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REGISTERED NUMBER: OC352063 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

KELSO PLACE LLP

KELSO PLACE LLP (REGISTERED NUMBER: OC352063)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KELSO PLACE LLP

GENERAL INFORMATION
for the year ended 31 March 2024







DESIGNATED MEMBERS: R B C Totterman
M Totterman





REGISTERED OFFICE: 5th Floor
Palladium House
1-4 Argyll Street
London
W1F 7TA





REGISTERED NUMBER: OC352063 (England and Wales)





ACCOUNTANTS: Thorne Lancaster Parker
5th Floor
Palladium House
1-4 Argyll Street
London
W1F 7TA

KELSO PLACE LLP (REGISTERED NUMBER: OC352063)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 5 71,878 85,501
Investment property 6 826,542 846,222
898,420 931,723

CURRENT ASSETS
Debtors 7 77,292 77,292
Cash at bank 323,408 268,993
400,700 346,285
CREDITORS
Amounts falling due within one year 8 (76,278 ) (71,454 )
NET CURRENT ASSETS 324,422 274,831
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,222,842

1,206,554

CREDITORS
Amounts falling due after more than one
year

9

(146,925

)

(210,103

)
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,075,917

996,451

LOANS AND OTHER DEBTS DUE TO
MEMBERS

12

1,075,917

996,451

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 12 1,075,917 996,451

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.

KELSO PLACE LLP (REGISTERED NUMBER: OC352063)

BALANCE SHEET - 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.

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 29 January 2025 and were signed by:





R B C Totterman - Designated member

KELSO PLACE LLP (REGISTERED NUMBER: OC352063)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024


1. STATUTORY INFORMATION

Kelso Place LLP is registered in England and Wales. 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable.

Revenue represents the total amount of rent receivable in the ordinary course of business during the period.

Tangible fixed assets
Property, plant and equipment are initially measured at cost (or deemed cost) and are subsequently measured at cost or valuation, net of depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - 5% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Investment property
Investment properties are shown at cost as the fair value of the property cannot be measured reliably without undue cost.

Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property - 2% on cost


The carrying values of investment property is reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

KELSO PLACE LLP (REGISTERED NUMBER: OC352063)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Members' interests
Members' capital is classified as a liability under FRS 102 because they are repayable when a member leaves. Unallocated current year profits are classified as equity.

Income taxation
Income tax payable on partnership profits is the personal liability of individual members.

Financial instruments
The LLP has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments.

Basic financial liabilities

Financial liabilities are classified as liabilities according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Amounts due to members and other creditors are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled.

Bank loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

4. EMPLOYEE INFORMATION

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

KELSO PLACE LLP (REGISTERED NUMBER: OC352063)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


5. PROPERTY, PLANT AND EQUIPMENT
Improvements Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 132,519 34,984 60,000 227,503
DEPRECIATION
At 1 April 2023 66,259 15,743 60,000 142,002
Charge for year 6,626 6,997 - 13,623
At 31 March 2024 72,885 22,740 60,000 155,625
NET BOOK VALUE
At 31 March 2024 59,634 12,244 - 71,878
At 31 March 2023 66,260 19,241 - 85,501

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 983,979
DEPRECIATION
At 1 April 2023 137,757
Charge for year 19,680
At 31 March 2024 157,437
NET BOOK VALUE
At 31 March 2024 826,542
At 31 March 2023 846,222

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Prepayments and accrued income 77,292 77,292

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) 59,795 57,455
Other creditors 4,458 4,458
Accruals and deferred income 12,025 9,541
76,278 71,454

KELSO PLACE LLP (REGISTERED NUMBER: OC352063)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 10) 146,925 210,103

The bank loan bears interest at 2.80% over the bank's Sterling Base Rate and is repayable over a period of 15 years.

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 yr 59,795 57,455

Amounts falling due between two and five years:
Bank loans - 2-5 years 146,925 210,103

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 206,720 267,558

The bank loan is secured on the investment property and also by way of a guarantee provided by Inspecs Limited to secure all liabilities of Kelso Place LLP to a maximum of £840,000.

12. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.