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REGISTERED NUMBER: OC328129 (England and Wales)















REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

CONNOR INVESTMENTS (UK) LLP

CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129)






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




Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


CONNOR INVESTMENTS (UK) LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: D C Connor
L Connor





REGISTERED OFFICE: 28 Wilton Road
Bexhill on Sea
East Sussex
TN40 1EZ





REGISTERED NUMBER: OC328129 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
28 Wilton Road
Bexhill on Sea
East Sussex
TN40 1EZ

CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2024

The members present their report with the financial statements of the LLP for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of property development and rental.

DESIGNATED MEMBERS
The designated members during the year under review were:

D C Connor
L Connor

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The loss for the year before members' remuneration and profit shares was £86,159 (2023 - £11,941 profit).

MEMBERS' INTERESTS
The policies regarding the allocation of profits to members, drawings and the subscription and repayment of members' capital are disclosed in the accounting policies, note 1 of the financial statements.

The members' interests are disclosed in the notes to the financial statements.

ON BEHALF OF THE MEMBERS:





L Connor - Designated member


31 January 2025

CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 945,750 1,007,264

Administrative expenses (105,096 ) (380,076 )
840,654 627,188

Other operating income 546,984 51,095
OPERATING PROFIT 1,387,638 678,283

Profit/loss on disposal of investment property 4 314,178 378,251
1,701,816 1,056,534

Gain/loss on revaluation of investment
property

(280,000

)

-
1,421,816 1,056,534

Interest payable and similar expenses (1,507,975 ) (1,044,593 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT SHARES
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS




(86,159




)




11,941

CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 270,237 270,237
Investment property 6 16,649,863 17,469,863
16,920,100 17,740,100

CURRENT ASSETS
Debtors 7 6,171,698 6,164,742
Cash at bank 96,597 61,625
6,268,295 6,226,367
CREDITORS
Amounts falling due within one year 8 732,498 809,669
NET CURRENT ASSETS 5,535,797 5,416,698
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,455,897

23,156,798

CREDITORS
Amounts falling due after more than one
year

9

17,668,970

18,064,953
NET ASSETS ATTRIBUTABLE TO
MEMBERS

4,786,927

5,091,845

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 4,873,086 5,091,845
Other reserves (86,159 ) -
4,786,927 5,091,845

TOTAL MEMBERS' INTERESTS
Members' other interests 4,786,927 5,091,845

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.

CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 31 January 2025 and were signed by:





L Connor - Designated member

CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129)

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

1. STATUTORY INFORMATION

Connor Investments (UK) 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.

The members have made an assessment and do not consider there to be any material uncertainties about the ability of the business to continue as a going concern. As a result they have adopted the going concern basis of accounting.

Turnover
Turnover represents sale of property and rents received, excluding value added tax. Turnover is recognised when they receive the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

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.

No depreciation or amortisation is provided in respect of freehold or leasehold properties having more than 20 years unexpired. This departure from the requirements of the Companies Act 2006, for all properties to be depreciated, is, in the opinion of the Members, necessary for the financial statements to give a true and fair view in accordance with applicable accounting standards, as properties are included in the financial statements at their fair value.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Capital subscription and repayment
The capital requirements of the partnership are determined from time to time by the Designated Members. The amount of capital subscribed by each member is linked to the earnings allocated to that member. Interest is paid on capital at a market rate on the balance outstanding at the end of the period at the discretion of the members.

Allocation of profits and drawings
The allocation of profits to those who were members during the year is made by unanimous vote of the Designated Members.

During the year members draw sums as agreed by the Designated Members, taking into account the partnership's cash requirements for operating and investing activities.

3. EMPLOYEE INFORMATION

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

CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129)

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

4. EXCEPTIONAL ITEMS
31.3.24 31.3.23
£    £   
Profit/loss on disposal of investment property 314,178 378,251

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 748,807
DEPRECIATION
At 1 April 2023
and 31 March 2024 478,570
NET BOOK VALUE
At 31 March 2024 270,237
At 31 March 2023 270,237

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 748,807
DEPRECIATION
At 1 April 2023
and 31 March 2024 478,570
NET BOOK VALUE
At 31 March 2024 270,237
At 31 March 2023 270,237

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 17,469,863
Additions 200,000
Disposals (740,000 )
Revaluations (280,000 )
At 31 March 2024 16,649,863
NET BOOK VALUE
At 31 March 2024 16,649,863
At 31 March 2023 17,469,863

CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129)

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

6. INVESTMENT PROPERTY - continued

Some of these properties are registered at the Land Registry in the names of the Designated Members and the associated business Connor Developments (UK) LLP, being held in trust by them on behalf of Connor Investments (UK) LLP.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2009 (644,500 )
Valuation in 2011 152,858
Valuation in 2013 491,642
Valuation in 2014 1,779,712
Valuation in 2015 2,409,221
Valuation in 2016 576,439
Valuation in 2018 4,232,960
Valuation in 2022 (219,415 )
Valuation in 2023 (700,000 )
Valuation in 2024 (280,000 )
Cost 8,850,946
16,649,863

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

31.3.24 31.3.23
£    £   
Cost 8,850,947 9,390,946

Investment property was valued on an open market basis on 31 March 2024 by the designated members .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 48,320 41,364
Other debtors 6,123,378 6,123,378
6,171,698 6,164,742

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 350,918 399,961
Payments on account 135,382 171,121
Taxation and social security 64,482 56,549
Other creditors 181,716 182,038
732,498 809,669

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 17,668,970 18,064,953

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,153,639 1,375,739

CONNOR INVESTMENTS (UK) LLP (REGISTERED NUMBER: OC328129)

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

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 17,668,970 18,064,953

The bank loans are secured against the investment property.

11. RELATED PARTY DISCLOSURES

LFD Properties Limited is a member of the LLP. Mr and Mrs Connor who are also members of the LLP are the Directors and shareholders of LFD Properties Limited.