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REGISTERED NUMBER: OC400027 (England and Wales)















Report of the Members and

Unaudited Financial Statements for the Year Ended 5th April 2024

for

Prospects Property Partnership LLP

Prospects Property Partnership LLP (Registered number: OC400027)






Contents of the Financial Statements
for the Year Ended 5th April 2024




Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


Prospects Property Partnership LLP

General Information
for the Year Ended 5th April 2024







DESIGNATED MEMBERS: S Elliott
Mrs L Elliott
C Edwards
Mrs C Edwards





REGISTERED OFFICE: Crymbal Cottage
Crabtree Green
Wrexham
Clwyd
LL13 0YF





REGISTERED NUMBER: OC400027 (England and Wales)





ACCOUNTANTS: Aquarius Tax Consultancy Limited
Suite 1B The Beehive
Lions Drive
Shadsworth Business Park
Blackburn
Lancashire
BB1 2QS

Prospects Property Partnership LLP (Registered number: OC400027)

Report of the Members
for the Year Ended 5th April 2024

The members present their report with the financial statements of the LLP for the year ended 5th April 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of Property investment

DESIGNATED MEMBERS
The designated members during the year under review were:

S Elliott
Mrs L Elliott
C Edwards
Mrs C Edwards

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £122,375 (2023 - £288,836 loss).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:





S Elliott - Designated member


17th December 2024

Prospects Property Partnership LLP (Registered number: OC400027)

Income Statement
for the Year Ended 5th April 2024

5.4.24 5.4.23
Notes £    £   

TURNOVER 141,221 160,708

Administrative expenses 19,376 25,318
OPERATING PROFIT 121,845 135,390

Profit/loss on disposal of tangible fixed
assets

4

-

418,200
121,845 (282,810 )

Interest receivable and similar income 530 77
122,375 (282,733 )

Interest payable and similar expenses - 6,103
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT
SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS





122,375





(288,836





)

Prospects Property Partnership LLP (Registered number: OC400027)

Balance Sheet
5th April 2024

5.4.24 5.4.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 1,925,144 1,925,144

CURRENT ASSETS
Debtors 288,835 288,836
Prepayments and accrued income 8,794 6,418
Cash at bank 51,032 35,682
348,661 330,936
NET CURRENT ASSETS 348,661 330,936
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,273,805

2,256,080

ACCRUALS AND DEFERRED INCOME 37,855 15,918
NET ASSETS ATTRIBUTABLE TO
MEMBERS

2,235,950

2,240,162

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 2,235,950 2,240,162
2,235,950 2,240,162

TOTAL MEMBERS' INTERESTS
Members' other interests 2,235,950 2,240,162
Amounts due from members (288,835 ) (288,836 )
1,947,115 1,951,326

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 5th April 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Prospects Property Partnership LLP (Registered number: OC400027)

Balance Sheet - continued
5th April 2024


The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 17th December 2024 and were signed by:





S Elliott - Designated member

Prospects Property Partnership LLP (Registered number: OC400027)

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

1. STATUTORY INFORMATION

Prospects Property Partnership LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. EXCEPTIONAL ITEMS
5.4.24 5.4.23
£    £   
Profit/loss on disposal of tangible fixed assets - (418,200 )

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 6th April 2023
and 5th April 2024 1,925,144
NET BOOK VALUE
At 5th April 2024 1,925,144
At 5th April 2023 1,925,144