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REGISTERED NUMBER: OC332059 (England and Wales)















REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

HASTINGS PROPERTY COMPANY LLP

HASTINGS PROPERTY COMPANY LLP (REGISTERED NUMBER: OC332059)






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




Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


HASTINGS PROPERTY COMPANY LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: P Stavri
L Stavri





REGISTERED OFFICE: 20 Havelock Road
Hastings
East Sussex
TN34 1BP





REGISTERED NUMBER: OC332059 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

HASTINGS PROPERTY COMPANY LLP (REGISTERED NUMBER: OC332059)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2024

The members present their report with the financial statements of the LLP for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of property rental in the south of England.

DESIGNATED MEMBERS
The designated members during the year under review were:

P Stavri
L Stavri

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £158,388 (2023 - £36,985 loss).

MEMBERS' INTERESTS
The policies regarding the allocation of profits to members, drawings and the subscription and repayment of members' capital are disclosed in the accounting policies, note 1 of the financial statements.

The members' interests are disclosed in the notes to the financial statements.

ON BEHALF OF THE MEMBERS:





L Stavri - Designated member


28 January 2025

HASTINGS PROPERTY COMPANY LLP (REGISTERED NUMBER: OC332059)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 463,635 438,666

Cost of sales (49,743 ) (72,979 )
GROSS PROFIT 413,892 365,687

Administrative expenses (262,744 ) (304,532 )
151,148 61,155

Other operating income - 25
OPERATING PROFIT 4 151,148 61,180

Interest receivable and similar income 339 -
151,487 61,180

Interest payable and similar expenses 6,901 (98,165 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT SHARES
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS




158,388




(36,985




)

HASTINGS PROPERTY COMPANY LLP (REGISTERED NUMBER: OC332059)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 18,596 23,244
Investment property 6 7,204,550 7,204,550
7,223,146 7,227,794

CURRENT ASSETS
Debtors 7 10,004 94,298
Cash at bank 70,239 21,201
80,243 115,499
CREDITORS
Amounts falling due within one year 8 274,917 249,222
NET CURRENT LIABILITIES (194,674 ) (133,723 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,028,472

7,094,071

CREDITORS
Amounts falling due after more than one
year

9

1,549,542

2,015,467
NET ASSETS ATTRIBUTABLE TO
MEMBERS

5,478,930

5,078,604

LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

5,478,930

5,078,604

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 5,478,930 5,078,604

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.

HASTINGS PROPERTY COMPANY LLP (REGISTERED NUMBER: OC332059)

BALANCE SHEET - continued
31 MARCH 2024


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

The financial statements were approved by the members of the LLP and authorised for issue on 28 January 2025 and were signed by:




L Stavri - Designated member




P Stavri - Designated member


HASTINGS PROPERTY COMPANY LLP (REGISTERED NUMBER: OC332059)

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

1. STATUTORY INFORMATION

Hastings Property Company 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 members have made an assessment about the ability to continue as a going concern and they do not consider there to be any material uncertainties. As a result they have adopted the going concern basis of accounting.

Turnover
Turnover represents rent receivable 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.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Capital subscription and repayment
The capital requirements of the partnership are determined from time to time by the Designated Members. The amount of capital subscribed by each member is linked to the earnings allocated to that member. No interest is paid on capital.

Profit allocation
The allocation of profits to those who were members during the year is made by unanimous vote of the Designated Members.

During the year members draw sums as agreed by the Designated Members, taking into account the partnership's cash requirements for operating and investing activities.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2023 - 2 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

31.3.24 31.3.23
£    £   
Depreciation - owned assets 4,648 3,995

HASTINGS PROPERTY COMPANY LLP (REGISTERED NUMBER: OC332059)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2023
and 31 March 2024 36,319
DEPRECIATION
At 1 April 2023 13,075
Charge for year 4,648
At 31 March 2024 17,723
NET BOOK VALUE
At 31 March 2024 18,596
At 31 March 2023 23,244

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 7,204,550
NET BOOK VALUE
At 31 March 2024 7,204,550
At 31 March 2023 7,204,550

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2009 157,618
Valuation in 2010 271,306
Valuation in 2012 147,772
Valuation in 2017 1,536,087
Valuation in 2022 496,619
Cost 4,595,148
7,204,550

If Investment Property had not been revalued it would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 4,595,149 4,595,149

Investment property was valued on an open market basis on 31 March 2024 by the designated members .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 4,114 6,155
Other debtors - 1,002
Inter-company loans - 85,435
Prepayments 5,890 1,706
10,004 94,298

HASTINGS PROPERTY COMPANY LLP (REGISTERED NUMBER: OC332059)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 218,943 218,943
Trade creditors 37,976 8,898
Social security and other taxes 2,897 2,167
Other creditors 11,034 15,284
Accrued expenses 4,067 3,930
274,917 249,222

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 30,856 30,856
Bank loans - 2-5 years 204,782 268,248
Bank loans more 5 yr by instal 47,404 110,337
Bank loans more 5 yrs non-inst 1,266,500 1,606,026
1,549,542 2,015,467

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,266,500 1,606,026

Repayable by instalments
Bank loans more 5 yr by instal 47,404 110,337

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 1,768,485 2,234,410

Loans are mortgages secured on individual properties held in Investment Property.

11. LOANS AND OTHER DEBTS DUE TO MEMBERS

The amounts shown in 'Loans and other debts due to member's' would rank after other unsecured creditors in the event of a winding up.

12. RELATED PARTY DISCLOSURES

There are no terms attached to the member loan accounts for the year.