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Registration number: OC401155

HT FREEHOLD LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

HT FREEHOLD LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 12

Profit and Loss Account

2

Balance Sheet

3

Statement of Changes in Members’ Interests

5

Notes to the Financial Statements

7

 

HT FREEHOLD LLP

Limited liability partnership information

Designated members

DAVID ABRAHAM GREENBERG

MARCUS SIMON COOPER
 

Registered office

16 Finchley Road
St Johns Wood
London
NW8 6EB

 

HT FREEHOLD LLP

Profit and Loss Account for the Year Ended 31 March 2024

Note

Total
2024
£

Total
2023
£

Turnover

205,190

192,453

Cost of sales

 

(67,249)

(94,464)

Gross profit

 

137,941

97,989

Administrative expenses

 

(31,900)

(5,592)

Operating profit

106,041

92,397

Interest payable and similar expenses

(450,989)

(235,029)

Loss for the year before members' remuneration and profit shares

 

(344,948)

(142,632)

Loss for the year available for discretionary division among members

 

(344,948)

(142,632)

Turnover and operating profit derive wholly from continuing operations.

The limited liability partnership has no recognised gains or losses for the year other than the results above.

 

HT FREEHOLD LLP

(Registration number: OC401155)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

15,411,282

15,032,451

Current assets

 

Debtors

4

23,133

26,224

Cash and short-term deposits

 

41,633

95,037

 

64,766

121,261

Creditors: Amounts falling due within one year

5

(5,451,326)

(4,784,042)

Net current liabilities

 

(5,386,560)

(4,662,781)

Total assets less current liabilities

 

10,024,722

10,369,670

Creditors: Amounts falling due after more than one year

6

(6,600,000)

(6,600,000)

Net assets attributable to members

 

3,424,722

3,769,670

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

(20,000)

(20,000)

Revaluation reserve

 

4,351,324

4,351,324

Other reserves

 

(906,602)

(561,654)

 

3,424,722

3,769,670

   

3,424,722

3,769,670

Total members' interests

 

Equity

 

3,424,722

3,769,670

   

3,424,722

3,769,670

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

 

HT FREEHOLD LLP

(Registration number: OC401155)
Balance Sheet as at 31 March 2024

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of HT FREEHOLD LLP (registered number OC401155) were approved by the Board and authorised for issue on 29 January 2025. They were signed on behalf of the limited liability partnership by:

.........................................
MARCUS SIMON COOPER
Designated member

 

HT FREEHOLD LLP

Statement of Changes in Members’ Interests
At 31 March 2024

 

Equity

   

Members' capital
£

Revaluation reserve
£

Other reserves
£

Total equity
£

Total
2024
£

Members' interest at 1 April 2023

(20,000)

4,351,324

(561,654)

3,769,670

3,769,670

Loss for the financial year available for discretionary division among members

-

-

(344,948)

(344,948)

(344,948)

At 31 March 2024

(20,000)

4,351,324

(906,602)

3,424,722

3,424,722

 

HT FREEHOLD LLP

Statement of Changes in Members’ Interests
At 31 March 2024

 

Equity

 

Loans and other debts due to/(from) members

   

Members' capital
£

Revaluation reserve
£

Other reserves
£

Total equity
£

Members' other amounts
£

Total debt
£

Total
2023
£

Members' interest at 1 April 2022

(40,000)

4,351,324

(479,129)

3,832,195

60,107

60,107

3,892,302

Loss for the financial year available for discretionary division among members

-

-

(142,632)

(142,632)

-

-

(142,632)

Members' interests after total comprehensive income

(40,000)

4,351,324

(621,761)

3,689,563

60,107

60,107

3,749,670

Other division of profits

-

-

60,107

60,107

(60,107)

(60,107)

-

Members’ capital introduced

20,000

-

-

20,000

-

-

20,000

At 31 March 2023

(20,000)

4,351,324

(561,654)

3,769,670

-

-

3,769,670

 

HT FREEHOLD LLP

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

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of HT FREEHOLD LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

other taxes policy

 

HT FREEHOLD LLP

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

Tangible fixed assets

Individual fixed assets costing £10,680,979 or more are initially recorded at cost.

Investment properties

In accordance with FRS 102 as applied for Smaller Entities by section 1A of the standard, investment properties
are held under the revaluation model, whereby revaluations are undertaken regularly to ensure that the carrying
amount does not materially differ from the fair value at the end of the period.
Any aggregate surplus or temporary deficit from the original cost is cumulated within equity in the revaluation
reserve and also reflected in other comprehensive income. Any impairment in the value of an investment
property from original cost is taken to the profit and loss account for the year.
On realisation any gain or loss is calculated by reference to the carrying value at the last balance sheet date and
is included in the profit and loss account. Any balance in the revaluation reserve is transferred to the profit and
loss account reserve. No depreciation is provided in respect of freehold investment properties and leasehold
investment properties with over 20 years unexpired. FRS 102 requires all properties to be depreciated however
the residual value of such investment properties is considered not to be materially different from that of the
carrying value and therefore depreciation is not required.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

 

HT FREEHOLD LLP

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

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Recognition and Measurement

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

 

HT FREEHOLD LLP

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

Impairment of financial assets

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Current versus non-current classification

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

 

HT FREEHOLD LLP

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

3

Tangible fixed assets

Freehold land and buildings
£

Total
£

Cost

At 1 April 2023

15,032,451

15,032,451

Additions

378,831

378,831

At 31 March 2024

15,411,282

15,411,282

Depreciation

At 31 March 2024

-

-

Net book value

At 31 March 2024

15,411,282

15,411,282

At 31 March 2023

15,032,451

15,032,451

4

Debtors

2024
£

2023
£

Trade debtors

23,133

19,393

Other debtors

-

6,831

Total current trade and other debtors

23,133

26,224

5

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

174,800

-

Other creditors

5,260,926

4,768,442

Accruals and deferred income

15,600

15,600

5,451,326

4,784,042

6

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans and overdrafts

6,600,000

6,600,000

 

7

Reserves

Included within reserves is £4,351,324 of undistributable funds

 

HT FREEHOLD LLP

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

8

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.