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REGISTERED NUMBER: OC428905 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

NEOPHYTOU FAMILY PARTNERSHIP LLP

NEOPHYTOU FAMILY PARTNERSHIP LLP (REGISTERED NUMBER: OC428905)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


NEOPHYTOU FAMILY PARTNERSHIP LLP (REGISTERED NUMBER: OC428905)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 457,078 454,072

CURRENT ASSETS
Cash at bank 1,815 2,136

CREDITORS
Amounts falling due within one year 5 11,415 17,460
NET CURRENT LIABILITIES (9,600 ) (15,324 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

447,478

438,748

CREDITORS
Amounts falling due after more than one year 6 220,000 220,000
NET ASSETS ATTRIBUTABLE TO MEMBERS 227,478 218,748

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

241,388

232,538

MEMBERS' OTHER INTERESTS
Other reserves (13,910 ) (13,790 )
227,478 218,748

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 241,388 232,538
Members' other interests (13,910 ) (13,790 )
227,478 218,748

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.

NEOPHYTOU FAMILY PARTNERSHIP LLP (REGISTERED NUMBER: OC428905)

STATEMENT OF FINANCIAL POSITION - 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 17 January 2025 and were signed by:





Mr N J Neophytou - Designated member

NEOPHYTOU FAMILY PARTNERSHIP LLP (REGISTERED NUMBER: OC428905)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Neophytou Family Partnership LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC428905

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The financial statements have been prepared on a going concern basis as the members are satisfied that the LLP will have adequate resources to meet its liabilities to third parties as they fall due.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property. Revenue is recognised evenly over the period of the rental agreement.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

NEOPHYTOU FAMILY PARTNERSHIP LLP (REGISTERED NUMBER: OC428905)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. EMPLOYEE INFORMATION

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 454,072
Additions 3,006
At 31 March 2024 457,078
NET BOOK VALUE
At 31 March 2024 457,078
At 31 March 2023 454,072

The members consider the market value of the investment properties as at year-end to be as stated in the financial statements.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,970 1,350
Other creditors 8,445 16,110
11,415 17,460

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 220,000 220,000

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 220,000 220,000

Bank loan is secured by way of a fixed charge on the property of the company.

8. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Loans from members 220,250 211,400
Amounts owed to members in respect of profits 21,138 21,138
241,388 232,538

Falling due within one year 241,388 232,538

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.