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REGISTERED NUMBER: OC427725 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

48 - 50 WELLS STREET LLP

48 - 50 WELLS STREET LLP (REGISTERED NUMBER: OC427725)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


48 - 50 WELLS STREET LLP (REGISTERED NUMBER: OC427725)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,530,000 2,530,000

CURRENT ASSETS
Debtors 5 66,624 56,844
Cash at bank 57 3,504
66,681 60,348
CREDITORS
Amounts falling due within one year 6 112,927 85,982
NET CURRENT LIABILITIES (46,246 ) (25,634 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,483,754

2,504,366

CREDITORS
Amounts falling due after more than one year 7 564,814 578,145
NET ASSETS ATTRIBUTABLE TO MEMBERS 1,918,940 1,926,221

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

1,540,448

1,547,729

MEMBERS' OTHER INTERESTS
Fair value reserve 10 378,492 378,492
1,918,940 1,926,221

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 1,540,448 1,547,729
Members' other interests 378,492 378,492
1,918,940 1,926,221

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.

48 - 50 WELLS STREET LLP (REGISTERED NUMBER: OC427725)

STATEMENT OF FINANCIAL POSITION - 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 28 January 2025 and were signed by:





Mr G J Polycarpou - Designated member

48 - 50 WELLS STREET LLP (REGISTERED NUMBER: OC427725)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

48 - 50 Wells Street LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC427725

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property. Revenue is recognised evenly over the period of the rental agreement.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.


Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

48 - 50 WELLS STREET LLP (REGISTERED NUMBER: OC427725)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

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
and 31 March 2024 2,530,000
NET BOOK VALUE
At 31 March 2024 2,530,000
At 31 March 2023 2,530,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2021 378,492
Cost 2,151,508
2,530,000

If the investment property had not been revalued, it would have been included at the following historic cost:

2024 2023

Cost 2,151,508 2,151,508

The members consider the market values of the properties to be as stated in the accounts as at year-end.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 4,000
Other debtors 66,624 52,844
66,624 56,844

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 59,303 59,303
Trade creditors 2,430 928
Taxation and social security - 342
Other creditors 51,194 25,409
112,927 85,982

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 564,814 578,145

48 - 50 WELLS STREET LLP (REGISTERED NUMBER: OC427725)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 327,603 340,934

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 624,117 637,448

The bank loan is secured by way of fixed charge on the property of the company and contains a negative pledge.

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 1,540,448 1,547,729

Falling due within one year 1,540,448 1,547,729

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

10. RESERVES
Fair
value
reserve
£   
At 1 April 2023
and 31 March 2024 378,492

11. RELATED PARTY DISCLOSURES

Included in other debtors less than one year is an amount of £54,120 (2023: £27,560) due from connected companies with common control. The amount is interest-free and recoverable on demand.

Included in other creditors less than one year is an amount of £ 6,026 (£9,523 due from) due to a connected company with common control. This amount is interest free and repayable on demand.