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REGISTERED NUMBER: OC325473 (England and Wales)



PRISCOL INVESTMENTS LLP

FINANCIAL STATEMENTS

FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024






PRISCOL INVESTMENTS LLP (REGISTERED NUMBER: OC325473)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRISCOL INVESTMENTS LLP

GENERAL INFORMATION
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024







DESIGNATED MEMBERS: C H Smith
Mrs P J Smith





REGISTERED OFFICE: Beckwith Barn
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT





REGISTERED NUMBER: OC325473 (England and Wales)





ACCOUNTANTS: Lucentum Business Services Ltd
Beckwith Barn
Warren Estate
Lordship Road
Chelmsford
Essex
CM1 3WT

PRISCOL INVESTMENTS LLP (REGISTERED NUMBER: OC325473)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 10,942 12,329
Investment property 6 835,000 835,000
845,942 847,329

CURRENT ASSETS
Debtors 7 9,164 -
Cash at bank 8 32,907 38,603
42,071 38,603
CREDITORS
Amounts falling due within one year 9 29,942 17,708
NET CURRENT ASSETS 12,129 20,895
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

858,071

868,224

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

858,071

868,224

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 858,071 868,224

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 period 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.

PRISCOL INVESTMENTS LLP (REGISTERED NUMBER: OC325473)

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 4 December 2024 and were signed by:





C H Smith - Designated member

PRISCOL INVESTMENTS LLP (REGISTERED NUMBER: OC325473)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024

1. STATUTORY INFORMATION

Priscol Investments LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Amounts in these financial statements are rounded to the nearest Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Judgements and key sources of estimation uncertainty
No significant judgements have had to be made by management in preparing these financial statements. The members have made key assumptions in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. The valuation method is further described in Note 15 together with the valuation of the property at the reporting date.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met.

Turnover represents rents, insurance and service charges received for the period, net of value added tax.Turnover is recognised in line with the period the properties are rented.

PRISCOL INVESTMENTS LLP (REGISTERED NUMBER: OC325473)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation of a tangible fixed asset begins when it is in the location and condition necessary available for the use intended.

Tangible fixed asset depreciation is included in administrative expenses in the Income Statement.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in Income Statement in the period in which they arise.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.

Borrowing costs
All borrowing costs are recognised in the Income Statement in the period in which they are incurred.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, such as plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the Income Statement.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in the Income Statement.

PRISCOL INVESTMENTS LLP (REGISTERED NUMBER: OC325473)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Members' capital and repayment of capital
In accordance with the LLP agreement, the firm determines the amount of profit to be treated as members’ fixed remuneration. This profit is treated as allocated. The members’ agreement sets out the % required to be automatically allocated. Allocated profit is included within ‘loans and other debts due to members’ in ‘other amounts’.

Drawings are treated as payments on account of profit allocation and are only repayable to the LLP in so far as there are insufficient profits to allocate against such drawings. Any drawings in excess of total profits allocated would be included within ‘amounts due from members’ within debtors.

The capital requirements of the partnership are determined by the members/Board and are reviewed regularly.

Taxation
Tax payable on the profits arising in the LLP are a personal tax liability of the members of the LLP and therefore are not included as a tax charge or provision within these financial statements.

4. EMPLOYEE INFORMATION

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

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 July 2023
and 31 March 2024 145,312
DEPRECIATION
At 1 July 2023 132,983
Charge for period 1,387
At 31 March 2024 134,370
NET BOOK VALUE
At 31 March 2024 10,942
At 30 June 2023 12,329

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 31 March 2024 835,000
NET BOOK VALUE
At 31 March 2024 835,000
At 30 June 2023 835,000

PRISCOL INVESTMENTS LLP (REGISTERED NUMBER: OC325473)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024

6. INVESTMENT PROPERTY - continued

The fair value of the property at the balance sheet date is based on a recent valuation carried out by the members of the limited liability partnership, who are not professionally qualified valuers. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 9,164 -

8. CASH AT BANK
2024 2023
£    £   
Bank account 32,907 38,603

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 1,027 1,258
Other creditors 28,915 16,450
29,942 17,708

10. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 858,071 868,224

Falling due within one year 858,071 868,224

In the event of a winding up, amounts in 'Loans & other debts due to/from members' would rank equally to other unsecured creditors. No protection is afforded in respect of items shown under 'Members other interests'.