REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
EASY LET RENTAL AGENTS (HASTINGS) LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
EASY LET RENTAL AGENTS (HASTINGS) LLP |
EASY LET RENTAL AGENTS (HASTINGS) LLP (REGISTERED NUMBER: OC382664) |
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 |
EASY LET RENTAL AGENTS (HASTINGS) LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants & Business Advisers |
28 Wilton Road |
Bexhill on Sea |
East Sussex |
TN40 1EZ |
EASY LET RENTAL AGENTS (HASTINGS) LLP (REGISTERED NUMBER: OC382664) |
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 a property lettings. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £7,960 (2023 - £5,568 profit). |
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: |
EASY LET RENTAL AGENTS (HASTINGS) LLP (REGISTERED NUMBER: OC382664) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
£ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT |
Interest payable and similar expenses | ( |
) | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
EASY LET RENTAL AGENTS (HASTINGS) LLP (REGISTERED NUMBER: OC382664) |
BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
475,010 |
474,675 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
MEMBERS' OTHER INTERESTS |
Capital accounts | 475,010 | 474,675 |
475,010 | 474,675 |
TOTAL MEMBERS' INTERESTS |
Members' other interests | 475,010 | 474,675 |
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. |
EASY LET RENTAL AGENTS (HASTINGS) LLP (REGISTERED NUMBER: OC382664) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
EASY LET RENTAL AGENTS (HASTINGS) LLP (REGISTERED NUMBER: OC382664) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Easy Let Rental Agents (Hastings) 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 |
In preparing the financial statements, the members are required to make an assessment of the ability of the LLP to continue as a going concern. The members have considered all available evidence for the LLP which covers the 12 month period from the date of signing these financial statements. |
On the basis of this consideration, the members are confident that the LLP has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they are satisfied that no material uncertainty exists. As a result of the above, the members have concluded that it remains appropriate to adopt a going concern basis of preparation. |
Turnover |
Turnover represents net invoiced rents received, excluding value added tax. Turnover is recognised when the LLP obtains the right to consideration. |
Investment property |
Investment property is shown at most recent valuations. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve. There is no depreciation charged on investment property. This departure from the Companies Act 2006 is, in the members opinion, required in order to give a true and fair view. |
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. Interest is paid on capital at the discretion of the members. |
Allocation of profits and drawings |
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 NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
EASY LET RENTAL AGENTS (HASTINGS) LLP (REGISTERED NUMBER: OC382664) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2015 | 90,000 |
Valuation in 2017 | 35,000 |
Valuation in 2019 | 70,000 |
Valuation in 2020 | 75,000 |
Valuation in 2022 | 143,000 |
Cost | 365,000 |
778,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.3.24 | 31.3.23 |
£ | £ |
Cost | 365,000 | 365,000 |
Investment property was valued on an open market basis on 31 March 2024 by Mr M Cockerill . |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
7. | RELATED PARTY DISCLOSURES |
Easy Let Rental Agents Limited is a member of the LLP. Mr M Cockerill, who is also a member of the LLP is director and shareholder of the company. Both businesses are under common control. |