Registered number
OC407134
SMP PROPERTY LLP
Filleted Accounts
31 March 2024
SMP PROPERTY LLP
Registered number: OC407134
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 852,285 852,871
Current assets
Debtors 4 15,344 23,000
Cash at bank and in hand 40,063 59,989
55,407 82,989
Creditors: amounts falling due within one year 5 (13,449) (30,201)
Net current assets 41,958 52,788
Total assets less current liabilities 894,243 905,659
Net assets attributable to members 894,243 905,659
Represented by:
Loans and other debts due to members 6 894,243 905,659
894,243 905,659
Total members' interests
Loans and other debts due to members 6 894,243 905,659
894,243 905,659
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 24 December 2024 and signed on their behalf by:
Pravin Mohanlal Majithia
Designated member
SMP PROPERTY 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.
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:
Plant and machinery 20% on wdv
Investments
Depreciation is not provided on investment property. Such property is held for its investment potential and not for consumption within business. This is a departure from Companies Act 2006 which requires all properties to be depreciated. The directors consider that to depreciate would not enable the financial statements to give a true and fair view. Investment property is revalued annually by the directors on an open market value basis. Any aggregate surplus or deficit arising from changes in market value is transferred to revaluation reserve
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 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 850,000 5,739 855,739
At 31 March 2024 850,000 5,739 855,739
Depreciation
At 1 April 2023 - 2,868 2,868
At 31 March 2024 - 3,454 3,454
Net book value
At 31 March 2024 850,000 2,285 852,285
At 31 March 2023 850,000 2,871 852,871
4 Debtors 2024 2023
£ £
Trade debtors 15,344 23,000
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 9,731 28,023
Other taxes and social security costs 3,718 2,178
13,449 30,201
6 Loans and other debts due to members 2024 2023
£ £
Loans from members 850,000 850,000
Amounts due to members in respect of profits 44,243 55,659
894,243 905,659
Amounts falling due within one year 894,243 905,659
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
SMP PROPERTY LLP is a limited liability partnership incorporated in England. Its registered office is:
MPK House
318 Melton Road
Leicester
Leicestershire
LE4 7SL
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