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REGISTERED NUMBER: OC372018 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Mynett Properties LLP

Mynett Properties LLP (Registered number: OC372018)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mynett Properties LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: R B Mynett
R J Mynett
Mrs L Mynett
Mrs C Mynett





REGISTERED OFFICE: Unit W1
Capital Business Park
Parkway
Cardiff
CF3 2PW





REGISTERED NUMBER: OC372018 (England and Wales)





ACCOUNTANTS: APT
44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN

Mynett Properties LLP (Registered number: OC372018)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,590,000 4,840,000

CURRENT ASSETS
Debtors 5 35,500 36,500
Cash at bank 283 354
35,783 36,854
CREDITORS
Amounts falling due within one year 6 1,169,605 3,258,230
NET CURRENT LIABILITIES (1,133,822 ) (3,221,376 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

456,178

1,618,624

CREDITORS
Amounts falling due after more than one year 7 408,725 1,567,902
NET ASSETS ATTRIBUTABLE TO
MEMBERS

47,453

50,722

Mynett Properties LLP (Registered number: OC372018)

Balance Sheet - continued
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 47,453 50,722
47,453 50,722

TOTAL MEMBERS' INTERESTS
Members' other interests 47,453 50,722

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 31 March 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.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 10 January 2025 and were signed by:





R B Mynett - Designated member

Mynett Properties LLP (Registered number: OC372018)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Mynett Properties 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 as modified by the revaluation of certain assets.

The functional and presentational currency of the LLP is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover represents net invoiced rents and service charges, excluding value added tax.

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.

Debtors and creditors receivable/payable
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Investments
Investments are shown at fair value or where fair value cannot be readily ascertained at cost less impairment. Any aggregate or surplus arising from changes in fair value is recognised through profit and loss.

3. EMPLOYEE INFORMATION

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

Mynett Properties LLP (Registered number: OC372018)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 4,840,000
Disposals (3,250,000 )
At 31 March 2024 1,590,000
NET BOOK VALUE
At 31 March 2024 1,590,000
At 31 March 2023 4,840,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2020 100,000
Cost 1,490,000
1,590,000

If investment property had not been revalued it would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 4,490,000 4,490,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 35,500 36,500

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 74,044 57,500
Taxation and social security 7,300 -
Other creditors 1,088,261 3,200,730
1,169,605 3,258,230

Mynett Properties LLP (Registered number: OC372018)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 408,725 1,567,902

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst - 1,068,591

Repayable by instalments
Bank loans more 5 yr by instal 112,551 269,312

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 482,769 1,625,402

9. RELATED PARTY DISCLOSURES

As at 31 March 2024 £1,088,261 (2023: £3,200,730) was owed from an entity controlled key management personnel. The loan is interest free, repayable on demand and included in other creditors.