Registered number
OC431402
Sardar Family Property Partnership LLP
Accounts
31 March 2024
Sardar Family Property Partnership LLP
Registered number: OC431402
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,710,110 1,710,110
Current assets
Debtors 4 648,192 648,192
Cash at bank and in hand 9,490 -
657,682 648,192
Creditors: amounts falling due within one year 5 (2,006,000) (2,006,000)
Net current liabilities (1,348,318) (1,357,808)
Total assets less current liabilities 361,792 352,302
Creditors: amounts falling due after more than one year 6 - (1)
Net assets attributable to members 361,792 352,301
Represented by:
Loans and other debts due to members 7 364,662 354,625
Members' other interests
Other reserves (2,870) (2,324)
361,792 352,301
Total members' interests
Loans and other debts due to members 7 364,662 354,625
Members' other interests (2,870) (2,324)
361,792 352,301
For the year ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 27 December 2024 and signed on their behalf by:
Mrs Firdous Sardar
Designated member
Sardar Family Property Partnership LLP
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings na
Leasehold land and buildings na
Plant and machinery na
Fixtures, fittings, tools and equipment na
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 1,710,110
At 31 March 2024 1,710,110
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 1,710,110
At 31 March 2023 1,710,110
4 Debtors 2024 2023
£ £
Other debtors 648,192 648,192
5 Creditors: amounts falling due within one year 2024 2023
£ £
Optimus Pension Admin ltd 2,006,000 2,006,000
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 1
7 Loans and other debts due to members 2024 2023
£ £
Loans from members 364,662 354,625
Amounts falling due within one year 364,662 354,625
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Controlling party
Mrs Firdous Sardar, Fatima Sardar and Mr Rizwan Sardar has controlling interest in the company by the virtue of their 90%, 5%, 5% holding of the ordinary shares of the company
9 Other information
Sardar Family Property Partnership LLP is a limited liability partnership incorporated in England. Its registered office is:
17 Westwood Road
Heald Green
Cheadle
Cheshire
SK8 3JN
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