Silverfin false 31/03/2024 01/04/2023 31/03/2024 B C Patel 28/03/2013 V C Patel 28/03/2013 23 December 2024 OC383883 2024-03-31 OC383883 bus:Director1 2024-03-31 OC383883 bus:Director2 2024-03-31 OC383883 2023-03-31 OC383883 core:CurrentFinancialInstruments 2024-03-31 OC383883 core:CurrentFinancialInstruments 2023-03-31 OC383883 core:Non-currentFinancialInstruments 2024-03-31 OC383883 core:Non-currentFinancialInstruments 2023-03-31 OC383883 core:OtherPropertyPlantEquipment 2023-03-31 OC383883 core:OtherPropertyPlantEquipment 2024-03-31 OC383883 2023-04-01 2024-03-31 OC383883 bus:FullAccounts 2023-04-01 2024-03-31 OC383883 bus:SmallEntities 2023-04-01 2024-03-31 OC383883 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC383883 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC383883 bus:Director1 2023-04-01 2024-03-31 OC383883 bus:Director2 2023-04-01 2024-03-31 OC383883 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 OC383883 2022-04-01 2023-03-31 OC383883 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: OC383883 (England and Wales)

LONDON HEIGHTS PROPERTY LLP

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

LONDON HEIGHTS PROPERTY LLP

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

LONDON HEIGHTS PROPERTY LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

For the financial year ended 31 March 2024
LONDON HEIGHTS PROPERTY LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)

For the financial year ended 31 March 2024
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
LONDON HEIGHTS PROPERTY LLP

BALANCE SHEET

As at 31 March 2024
LONDON HEIGHTS PROPERTY LLP

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Investment property 5 25,500,000 25,935,000
25,500,000 25,935,000
Current assets
Debtors 6 1,193,572 727,331
Cash at bank and in hand 2,414,319 381,432
3,607,891 1,108,763
Creditors: amounts falling due within one year 7 ( 6,824,792) ( 1,536,390)
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 0 ( 2,880,000)
Net assets attributable to members 22,283,099 22,627,373
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

For the financial year ending 31 March 2024 the LLP 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.

Members' responsibilities:

The financial statements of London Heights Property LLP (registered number: OC383883) were approved and authorised for issue by the Board of Directors on 23 December 2024. They were signed on its behalf by:

B C Patel
Designated member
V C Patel
Designated member
LONDON HEIGHTS PROPERTY LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 March 2024
LONDON HEIGHTS PROPERTY LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 31 March 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) 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

LONDON HEIGHTS PROPERTY LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
LONDON HEIGHTS PROPERTY LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

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.

General information and basis of accounting

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

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the limited liability partnership's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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.

3. Employees

31.03.2024 31.03.2023
Number Number
Monthly average number of persons (excluding members) employed by the LLP during the year 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 22,228 22,228
At 31 March 2024 22,228 22,228
Accumulated depreciation
At 01 April 2023 22,228 22,228
At 31 March 2024 22,228 22,228
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

5. Investment property

Investment property
£
Valuation
As at 01 April 2023 25,935,000
Additions 5,000
Fair value movement (440,000)
As at 31 March 2024 25,500,000

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

6. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 611,985 123,780
Other debtors 581,587 603,551
1,193,572 727,331

7. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Bank loans 2,880,000 0
Trade creditors 167,888 1,188,254
Other taxation and social security 541,509 0
Other creditors 3,235,395 348,136
6,824,792 1,536,390

8. Creditors: amounts falling due after more than one year

31.03.2024 31.03.2023
£ £
Bank loans 0 2,880,000

There are no amounts included above in respect of which any security has been given by the small entity.