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Registration number: OC434424

Hi Tree Property LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2024

 

Hi Tree Property LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Balance Sheet

2

Notes to the Financial Statements

4

 

Hi Tree Property LLP

Limited liability partnership information

Designated members

Mr Federico Jnr Vinluan

Mr Harold Vinluan

Mr Michael Rodrigo Vinluan
 

Registered office

141 Keogh Road
Stratford
London
E15 4NT

Accountants

Pacific Limited
1st Floor, Woburn House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

 

Hi Tree Property LLP

(Registration number: OC434424)
Balance Sheet as at 5 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,352

1,146

Investment property

5

2,989,000

2,992,000

 

2,990,352

2,993,146

Current assets

 

Debtors

6

66,411

39,535

Cash and short-term deposits

 

120,625

181,484

 

187,036

221,019

Creditors: Amounts falling due within one year

7

(53,459)

(12,211)

Net current assets

 

133,577

208,808

Total assets less current liabilities

 

3,123,929

3,201,954

Creditors: Amounts falling due after more than one year

8

(1,636,626)

(1,677,596)

Net assets attributable to members

 

1,487,303

1,524,358

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

16,861

4,753

Members’ other interests

 

Members' capital classified as equity

 

1,358,778

1,358,778

Other reserves

 

111,664

160,827

 

1,470,442

1,519,605

   

1,487,303

1,524,358

Total members' interests

 

Amounts due from members

 

(54,881)

(17,434)

Loans and other debts due to members

 

16,861

4,753

Equity

 

1,470,442

1,519,605

   

1,432,422

1,506,924

 

Hi Tree Property LLP

(Registration number: OC434424)
Balance Sheet as at 5 April 2024

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

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 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.

The financial statements of Hi Tree Property LLP (registered number OC434424) were approved by the Board and authorised for issue on 2 January 2025. They were signed on behalf of the limited liability partnership by:

.........................................
Mr Federico Jnr Vinluan
Designated member

   
 

Hi Tree Property 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:
141 Keogh Road
Stratford
London
E15 4NT

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 LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and accumulated impairment losses.

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

20% straight line

Investment properties

Investment property is measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

 

Hi Tree Property LLP

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

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.

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.

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, ‘other reserves', on the balance sheet.

All amounts due to members, including amounts 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 current account balances are set against a member’s capital account in accordance with the LLP agreement.

The Designated Members may at any time determine the profit share to be allocated to a member's current 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).

 

Hi Tree Property LLP

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

4

Tangible fixed assets

Office equipment
 £

Total
£

Cost

At 6 April 2023

1,782

1,782

Additions

599

599

At 5 April 2024

2,381

2,381

Depreciation

At 6 April 2023

636

636

Charge for the year

393

393

At 5 April 2024

1,029

1,029

Net book value

At 5 April 2024

1,352

1,352

At 5 April 2023

1,146

1,146

5

Investment property

2024
 £

2023
 £

At 6 April

2,992,000

2,855,000

Fair value adjustments

(3,000)

137,000

At 5 April

2,989,000

2,992,000

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

6

Debtors

2024
£

2023
£

Other debtors

61,347

24,002

Prepayments

5,064

15,533

66,411

39,535

 

Hi Tree Property LLP

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

7

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans

44,022

-

Trade creditors

7,037

6,439

Accruals

2,400

5,772

53,459

12,211

Creditors include bank loans which are secured on the investment properties they relate to in the sum of £44,022 (2023- £Nil).

8

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans

1,636,626

1,677,596

1,636,626

1,677,596

Creditors include bank loans which are secured on the investment properties they relate to in the sum of £1,636,626 (2023 - £1,677,596).

Included in bank loans are amounts due, other than by instalments, after more than five years in the sum of £1,464,803 (2023 - £1,457,543).