Company No:
Contents
DESIGNATED MEMBERS | B C Patel |
V C Patel |
MEMBER | Jedkiss Limited |
REGISTERED OFFICE | Monarch House |
Miles Gray Road | |
Basildon | |
SS14 3RW | |
United Kingdom |
REGISTERED NUMBER | OC383883 (England and Wales) |
ACCOUNTANT | Evelyn Partners LLP |
Stonecross | |
Trumpington High Street | |
Cambridge | |
CB2 9SU |
Note | 31.03.2024 | 31.03.2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 5 |
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25,500,000 | 25,935,000 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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3,607,891 | 1,108,763 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (3,216,901) | (427,627) | ||
Total assets less current liabilities | 22,283,099 | 25,507,373 | ||
Creditors: amounts falling due after more than one year | 8 |
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Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 11,993,797 | 11,898,071 | ||
11,993,797 | 11,898,071 | |||
Members' other interests | ||||
Members' capital classified as equity | 200 | 200 | ||
Revaluation reserve | 10,289,102 | 10,729,102 | ||
10,289,302 | 10,729,302 | |||
22,283,099 | 22,627,373 | |||
Total members' interests | ||||
Loans and other debts due to members | 11,993,797 | 11,898,071 | ||
Members' other interests | 10,289,302 | 10,729,302 | ||
22,283,099 | 22,627,373 |
Members' responsibilities:
The financial statements of London Heights Property LLP (registered number:
B C Patel
Designated member |
V C Patel
Designated member |
EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |||||
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Members' capital (classified as equity) | Revaluation reserves | Equity reserves | Other reserves | Total | Other amounts | Total | |
£ | £ | £ | £ | £ | £ | £ | |
Amounts due to members | 11,726,365 | ||||||
Balance at 01 April 2022 | 200 | 0 | 0 | 0 | 200 | 11,726,365 | 11,726,565 |
Profit for the financial year available for discretionary division among members | 0 | 0 | 0 | 10,900,808 | 10,900,808 | 0 | 10,900,808 |
Members' interest after profit for the financial year | 200 | 0 | 0 | 10,900,808 | 10,901,008 | 11,726,365 | 22,627,373 |
0 | 0 | 0 | (171,706) | (171,706) | 171,706 | 0 | |
Amounts due to members | 11,898,071 | ||||||
Balance at 31 March 2023 | 200 | 10,729,102 | 0 | 0 | 10,729,302 | 11,898,071 | 22,627,373 |
Loss for the financial year available for discretionary division among members | 0 | 0 | 0 | (344,274) | (344,274) | 0 | (344,274) |
Members' interest after loss for the financial year | 200 | 10,729,102 | 0 | (344,274) | 10,385,028 | 11,898,071 | 22,283,099 |
Revaluation of properties | 0 | (440,000) | 0 | 440,000 | 0 | 0 | 0 |
Allocation of profit for financial year | 0 | 0 | 0 | (95,726) | (95,726) | 95,726 | 0 |
Amounts due to members | 11,993,797 | ||||||
Balance at 31 March 2024 | 200 | 10,289,102 | 0 | 0 | 10,289,302 | 11,993,797 | 22,283,099 |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
London Heights Property LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Monarch House, Miles Gray Road, Basildon, SS14 3RW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of London Heights Property LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the LLP operates.
These financial statements are separate financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account settlement discounts.
Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the LLP are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the LLP.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
31.03.2024 | 31.03.2023 | ||
Number | Number | ||
Monthly average number of persons (excluding members) employed by the LLP during the year |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2023 |
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At 31 March 2024 |
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Accumulated depreciation | |||
At 01 April 2023 |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 31 March 2023 |
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Investment property | |
£ | |
Valuation | |
As at 01 April 2023 |
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Additions | 5,000 |
Fair value movement | (440,000) |
As at 31 March 2024 |
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Valuation
A full market valuation of investment property was completed by 31 December 2023. As a result of the valuation a number of properties prior period impairments were reversed. The fair value of the LLP’s residential investment property at 31 March 2024 have been arrived at on the basis of valuations carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued. The valuations performed which conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and with the International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties. The comparison approach was used for all residential properties which involved reviewing recent market evidence from the sales of similar properties during the period.
For commercial investment property, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.
The fair value of the LLP’s investment property has been arrived at on the basis of valuations carried out on that date by the members of the business. In carrying out their review, the members have made assumptions in relation to rental yields and estimated future achievable rents.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
31.03.2024 | 31.03.2023 | ||
£ | £ | ||
Historic cost | 15,210,898 | 15,205,898 |
31.03.2024 | 31.03.2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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31.03.2024 | 31.03.2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other taxation and social security |
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Other creditors |
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31.03.2024 | 31.03.2023 | ||
£ | £ | ||
Bank loans |
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