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Registration number: OC318156

58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 10

Profit and Loss Account

2

Balance Sheet

3

Statement of Changes in Members’ Interests

5

Notes to the Financial Statements

6

 

58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP

Limited liability partnership information

Designated members

WISE OWL CONSULTANTS LIMITED

Mr MARCUS SIMON COOPER
 

Registered office

16 Finchley Road
London
NW8 6EB

 

58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP

Profit and Loss Account for the Year Ended 31 March 2024

Note

Total
2024
£

Total
2023
£

Turnover

-

-

Cost of sales

 

(73,782)

(112,319)

Gross loss

 

(73,782)

(112,319)

Administrative expenses

 

(123,253)

(86,958)

Other operating income

 

340,365

415,706

Operating profit

143,330

216,429

Interest payable and similar expenses

(305,839)

(169,605)

(Loss)/profit for the year before members' remuneration and profit shares

 

(162,509)

46,824

Members' remuneration charged as an expense

 

162,509

(46,824)

Profit/(loss) for the year available for discretionary division among members

 

-

-

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.

 

58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP

(Registration number: OC318156)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

3

15,497,484

15,497,484

Current assets

 

Debtors

591,299

667,974

Cash and short-term deposits

 

(9,756)

60,320

 

581,543

728,294

Creditors: Amounts falling due within one year

5

(110,587)

(84,917)

Net current assets

 

470,956

643,377

Total assets less current liabilities

 

15,968,440

16,140,861

Creditors: Amounts falling due after more than one year

6

(4,762,651)

(4,772,562)

Net assets attributable to members

 

11,205,789

11,368,299

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

403,099

565,609

Members’ other interests

 

Other reserves

 

10,802,690

10,802,690

   

11,205,789

11,368,299

Total members' interests

 

Loans and other debts due to members

 

403,099

565,609

Equity

 

10,802,690

10,802,690

   

11,205,789

11,368,299

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.

 

58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP

(Registration number: OC318156)
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 58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP (registered number OC318156) were approved by the Board and authorised for issue on 30 January 2025. They were signed on behalf of the limited liability partnership by:

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

 

58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP

Statement of Changes in Members’ Interests
At 31 March 2024

 

Equity

 

Loans and other debts due to/(from) members

   

Other reserves
£

Total equity
£

Members' capital classified as a liability
£

Members' other amounts
£

Total debt
£

Total
2024
£

Members' interest at 1 April 2023

10,802,690

10,802,690

560,207

5,401

565,608

11,368,298

Members' remuneration charged as an expense

-

-

-

(162,509)

(162,509)

(162,509)

At 31 March 2024

10,802,690

10,802,690

560,207

(157,108)

403,099

11,205,789

 

Equity

 

Loans and other debts due to/(from) members

   

Other reserves
£

Total equity
£

Members' capital classified as a liability
£

Members' other amounts
£

Total debt
£

Total
2023
£

Members' interest at 1 April 2022

10,802,690

10,802,690

560,207

(41,422)

518,785

11,321,475

Members' remuneration charged as an expense

-

-

-

46,824

46,824

46,824

At 31 March 2023

10,802,690

10,802,690

560,207

5,402

565,609

11,368,299

 

58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS 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 under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

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 58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS 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.

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

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost.

 

58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP

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

Fixed asset investments

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.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP

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

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 - 2).

 

58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS 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

15,497,484

15,497,484

At 31 March 2024

15,497,484

15,497,484

Depreciation

At 31 March 2024

-

-

Net book value

At 31 March 2024

15,497,484

15,497,484

At 31 March 2023

15,497,484

15,497,484

Revaluation

The fair value of the limited liability partnership's land and buildings was revalued on 1 December 2014 by an independent valuer. . The name and qualification of the independent valuer are Knight Frank, independent surveyors.
 

Aggregate cost
£

Aggregate carrying amount
£

Revalued assets for the year ended 31 March 2024

Land and buildings

4,694,794

4,694,794

4,694,794

4,694,794

Aggregate cost
£

Aggregate carrying amount
£

Revalued assets for the year ended 31 March 2023

Land and buildings

4,694,794

4,694,794

4,694,794

4,694,794

 

58 ACACIA ROAD RESIDENTIAL DEVELOPMENTS LLP

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

4

Debtors

2024
£

2023
£

Trade debtors

84,218

78,791

Other debtors

507,081

589,183

Total current trade and other debtors

591,299

667,974

5

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

1,765

1,615

Other creditors

61,091

35,571

Accruals and deferred income

46,998

46,998

Taxation and social security

733

733

110,587

84,917

6

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans and overdrafts

4,762,651

4,772,562

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:

7

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.