Tavmar Properties LLP OC431383 false 2023-04-06 2024-04-05 2024-04-05 The principal activity of the company is letting of investment property. Digita Accounts Production Advanced 6.30.9574.0 true true OC431383 2023-04-06 2024-04-05 OC431383 2024-04-05 OC431383 core:OtherReservesSubtotal 2024-04-05 OC431383 core:CurrentFinancialInstruments 2024-04-05 OC431383 core:Non-currentFinancialInstruments 2024-04-05 OC431383 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-05 OC431383 core:WithinOneYear 2024-04-05 OC431383 core:FurnitureFittings 2024-04-05 OC431383 core:OfficeEquipment 2024-04-05 OC431383 bus:SmallEntities 2023-04-06 2024-04-05 OC431383 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 OC431383 bus:FullAccounts 2023-04-06 2024-04-05 OC431383 bus:SmallCompaniesRegimeForAccounts 2023-04-06 2024-04-05 OC431383 bus:RegisteredOffice 2023-04-06 2024-04-05 OC431383 bus:PartnerLLP1 2023-04-06 2024-04-05 OC431383 bus:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 OC431383 core:FurnitureFittings 2023-04-06 2024-04-05 OC431383 core:OfficeEquipment 2023-04-06 2024-04-05 OC431383 countries:AllCountries 2023-04-06 2024-04-05 OC431383 2023-04-05 OC431383 core:FurnitureFittings 2023-04-05 OC431383 core:OfficeEquipment 2023-04-05 OC431383 2022-04-06 2023-04-05 OC431383 2023-04-05 OC431383 core:OtherReservesSubtotal 2023-04-05 OC431383 core:CurrentFinancialInstruments 2023-04-05 OC431383 core:Non-currentFinancialInstruments 2023-04-05 OC431383 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-05 OC431383 core:WithinOneYear 2023-04-05 OC431383 core:FurnitureFittings 2023-04-05 OC431383 core:OfficeEquipment 2023-04-05 iso4217:GBP xbrli:pure

Registration number: OC431383

Tavmar Properties LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2024

 

Tavmar Properties LLP

Contents

Financial Statements

1 to 6

Balance Sheet

1

Notes to the Financial Statements

3

 

Tavmar Properties LLP

(Registration number: OC431383)
Balance Sheet as at 5 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

14,348

17,410

Investment property

5

6,030,000

5,923,586

 

6,044,348

5,940,996

Current assets

 

Debtors

6

58,882

2,715

Cash and short-term deposits

 

85,639

200,207

 

144,521

202,922

Creditors: Amounts falling due within one year

7

(19,765)

(20,986)

Net current assets

 

124,756

181,936

Total assets less current liabilities

 

6,169,104

6,122,932

Creditors: Amounts falling due after more than one year

8

(3,552,904)

(3,540,636)

Net assets attributable to members

 

2,616,200

2,582,296

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

-

3,355

Members’ other interests

 

Members' capital classified as equity

 

2,354,650

2,354,650

Other reserves

 

261,550

224,291

 

2,616,200

2,578,941

   

2,616,200

2,582,296

Total members' interests

 

Amounts due from members

 

(52,557)

(1,597)

Loans and other debts due to members

 

-

3,355

Equity

 

2,616,200

2,578,941

   

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 members on 30 December 2024 and signed on behalf of the limited liability partnership by:


Mr A Andrew
Designated member

 

Tavmar Properties LLP

Notes to the Financial Statements for the Year Ended 5 April 2024

1

General information

The place of registration of the limited liability partnership is England and Wales.

The address of the registered office is:
Flat 2
130 Randolph Avenue
London
W9 1PG

2

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.

3

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

4

Tangible fixed assets

Fixtures and fittings
 £

Office equipment
 £

Total
£

Cost

At 6 April 2023

21,777

1,028

22,805

Additions

1,898

-

1,898

At 5 April 2024

23,675

1,028

24,703

Depreciation

At 6 April 2023

5,121

274

5,395

Charge for the year

4,703

257

4,960

At 5 April 2024

9,824

531

10,355

Net book value

At 5 April 2024

13,851

497

14,348

At 5 April 2023

16,656

754

17,410

 

Tavmar Properties LLP

Notes to the Financial Statements for the Year Ended 5 April 2024

5

Investment property

2024
 £

2023
 £

At 6 April

5,923,586

5,855,000

Additions at cost

-

68,586

Fair value adjustments

106,414

-

At 5 April

6,030,000

5,923,586

The properties were valued by the designated members at their market value using current market data.

6

Debtors

2024
£

2023
£

Other debtors

53,019

2,535

Prepayments

5,863

180

58,882

2,715

7

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

7,171

5,252

Other creditors

6,487

8,247

Accruals

6,107

6,579

Taxation and social security

-

908

19,765

20,986

8

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans

3,552,904

3,540,636

3,552,904

3,540,636

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).