Limited Liability Partnership registration number OC353164 (England and Wales)
STERLET PROPERTIES (BRISTOL) LLP
(FORMERLY NEWMARK PROPERTIES (BRISTOL) LLP)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
STERLET PROPERTIES (BRISTOL) LLP
(FORMERLY NEWMARK PROPERTIES (BRISTOL) LLP)
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr M D Goldbart
Mr G J Cohen
Sterlet LLP
Limited liability partnership number
OC353164
Registered office
17-19 Foley Street
London
W1W 6DW
Accountants
Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
STERLET PROPERTIES (BRISTOL) LLP
(FORMERLY NEWMARK PROPERTIES (BRISTOL) LLP)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
STERLET PROPERTIES (BRISTOL) LLP
(FORMERLY NEWMARK PROPERTIES (BRISTOL) LLP)
BALANCE SHEET
AS AT 5 APRIL 2024
05 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
6
700,000
886,000
Investments
7
3,378,596
3,404,234
4,078,596
4,290,234
Current assets
Debtors
8
98,961
72,593
Cash at bank and in hand
14,176
30,316
113,137
102,909
Creditors: amounts falling due within one year
9
(298,021)
(173,622)
Net current liabilities
(184,884)
(70,713)
Total assets less current liabilities and net assets attributable to members
3,893,712
4,219,521
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
3,125,841
4,459,045
Other amounts
767,871
(239,524)
3,893,712
4,219,521

For the financial year ended 5 April 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 24 December 2024 and are signed on their behalf by:
24 December 2024
Mr M D Goldbart
Designated member
Limited Liability Partnership registration number OC353164 (England and Wales)
STERLET PROPERTIES (BRISTOL) LLP
(FORMERLY NEWMARK PROPERTIES (BRISTOL) LLP)
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 2 -
1
Accounting policies
Limited liability partnership information

Sterlet Properties (Bristol) LLP is a limited liability partnership incorporated in England and Wales. The registered office is 17-19 Foley Street, London, UK, W1W 6DW.

 

The limited liability partnerships's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rental income, excluding value added tax.

1.3
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

The fixed asset investments in limited liability partnerships represent the net assets of the LLP's investment in these entities. The members are of the opinion that the net asset of the LLP's share in these entities equate to the fair value.

 

Other investments are included at cost.

STERLET PROPERTIES (BRISTOL) LLP
(FORMERLY NEWMARK PROPERTIES (BRISTOL) LLP)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

STERLET PROPERTIES (BRISTOL) LLP
(FORMERLY NEWMARK PROPERTIES (BRISTOL) LLP)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

STERLET PROPERTIES (BRISTOL) LLP
(FORMERLY NEWMARK PROPERTIES (BRISTOL) LLP)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 5 -
3
Members' remuneration
2024
2023
Number
Number
The average number of members during the year was
3
3
4
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Interest on bank deposits
359
313
Other interest income
99,468
105,674
Total income
99,827
105,987
5
Gains/(losses) from other fixed asset investments
2024
2023
£
£
Share of profit/(loss) from other fixed asset investments
(240,106)
483,129
6
Investment property
2024
£
Fair value
At 6 April 2023
886,000
Net gains or losses through fair value adjustments
(186,000)
At 5 April 2024
700,000

The members have valued the investment property at its open market value of £700,000 at 5 April 2024. The historic cost of the property is £709,265.

7
Fixed asset investments
2024
2023
£
£
Investments
3,378,596
3,404,234
STERLET PROPERTIES (BRISTOL) LLP
(FORMERLY NEWMARK PROPERTIES (BRISTOL) LLP)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
7
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments in LLPs
£
Cost or valuation
At 6 April 2023
3,404,234
Additions
125,000
Interest received
99,468
Share of profits/(losses) in LLPs
(240,106)
Distributions received
(10,000)
At 5 April 2024
3,378,596
Carrying amount
At 5 April 2024
3,378,596
At 5 April 2023
3,404,234
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,894
6,430
Amounts owed by group undertakings
62,310
35,528
Other debtors
30,757
30,635
98,961
72,593
9
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
288,010
163,010
Other creditors
10,011
10,612
298,021
173,622
10
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

STERLET PROPERTIES (BRISTOL) LLP
(FORMERLY NEWMARK PROPERTIES (BRISTOL) LLP)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 7 -
11
Financial commitments, guarantees and contingent liabilities

Sterlet Properties (Acton) LLP, Sterlet Properties (Bristol) LLP, Sterlet Properties (PT) LLP and Sterlet Properties (Camden 1) LLP are jointly and severally liable for borrowings from their immediate parent undertaking's bankers. Such borrowings are secured by:

 

(a) A floating charge over the general undertakings and assets of each of those LLPs; and

 

(b) A second fixed legal charges over the LLP's property and over the freehold and leasehold properties of the other LLPs.

 

In the event of any of the other group undertakings being unable to repay their share of the borrowings, the LLP would be jointly liable to meet the shortfall.

 

At 5 April 2024, total borrowings less those specifically attributable to the LLP amounted to £Nil (2023: £Nil).

12
Parent company

The LLP's immediate parent undertaking is Sterlet LLP, a limited liability partnership registered in England and Wales, which has a registered office at 17-19 Foley Street, London, W1W 6DW.

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