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REGISTERED NUMBER: OC389714
Kepler Properties LLP
Unaudited Financial Statements
31 March 2024
Kepler Properties LLP
Financial Statements
Year ended 31 March 2024
Contents
Page
Members' report
1
Statement of comprehensive income
2
Statement of financial position
3
Reconciliation of members' interests
5
Notes to the financial statements
7
The following pages do not form part of the financial statements
Members detailed schedules
11
Kepler Properties LLP
Members' Report
Year ended 31 March 2024
The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2024 .
Principal activities
The principal activity of the company during the year was that of Property Ownership and Letting.
Designated members
The designated members who served the LLP during the year were as follows:
Clifford Investments Limited
Montagu Investments Limited
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 14 November 2024 and signed on behalf of the members by:
Clifford Investments Limited
Designated Member
Registered office:
122 Wigmore Street
London
W1U 3RX
Kepler Properties LLP
Statement of Comprehensive Income
Year ended 31 March 2024
2024
2023
Note
£
£
Administrative expenses
162,929
134,667
Other operating income
393,917
346,736
---------
---------
Operating profit
230,988
212,069
---------
---------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
230,988
212,069
---------
---------
All the activities of the LLP are from continuing operations.
Kepler Properties LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
6,763,225
6,763,225
Current assets
Debtors
5
144
Cash at bank and in hand
138,346
111,940
---------
---------
138,346
112,084
Creditors: amounts falling due within one year
6
23,163
77,817
---------
---------
Net current assets
115,183
34,267
------------
------------
Total assets less current liabilities
6,878,408
6,797,492
------------
------------
Net assets
6,878,408
6,797,492
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
7
96,947
17,401
Members' other interests
Members' capital classified as equity
6,781,461
6,780,091
Other reserves
------------
------------
6,878,408
6,797,492
------------
------------
Total members' interests
Amounts due from members
(144)
Loans and other debts due to members
7
96,947
17,401
Members' other interests
6,781,461
6,780,091
------------
------------
6,878,408
6,797,348
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Kepler Properties LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 14 November 2024 , and are signed on their behalf by:
Montagu Investments Limited
Designated Member
Registered number: OC389714
Kepler Properties LLP
Reconciliation of Members' Interests
Year ended 31 March 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total 2024
£
£
£
£
£
£
Amounts due to members
17,401
17,401
Amounts due from members
(144)
(144)
--------
--------
Balance at 1 April 2023
6,780,091
6,780,091
17,257
17,257
6,797,348
Profit for the financial year available for discretionary division among members
230,988
230,988
230,988
------------
---------
------------
--------
--------
------------
Members' interests after profit for the year
6,780,091
230,988
7,011,079
17,257
17,257
7,028,336
Other division of profits
(230,988)
(230,988)
230,988
230,988
Introduced by members
3,778,626
3,778,626
3,778,626
Drawings
(3,928,554)
(3,928,554)
(3,928,554)
Reclassifications
Other movements
(3,777,256)
(3,777,256)
3,777,256
3,777,256
------------
------------
Amounts due to members
96,947
96,947
Amounts due from members
------------
---------
------------
------------
------------
------------
Balance at 31 March 2024
6,781,461
6,781,461
96,947
96,947
6,878,408
------------
---------
------------
------------
------------
------------
Kepler Properties LLP
Reconciliation of Members' Interests (continued)
Year ended 31 March 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
£
Amounts due to members
Amounts due from members
----
----
Balance at 1 April 2022
6,779,500
6,779,500
6,779,500
Profit for the financial year available for discretionary division among members
212,069
212,069
212,069
------------
---------
------------
----
----
------------
Members' interests after profit for the year
6,779,500
212,069
6,991,569
6,991,569
Other division of profits
(212,069)
(212,069)
212,069
212,069
Introduced by members
198,875
198,875
13,840
13,840
212,715
Drawings
(406,936)
(406,936)
(406,936)
Reclassifications
198,284
198,284
198,284
Other movements
(198,284)
(198,284)
(198,284)
---------
---------
Amounts due to members
17,401
17,401
Amounts due from members
(144)
(144)
------------
---------
------------
---------
---------
------------
Balance at 31 March 2023
6,780,091
6,780,091
17,257
17,257
6,797,348
------------
---------
------------
---------
---------
------------
Kepler Properties LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 122 Wigmore Street, London, W1U 3RX.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
Kepler Properties LLP
Notes to the Financial Statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
Members' participation rights (continued)
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
Land and buildings
£
Cost
At 1 April 2023 and 31 March 2024
6,763,225
------------
Depreciation
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 31 March 2024
6,763,225
------------
At 31 March 2023
6,763,225
------------
5.
Debtors
2024
2023
£
£
Other debtors
144
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
23,163
77,817
--------
--------
7.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
96,947
17,401
--------
--------
Kepler Properties LLP
Management Information
Year ended 31 March 2024
The following pages do not form part of the financial statements.
Kepler Properties LLP
Members Detailed Schedules
Year ended 31 March 2024
Members capital 1 detailed analysis for the year ending 31 March 2024
Canprop 1 Limited
Launcelot Investments UK Limited
Clifford Investments Limited
Montagu Investments Limited
Total
£
£
£
£
£
Balance at 1 April 2023
3,220,261
3,128,945
260,806
170,079
6,780,091
Capital introduced by members
3,778,626
3,778,626
Reclassifications
556,995
(521,626)
(21,444)
(13,925)
Other movements
(3,777,256)
(3,777,256)
------------
------------
---------
---------
------------
Balance at 31 March 2024
6,385,945
239,362
156,154
6,781,461
------------
------------
---------
---------
------------
Members current account detailed analysis for the year ending 31 March 2024
Canprop 1 Limited
Launcelot Investments UK Limited
Clifford Investments Limited
Montagu Investments Limited
Total
£
£
£
£
£
Balance at 1 April 2023
8,477
8,213
711
(144)
17,257
Other movements
3,777,256
3,777,256
Discretionary allocation of profits
216,320
8,893
5,775
230,988
Drawings
(3,785,733)
(133,306)
(5,767)
(3,748)
(3,928,554)
------------
---------
-------
-------
------------
Balance at 31 March 2024
91,227
3,837
1,883
96,947
------------
---------
-------
-------
------------