no material adjustments arising from this change in accounting basis.
Taxation on LLP profits is the personal liability of the members and consequently neither taxation nor deferred taxation is accounted for in these financial statements.
Investments in subsidiaries are measured at cost less accumulated impairment.
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
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MILTON PORTFOLIO PROPERTY LLP
Notes to the Financial Statements
For the Period Ended 30 September 2024
2.Accounting policies (continued)
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Members' participation rights
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Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those thatare, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Statement of Comprehensive Income in the relevant year.
To the extent that they remain unpaid at the year end, they are shown as liabilities in the Statement of Financial Position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Statement of Comprehensive Income and are equity appropriations in the Statement of Financial Position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Statement of Comprehensive Income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.
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MILTON PORTFOLIO PROPERTY LLP
Notes to the Financial Statements
For the Period Ended 30 September 2024
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The LLP has no employees other than the members, who did not receive any remuneration during the period (2023: £Nil).
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Investments in subsidiary undertakings
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The following were subsidiary undertakings of the LLP:
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Milton Portfolio Holdings Limited
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Milton Portfolio Property Limited*
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Milton Portfolio Op Co Limited*
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*Held indirectly
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MILTON PORTFOLIO PROPERTY LLP
Notes to the Financial Statements
For the Period Ended 30 September 2024
Subsidiary undertakings (continued)
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The aggregate of the share capital and reserves as at 30 September 2024 and the profit or loss for the period ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Milton Portfolio Holdings Limited
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Milton Portfolio Property Limited
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Milton Portfolio Op Co Limited
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Debtors: amounts falling due within one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured, interest free and repayable upon demand.
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Loans and other debts due to members
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Loans from members are unsecured, interest free and repayable on demand.
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