Registered number
OC431375
VIKANZ PROPERTIES LLP
Filleted Accounts
31 March 2024
VIKANZ PROPERTIES LLP
Registered number: OC431375
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 200 691
Investments 4 5,820,000 5,670,000
5,820,200 5,670,691
Creditors: amounts falling due within one year 5 (67,882) (67,882)
Net current liabilities (67,882) (67,882)
Total assets less current liabilities 5,752,318 5,602,809
Creditors: amounts falling due after more than one year 6 (3,125,297) (3,125,297)
Net assets attributable to members 2,627,021 2,477,512
Represented by:
Members' other interests
Members' capital classified as equity 2,327,021 2,327,512
Revaluation reserve 300,000 150,000
2,627,021 2,477,512
2,627,021 2,477,512
Total members' interests
Members' other interests 2,627,021 2,477,512
2,627,021 2,477,512
For the year ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 31 January 2025 and signed on their behalf by:
BHAVIN THAKER
Designated member
VIKANZ PROPERTIES LLP
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% on cost
Fixtures, fittings, tools and equipment over 5 years
Investment property
Investments properties are measured at fair value. Changes in fair value are taken to profit or loss, and are recognised within operating profit
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 1,966
At 31 March 2024 1,966
Depreciation
At 1 April 2023 1,275
Charge for the year 491
At 31 March 2024 1,766
Net book value
At 31 March 2024 200
At 31 March 2023 691
4 Fixed asset investments
Other
investments
£
Cost
At 1 April 2023 5,670,000
Revaluation 150,000
At 31 March 2024 5,820,000
Historical cost
At 1 April 2023 5,670,000
At 31 March 2024 5,820,000
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bounce back loan 5,198 5,198
Accrued expenses 2,774 2,774
Other creditors 59,910 59,910
67,882 67,882
6 Creditors: amounts falling due after one year 2024 2023
£ £
Mortgage 3,087,619 3,087,619
Bounce back loan 37,678 37,678
3,125,297 3,125,297
7 Secured creditors 2024 2023
£ £
Creditors include:
Secured bank loans 3,087,619 3,087,619
Bank loans are mortgages secured with a fixed charge on the investment properties owned by the LLP.
8 Revaluation reserve 2024 2023
£ £
At 1 April 2023 150,000 -
Gain on revaluation of land and buildings 150,000 150,000
At 31 March 2024 300,000 150,000
9 Other information
VIKANZ PROPERTIES LLP is a limited liability partnership incorporated in England. Its registered office is:
46 Coatham Road
Redcar
United Kingdom
TS10 1RS
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