0 false false false false false false false false false false false false false false false false false No description of principal activity 2023-04-06 Sage Accounts Production Advanced 2023 - FRS102_2023 1,460,280 310,000 1,770,280 1,770,280 1,460,280 xbrli:pure xbrli:shares iso4217:GBP OC418104 2023-04-06 2024-04-05 OC418104 2024-04-05 OC418104 2023-04-05 OC418104 2022-04-06 2023-04-05 OC418104 2023-04-05 OC418104 2022-04-05 OC418104 bus:Director1 2023-04-06 2024-04-05 OC418104 bus:Director2 2023-04-06 2024-04-05 OC418104 core:WithinOneYear 2024-04-05 OC418104 core:WithinOneYear 2023-04-05 OC418104 core:LandBuildings 2024-04-05 OC418104 core:LandBuildings 2023-04-05 OC418104 core:LandBuildings 2023-04-05 OC418104 core:LandBuildings 2023-04-06 2024-04-05 OC418104 bus:SmallEntities 2023-04-06 2024-04-05 OC418104 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 OC418104 bus:SmallCompaniesRegimeForAccounts 2023-04-06 2024-04-05 OC418104 bus:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 OC418104 bus:FullAccounts 2023-04-06 2024-04-05
REGISTERED NUMBER: OC418104
Chhantbar Family Property Investments LLP
Filleted Unaudited Financial Statements
5 April 2024
Chhantbar Family Property Investments LLP
Financial Statements
Year ended 5 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Chhantbar Family Property Investments LLP
Statement of Financial Position
5 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,770,280
1,460,280
Current assets
Debtors
6
219
197
Cash at bank and in hand
47,539
41,528
--------
--------
47,758
41,725
Creditors: amounts falling due within one year
7
1,472,090
1,467,992
------------
------------
Net current liabilities
1,424,332
1,426,267
------------
------------
Total assets less current liabilities
345,948
34,013
---------
--------
Net assets
345,948
34,013
---------
--------
Represented by:
Loans and other debts due to members
Members' capital classified as a liability
8
(1,460,000)
(1,460,000)
Other amounts
8
1,805,948
1,494,013
------------
------------
345,948
34,013
------------
------------
Members' other interests
Other reserves
---------
--------
345,948
34,013
---------
--------
Total members' interests
Loans and other debts due to members
8
345,948
34,013
Members' other interests
---------
--------
345,948
34,013
---------
--------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 5 April 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 .
Chhantbar Family Property Investments LLP
Statement of Financial Position (continued)
5 April 2024
These financial statements were approved by the members and authorised for issue on 29 December 2024 , and are signed on their behalf by:
Mrs J Chhantbar
Mr V Chhantbar
Designated Member
Designated Member
Registered number: OC418104
Chhantbar Family Property Investments LLP
Notes to the Financial Statements
Year ended 5 April 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 39 Goshawk Drive, Chelmsford, CM2 8XN, United Kingdom.
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.
Revenue recognition
Turnover represents rental income and is recognised on an accruals basis. Annual rentals are credited to the profit and loss account on a straight line basis over the lease term.
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.
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Average number of employees
During the year the average number of employees, including members, was 2 (2023: 2).
5.
Tangible assets
Freehold Properties
£
Cost or valuation
At 6 April 2023
1,460,280
Revaluations
310,000
------------
At 5 April 2024
1,770,280
------------
Depreciation
At 6 April 2023 and 5 April 2024
------------
Carrying amount
At 5 April 2024
1,770,280
------------
At 5 April 2023
1,460,280
------------
The historical cost of the property is £1,460,280.
The property has been included in the accounts at a value deemed to be the open market value per the designated members.
6.
Debtors
2024
2023
£
£
Prepayments and accrued income
219
197
----
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
10,878
7,992
Amounts due to related parties
1,460,000
1,460,000
Other creditors
1,212
------------
------------
1,472,090
1,467,992
------------
------------
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
1,805,948
1,494,013
------------
------------
9.
Related party transactions
At the year end the company owed related parties £1,460,000 (2023: £1,460,000) in the form of a debt note which is shown amongst creditors. Interest of £7,340 (2023: £7,350) was charged on this loan.