Registration number:
Tavmar Properties LLP
for the Year Ended 5 April 2024
Tavmar Properties LLP
Contents
Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Tavmar Properties LLP
(Registration number: OC431383)
Balance Sheet as at 5 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
- |
3,355 |
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Members’ other interests |
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Members' capital classified as equity |
2,354,650 |
2,354,650 |
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Other reserves |
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2,616,200 |
2,578,941 |
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2,616,200 |
2,582,296 |
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Total members' interests |
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Amounts due from members |
(52,557) |
(1,597) |
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Loans and other debts due to members |
- |
3,355 |
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Equity |
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2,563,643 |
2,580,699 |
Tavmar Properties LLP
(Registration number: OC431383)
Balance Sheet as at 5 April 2024
For the year ending 5 April 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as appled to small limited liability partnerships.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
Approved and authorised by the
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Tavmar Properties LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
General information |
The place of registration of the limited liability partnership is England and Wales.
The address of the registered office is:
Accounting policies |
Basis of preparation
These financial statements were prepared using the historical cost convention and in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Limited Liability Partnership Act 2000.
The presentation currency is sterling.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the LLP's activities.
The LLP recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the LLP's activities.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.
Tangible fixed assets
Tangible assets are stated at cost, less any subsequent accumulated depreciation.
Tavmar Properties LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% straight line |
Furniture, fixtures and fittings |
20% straight line |
Investment properties
Investment properties are measured at fair value at each repoting date with changes recognised in the profit and loss account.
Cash
Cash comprises cash on hand and all deposits.
Debtors
Debtors are amounts due from tenants for rent receivable and other associated letting fees in the ordinary course of the business.
Debtors are recognised at the transaction price. A provision for the impairment of debtors is established when there is objective evidence that the LLP will not be able to collect all amounts due.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the partnership has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Tavmar Properties LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Members' interests
Profit shares are allocated on a discretionary basis in accordance with the LLP agreement and are therefore shown as 'profit available for discretionary division among members' in the profit and loss account and within an equity reserve, 'members' other interests', on the balance sheet.
All amounts due to members, including members capital, classified as liabilities are presented within Loans and other debts due to members in the balance sheet.
The capital requirements of the LLP are determined by the members and are reviewed regularly.
Drawings are treated as a repayment of capital introduced and payments on account of profit allocation. Any drawings in excess of capital account balances are set against a member’s equity share in accordance with the LLP agreement.
The Designated Members may at any time determine the profit share to be allocated to a member's capital account. Profit shares which have not been allocated in respect of any Accounting Year shall be deemed to be allocated automatically and immediately upon the approval of the accounts.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Tangible fixed assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost |
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At 6 April 2023 |
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Additions |
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- |
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At 5 April 2024 |
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Depreciation |
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At 6 April 2023 |
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Charge for the year |
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At 5 April 2024 |
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Net book value |
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At 5 April 2024 |
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At 5 April 2023 |
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Tavmar Properties LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Investment property |
2024 |
2023 |
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At 6 April |
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5,855,000 |
Additions at cost |
- |
68,586 |
Fair value adjustments |
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- |
At 5 April |
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5,923,586 |
The properties were valued by the designated members at their market value using current market data.
Debtors |
2024 |
2023 |
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Other debtors |
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Prepayments |
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58,882 |
2,715 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Trade creditors |
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Other creditors |
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Accruals |
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Taxation and social security |
- |
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Creditors: Amounts falling due after more than one year |
2024 |
2023 |
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Bank loans |
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Creditors include bank loans which are secured on the investment properties they relate to in the sum of £3,552,904 (2023 - £3,540,636).
Included in bank loans are amounts due other than by instalments, after more than five years in the sum of £3,552,904 (2023 - £3,540,636).