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REGISTERED NUMBER: SO301390 (Scotland)















Abridged Financial Statements for the Period 1 July 2023 to 31 March 2024

for

Libertus Estates LLP

Libertus Estates LLP (Registered number: SO301390)






Contents of the Financial Statements
for the Period 1 July 2023 to 31 March 2024




Page

General Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Libertus Estates LLP

General Information
for the Period 1 July 2023 to 31 March 2024







DESIGNATED MEMBERS: N Freedman
Mrs G Freedman
Mrs C L E MacKenzie





REGISTERED OFFICE: Unit 6
Bankhead Workspace
10 Bankhead Terrace
Edinburgh
EH11 4DY





REGISTERED NUMBER: SO301390 (Scotland)





ACCOUNTANTS: Gibson McKerrell Burrows Limited
28 Rutland Square
Edinburgh
EH1 2BW

Libertus Estates LLP (Registered number: SO301390)

Abridged Statement of Financial Position
31 March 2024

31.3.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 370,000 370,000

CURRENT ASSETS
Debtors 27,698 38,398
Cash at bank 3,255 2,555
30,953 40,953
CREDITORS
Amounts falling due within one year 56,623 66,623
NET CURRENT LIABILITIES (25,670 ) (25,670 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

344,330

344,330

CREDITORS
Amounts falling due after more than one
year

5

344,330

344,330
NET LIABILITIES ATTRIBUTABLE TO
MEMBERS

-

-

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

TOTAL MEMBERS' INTERESTS
Amounts due from members (27,698 ) (38,398 )

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 period 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.

Libertus Estates LLP (Registered number: SO301390)

Abridged 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the period ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 24 January 2025 and were signed by:





N Freedman - Designated member

Libertus Estates LLP (Registered number: SO301390)

Notes to the Financial Statements
for the Period 1 July 2023 to 31 March 2024

1. STATUTORY INFORMATION

Libertus Estates LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

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.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation.

Investment properties are initially measured at cost, including transaction costs. Subsequently, investment properties whose fair value can be measured reliably without undue cost or effort, on an on-going basis, are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort, on an on-going basis, are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

Financial instruments
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party.

Taxation
No provision for taxation has been made as the individual members are responsible for setting their own tax liabilities.

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 370,000
NET BOOK VALUE
At 31 March 2024 370,000
At 30 June 2023 370,000

Investment property is being carried at fair value and the members are of the opinion that cost represents a fair value of the property.

Libertus Estates LLP (Registered number: SO301390)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 31 March 2024

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
31.3.24 30.6.23
£    £   
Repayable by instalments
Bank loans more 5 yr 344,330 344,330

Liabilities under bank loans are secured on the investment property of the LLP.

6. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 30.6.23
£    £   
Bank loans 344,330 344,330