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REGISTERED NUMBER: OC434785 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Steel & Linen Family Partnership LLP

Steel & Linen Family Partnership LLP (Registered number: OC434785)






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


Steel & Linen Family Partnership LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: D Dhillon
P Dhillon
Steel & Linen Properties Ltd
K K Dhillon





REGISTERED OFFICE: Darshan Dhillon 31
Pigott Road
Wokingham
Berkshire
RG40 1PZ





REGISTERED NUMBER: OC434785 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Oaklea House
46 Coatham Road
Redcar
TS10 1RS

Steel & Linen Family Partnership LLP (Registered number: OC434785)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 4 910,986 1,717,792

CURRENT ASSETS
Debtors 5 176,024 143,425

CREDITORS
Amounts falling due within one year 6 (74,848 ) (237,412 )
NET CURRENT ASSETS/(LIABILITIES) 101,176 (93,987 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,012,162

1,623,805

CREDITORS
Amounts falling due after more than one year 7 (596,754 ) (700,062 )
NET ASSETS ATTRIBUTABLE TO
MEMBERS

415,408

923,743

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

415,408

923,743

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 415,408 923,743

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.

Steel & Linen Family Partnership LLP (Registered number: OC434785)

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 31 January 2025 and were signed by:





D Dhillon - Designated member

Steel & Linen Family Partnership LLP (Registered number: OC434785)

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

1. STATUTORY INFORMATION

Steel & Linen Family Partnership LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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 as modified by the revaluation of certain assets.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3. EMPLOYEE INFORMATION

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,717,792
Additions 18,690
At 31 March 2024 1,736,482
DEPRECIATION
Eliminated on disposal 825,496
At 31 March 2024 825,496
NET BOOK VALUE
At 31 March 2024 910,986
At 31 March 2023 1,717,792

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2022 67,262
Cost 1,669,220
1,736,482

Steel & Linen Family Partnership LLP (Registered number: OC434785)

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

4. INVESTMENT PROPERTY - continued

Properties are required to be disclosed within the financial statements at fair value.

The valuation was made by directors on an open market value basis by reference to market evidence of transaction prices for similar properties.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 176,024 143,425

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 73,551 236,212
Accrued expenses 1,297 1,200
74,848 237,412

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 8) 596,754 700,062

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due between two and five years:
Mortgage Loan 596,754 700,062

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Mortgages 596,754 700,062

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

Members rank ahead of other creditors in a liquidation.