Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-02The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrueNo description of principal activity00falsefalse OC417196 2023-04-02 2024-09-30 OC417196 2022-04-03 2023-04-01 OC417196 2024-09-30 OC417196 2023-04-01 OC417196 c:CurrentFinancialInstruments 2024-09-30 OC417196 c:CurrentFinancialInstruments 2023-04-01 OC417196 d:FRS102 2023-04-02 2024-09-30 OC417196 d:AuditExempt-NoAccountantsReport 2023-04-02 2024-09-30 OC417196 d:FullAccounts 2023-04-02 2024-09-30 OC417196 d:LimitedLiabilityPartnershipLLP 2023-04-02 2024-09-30 OC417196 c:Subsidiary1 2023-04-02 2024-09-30 OC417196 c:Subsidiary1 1 2023-04-02 2024-09-30 OC417196 c:Subsidiary2 2023-04-02 2024-09-30 OC417196 c:Subsidiary2 1 2023-04-02 2024-09-30 OC417196 c:Subsidiary3 2023-04-02 2024-09-30 OC417196 c:Subsidiary3 1 2023-04-02 2024-09-30 OC417196 6 2023-04-02 2024-09-30 OC417196 d:PartnerLLP2 2023-04-02 2024-09-30 OC417196 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-09-30 OC417196 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-04-01 OC417196 c:FurtherSpecificReserve3ComponentTotalEquity 2024-09-30 OC417196 c:FurtherSpecificReserve3ComponentTotalEquity 2023-04-01 OC417196 e:PoundSterling 2023-04-02 2024-09-30 iso4217:GBP xbrli:pure

Registered number: OC417196










MILTON PORTFOLIO PROPERTY LLP








Unaudited

Financial statements

Information for filing with the registrar

For the Period Ended 30 September 2024

 
MILTON PORTFOLIO PROPERTY LLP
Registered number: OC417196

Statement of Financial Position
As at 30 September 2024

30 September
1 April
2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
1
1

  
1
1

Current assets
  

Debtors: amounts falling due within one year
 5 
14,844,289
14,845,289

  
14,844,289
14,845,289

Total assets less current liabilities
  
14,844,290
14,845,290

  

Net assets
  
14,844,290
14,845,290


Represented by:
  

Loans and other debts due to members
  

Other amounts
 6 
14,844,240
14,845,240

  
14,844,240
14,845,240

Members' other interests
  

Members' capital classified as equity
  
50
50

  
50
50

  
14,844,290
14,845,290


Total members' interests
  

Loans and other debts due to members
 6 
14,844,240
14,845,240

Members' other interests
  
50
50

  
14,844,290
14,845,290


Page 1

 
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: 




Manish Gudka
Designated member
Date: 3 December 2024

The notes on pages 4 to 7 form part of these financial statements.

Page 2

 
MILTON PORTFOLIO PROPERTY LLP
 

Reconciliation of Members' Interests
For the Period Ended 30 September 2024




Equity
Members' other interests
Debt
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other amounts
Total

£
£
£

Balance at 3 April 2022 
50
14,845,240
14,845,290

Result for the period available for discretionary division among members
-
-
-

Amounts due to members
 

14,845,240


Balance at 2 April 2023
50
14,844,240
14,844,290

Result for the period available for discretionary division among members
-
-
-

Amounts due to members
 

14,844,240


Balance at 30 September 2024 
50
14,844,240
14,844,290



Page 3

 
MILTON PORTFOLIO PROPERTY LLP
 
 
 
Notes to the Financial Statements
For the Period Ended 30 September 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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.

 
2.3

Taxation

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.

 
2.4

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Debtors

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.

Page 4

 
MILTON PORTFOLIO PROPERTY LLP
 
 
 
Notes to the Financial Statements
For the Period Ended 30 September 2024

2.Accounting policies (continued)

 
2.6

Members' participation rights

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'.

Page 5

 
MILTON PORTFOLIO PROPERTY LLP
 
 
 
Notes to the Financial Statements
For the Period Ended 30 September 2024

3.


Employees

The LLP has no employees other than the members, who did not receive any remuneration during the period (2023: £Nil).


4.


Investments








Investments in subsidiary undertakings

£



Cost 


At 2 April 2023
1



At 30 September 2024
1






Net book value



At 30 September 2024
1



At 1 April 2023
1


Subsidiary undertakings


The following were subsidiary undertakings of the LLP:

Name

Class of shares

Holding

Milton Portfolio Holdings Limited
Ordinary
100%
Milton Portfolio Property Limited*
Ordinary
100%
Milton Portfolio Op Co Limited*
Ordinary
100%

 *Held indirectly

Page 6

 
MILTON PORTFOLIO PROPERTY LLP
 
 
 
Notes to the Financial Statements
For the Period Ended 30 September 2024
Subsidiary undertakings (continued)

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:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Milton Portfolio Holdings Limited
5,561,528
1,405,587

Milton Portfolio Property Limited
(8,380,133)
(724,751)

Milton Portfolio Op Co Limited

(6,554,649)
1,369,258


5.


Debtors: amounts falling due within one year

30 September
1 April
2024
2023
£
£


Amounts owed by group undertakings
14,844,279
14,845,279

Other debtors
10
10

14,844,289
14,845,289


Amounts owed by group undertakings are unsecured, interest free and repayable upon demand.


6.


Loans and other debts due to members


30 September
1 April
2024
2023
£
£



Loans from members
14,844,240
14,845,240

Loans from members are unsecured, interest free and repayable on demand.

Page 7