REGISTERED NUMBER: |
PHARMA PROPERTIES LLP |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024 |
REGISTERED NUMBER: |
PHARMA PROPERTIES LLP |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024 |
PHARMA PROPERTIES LLP (REGISTERED NUMBER: OC338033) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
PHARMA PROPERTIES LLP (REGISTERED NUMBER: OC338033) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
644,631 |
612,325 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
644,631 |
612,325 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 644,631 | 612,325 |
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. |
PHARMA PROPERTIES LLP (REGISTERED NUMBER: OC338033) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
PHARMA PROPERTIES LLP (REGISTERED NUMBER: OC338033) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Pharma Properties LLP is a limited liability partnership, registered in England. The company's registered office is Suite M, Earl Road, Cheadle Hulme, Cheadle, Cheshire, SK8 6GN. |
The presentation currency of the financial statements is Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
Judgements |
The LLP considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The members consider there are no such significant judgements. |
Provisions |
Provisions are recognised when the LLP has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the LLP will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
Turnover |
Turnover represents rental income and other recharges excluding value added tax. The LLP's policy is to recognise income in accordance with the terms of the lease agreements. |
Investment property |
The LLP's investment properties are held for long term investment. Investment properties are accounted for as follows:- |
(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure. |
(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably. |
(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve in the balance sheet. |
(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold. |
PHARMA PROPERTIES LLP (REGISTERED NUMBER: OC338033) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties. |
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
Tax provisions |
The tax payable by the members is a personal liability of the members during the period. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the period was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 June 2023 |
The fair value of the investment property at 31 March 2024 has been arrived at on the basis of a valuation carried out at that date by the members, who are not professionally qualified valuers. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their location and takes into account the current state of the rental market in the area where the properties are situated. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
PHARMA PROPERTIES LLP (REGISTERED NUMBER: OC338033) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 78,639 | 117,530 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
HSBC holds a fixed and floating charge over all assets of the LLP in respect of bank borrowings. |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2024 | 2023 |
£ | £ |
Amounts owed to members in respect of profits | 644,631 | 612,325 |
Falling due within one year | 644,631 | 612,325 |
On winding up of the LLP, loans and other debts due to members rank pari passu with other creditors. |
PHARMA PROPERTIES LLP (REGISTERED NUMBER: OC338033) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 MARCH 2024 |
10. | RELATED PARTY DISCLOSURES |
During the period to 31st March 2024, Pharma Properties LLP leased properties to its associated company, Pharmacy Care Plus Limited, at an arms length rent of £75,986 (2023: £104,814). Dr R G Andrew and Dr D Shah are directors of Pharmacy Care Plus Limited. |
As at 31st March 2024, Pharma Properties LLP was due rent of £51,230 (2023: £30,043) from its associated company, Pharmacy Care Plus Limited. This amount is interest free and repayable on normal commercial terms. |
During the period to 31st March 2024, Pharma Properties LLP was charged a management fee of £5,625 (2023: £5,000) from Pharmacy Care Plus Limited. This was outstanding at the period end and is included in creditors. |
As at 31st March 2024, Pharma Properties LLP owed £32,670 (2023: £25,920) to its associated company, Pharmacy Care Plus Limited. This amount is interest free and repayable on normal commercial terms. |
11. | ULTIMATE CONTROLLING PARTY |
Pharma Properties LLP was under the ultimate control of Dr R G Andrew, Dr D Shah and Mrs S D Shah, members, for the whole period to 31st March 2024. |