Registered number
OC432842
Mollina Legatum
Filleted Accounts
5 April 2024
Mollina Legatum
Registered number: OC432842
Balance Sheet
as at 5 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,735,000 3,210,000
Current assets
Debtors 4 46,271 42,582
Cash at bank and in hand 5,331 69,683
51,602 112,265
Creditors: amounts falling due within one year 5 (69,805) (73,602)
Net current (liabilities)/assets (18,203) 38,663
Total assets less current liabilities 2,716,797 3,248,663
Creditors: amounts falling due after more than one year 6 (1,921,800) (2,318,644)
Net assets attributable to members 794,997 930,019
Represented by:
Members' other interests
Members' capital classified as equity 719,861 906,229
Other reserves 75,136 23,790
794,997 930,019
794,997 930,019
Total members' interests
Members' other interests 794,997 930,019
794,997 930,019
For the year ended 5 April 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 3 January 2025 and signed on their behalf by:
A.McGillivary
Designated member
Mollina Legatum
Notes to the Accounts
for the year ended 5 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue received from the rental of property. Turnover from the rental of property is recognised by reference to the tenancy agreement.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Impairment review
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 3 3
3 Tangible fixed assets
Land and buildings
£
Cost
At 6 April 2023 3,210,000
Disposals (475,000)
At 5 April 2024 2,735,000
Depreciation
At 5 April 2024 -
Net book value
At 5 April 2024 2,735,000
At 5 April 2023 3,210,000
The Land and buildings comprises investment properties at fair value. One of the partners, who has over 20 years experience in the property industry, is of the opinion that at the balance sheet date the value of the property has not changed materially and as a result are stated at fair values. The partners have undertaken to obtain an independant valuation within 5 years.
4 Debtors 2024 2023
£ £
Trade debtors 43,852 42,582
Other debtors 2,419 -
46,271 42,582
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 38,939 38,939
Other creditors 30,866 34,663
69,805 73,602
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,921,800 2,318,644
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 2,257,791 2,257,791
The bank loans are secured in a mix of interest, capital and interest mortgages which are at various rates.
8 Other information
Mollina Legatum is a limited liability partnership incorporated in England. Its registered office is:
81 Askew Road,
London,
W12 9AH
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