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REGISTERED NUMBER: OC438976 (England and Wales)










Financial Statements

for the Year Ended 31 March 2024

for

Basils Avenue Property Partnership LLP

Basils Avenue Property Partnership LLP (Registered number: OC438976)






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


Basils Avenue Property Partnership LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: B Fernando
C Fernando
Basil'S Avenue Property Ltd





REGISTERED OFFICE: 75 The Avenue
Muswell Hill
London
England
N10 2QG





REGISTERED NUMBER: OC438976 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Oaklea House
46 Coatham Road
Redcar
TS10 1RS

Basils Avenue Property Partnership LLP (Registered number: OC438976)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,140 2,674
Investment property 5 1,685,956 1,026,000
1,688,096 1,028,674

CREDITORS
Amounts falling due within one year 6 (1,752 ) (3,120 )
NET CURRENT LIABILITIES (1,752 ) (3,120 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,686,344

1,025,554

CREDITORS
Amounts falling due after more than one year 7 (580,034 ) (58,000 )
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,106,310

967,554

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

1,106,310

967,554

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 1,106,310 967,554

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.

Basils Avenue Property Partnership LLP (Registered number: OC438976)

Balance Sheet - continued
31 March 2024


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 December 2024 and were signed by:





B Fernando - Designated member

Basils Avenue Property Partnership LLP (Registered number: OC438976)

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

1. STATUTORY INFORMATION

Basils Avenue Property Partnership 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.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

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.

3. EMPLOYEE INFORMATION

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

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 3,762
DEPRECIATION
At 1 April 2023 1,088
Charge for year 534
At 31 March 2024 1,622
NET BOOK VALUE
At 31 March 2024 2,140
At 31 March 2023 2,674

Basils Avenue Property Partnership LLP (Registered number: OC438976)

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

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,026,000
Additions 656,956
Revaluations 3,000
At 31 March 2024 1,685,956
NET BOOK VALUE
At 31 March 2024 1,685,956
At 31 March 2023 1,026,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 (9,500 )
Valuation in 2024 12,500
Cost 1,682,956
1,685,956

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Accrued expenses 1,752 3,120

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Mortgages 580,034 58,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Mortgages 580,034 58,000

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

Members rank ahead of other creditor in a liquidation.