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REGISTERED NUMBER: OC434336 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

FOR

ORESTONE PROPERTIES LLP

ORESTONE PROPERTIES LLP (REGISTERED NUMBER: OC434336)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024




Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


ORESTONE PROPERTIES LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 5 APRIL 2024







DESIGNATED MEMBERS: Mrs G Lawson
H J Lawson
M Lawson
T Lawson





REGISTERED OFFICE: Brick Kiln Farmhouse
Hylters Lane
Chilgrove
Chichester
West Sussex
PO18 9HS





REGISTERED NUMBER: OC434336 (England and Wales)





ACCOUNTANTS: EV Accountants Limited
Chartered Accountants
Unit 201, Second Floor
Metroline House
118-122 College Road
Harrow
Middlesex
HA1 1BQ

ORESTONE PROPERTIES LLP (REGISTERED NUMBER: OC434336)

STATEMENT OF FINANCIAL POSITION
5 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 - 1,296,400

CURRENT ASSETS
Debtors 5 2,744 1,163
Investments 6 1,762,000 -
Cash at bank 173,712 93,849
1,938,456 95,012
CREDITORS
Amounts falling due within one year 7 29 -
NET CURRENT ASSETS 1,938,427 95,012
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO MEMBERS 1,938,427 1,391,412

LOANS AND OTHER DEBTS DUE TO
MEMBERS

1,938,427

1,391,412

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 1,938,427 1,391,412

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 5 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.

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 15 January 2025 and were signed by:




H J Lawson - Designated member

ORESTONE PROPERTIES LLP (REGISTERED NUMBER: OC434336)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

1. STATUTORY INFORMATION

Orestone 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.

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.

No depreciation is provided in respect of freehold properties held as investments. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for compensation and the directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the accounts giving a true and fair view.

Financial instruments
The LLP has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issue' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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 not amortised.

Clarification 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 company after deducting all of its liabilities.

Basic financial 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 an 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.

Taxation
Members are personally liable for taxation on their share of partnership profits and losses. Consequently no reserve for taxation is made in these financial statements, and the profits and losses are shown with 'Members' Interests' or as 'Loans and other debts due to Members' without any deduction for tax.

ORESTONE PROPERTIES LLP (REGISTERED NUMBER: OC434336)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

3. EMPLOYEE INFORMATION

The average number of employees during the year was 4 (2023 - 4 ) .

4. INVESTMENT PROPERTY
Total
£   
COST
At 6 April 2023 1,296,400
Transfer (1,296,400 )
At 5 April 2024 -
NET BOOK VALUE
At 5 April 2024 -
At 5 April 2023 1,296,400

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 2,744 1,163

6. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted investments 1,762,000 -

The investment represents the ownership of 100% of the share capital in Orestone Limited , a company
registered in England and Wales (registration number 15579564).

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 29 -

8. INCORPORATION

On 5 April 2024 Orestone Properties LLP's property rental business, including the properties, was transferred as a going concern to Orestone Limited in exchange for shares issued by Orestone Ltd in circumstances where incorporation relief under s.162 TCGA 1992 applied.