Registration number:
SRK Properties LLP
for the Year Ended 5 April 2024
SRK Properties LLP
Contents
Limited liability partnership information |
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Members' Report |
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Accountants' Report |
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Financial Statements |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
SRK Properties LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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SRK Properties LLP
Members' Report for the Year Ended 5 April 2024
The members present their report and the unaudited financial statements for the year ended 5 April 2024.
Principal activity
The principal activity of the limited liability partnership is that of property development.
Designated members
The members who held office during the year were as follows:
Members' drawings and the subscription and repayment of members' capital
The member's subscription to the capital of the LLP is determined by the member's share of the profit and is repayable following retirement from the LLP.
Details of changes in members' capital in the ended 5 April 2024 are set out in the Reconciliation of Members' Interests.
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of
profits being distributed after the year, subject to the cash requirements of the business.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to limited liability partnerships.
Approved by the
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Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
SRK Properties LLP
for the Year Ended 5 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of SRK Properties LLP for the year ended 5 April 2024 set out on pages 4 to 12 from the limited liability partnership's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the members of SRK Properties LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of SRK Properties LLP and state those matters that we have agreed to state to the members of SRK Properties LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SRK Properties LLP and its members as a body for our work or for this report.
It is your duty to ensure that SRK Properties LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of SRK Properties LLP. You consider that SRK Properties LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of SRK Properties LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE
SRK Properties LLP
Profit and Loss Account for the Year Ended 5 April 2024
Total |
Total |
|
Turnover |
- |
- |
Cost of sales |
( |
( |
Gross loss |
( |
( |
Administrative expenses |
( |
( |
Operating loss |
( |
( |
Other interest receivable and similar income |
- |
( |
Loss for the year before members' remuneration and profit shares |
( |
( |
Loss for the year available for discretionary division among members |
(21,519) |
(33,277) |
Turnover and operating profit derive wholly from continuing operations.
The limited liability partnership has no recognised gains or losses for the year other than the results above.
SRK Properties LLP
(Registration number: OC338345)
Balance Sheet as at 5 April 2024
Note |
2024 |
2023 |
|
Current assets |
|||
Stocks |
|
|
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Debtors |
- |
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Cash and short-term deposits |
|
|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
|
Net assets attributable to members |
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|
|
Represented by: |
|||
Loans and other debts due to members |
|||
Members' capital classified as a liability |
1,079,314 |
483,736 |
|
Members’ other interests |
|||
Members' capital classified as equity |
300 |
300 |
|
1,079,614 |
484,036 |
||
Total members' interests |
|||
Loans and other debts due to members |
1,079,314 |
483,736 |
|
Equity |
|
|
|
1,079,614 |
484,036 |
For the year ending 5 April 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
SRK Properties LLP
(Registration number: OC338345)
Balance Sheet as at 5 April 2024
The financial statements of SRK Properties LLP (registered number OC338345) were approved by the
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SRK Properties LLP
Statement of Changes in Members’ Interests
At 5 April 2024
Equity |
Loans and other debts due to/(from) members |
||||
Members' capital |
Other reserves |
Total equity |
Members' other amounts |
Total |
|
Members' interest at 6 April 2023 |
300 |
- |
300 |
483,736 |
484,036 |
Loss for the financial year available for discretionary division among members |
- |
(21,519) |
(21,519) |
- |
(21,519) |
Members' interests after total comprehensive income |
300 |
(21,519) |
(21,219) |
483,736 |
462,517 |
Other division of profits |
- |
21,519 |
21,519 |
(21,519) |
- |
Members' fund introduced |
- |
- |
- |
617,097 |
617,097 |
At 5 April 2024 |
300 |
- |
300 |
1,079,314 |
1,079,614 |
SRK Properties LLP
Statement of Changes in Members’ Interests
At 5 April 2024
Equity |
Loans and other debts due to/(from) members |
|||||
Members' capital |
Other reserves |
Total equity |
Members' other amounts |
Total debt |
Total |
|
Members' interest at 6 April 2022 |
300 |
- |
300 |
491,716 |
491,716 |
492,016 |
Loss for the financial year available for discretionary division among members |
- |
(33,277) |
(33,277) |
- |
- |
(33,277) |
Members' interests after total comprehensive income |
300 |
(33,277) |
(32,977) |
491,716 |
491,716 |
458,739 |
Other division of profits |
- |
33,277 |
33,277 |
(33,277) |
(33,277) |
- |
Members' fund introduced |
- |
- |
- |
25,297 |
25,297 |
25,297 |
Amounts due to members |
- |
- |
- |
483,736 |
483,736 |
483,736 |
At 5 April 2023 |
300 |
- |
300 |
483,736 |
483,736 |
484,036 |
SRK Properties LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
General information and basis of accounting
The limited liability partnership is incorporated in under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of SRK Properties LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Stock
Stock, which comprises development property held for resale, is valued at the lower of cost and net realisable value. Cost comprises the original cost of the property and all subsequent development costs, including interest payable on loans attributable to the specific property development. Net realisable value is based on the estimated sales price of the development property, less all further costs expected to be incurred to the date of disposal.
Trade debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivables are measured initially at fair valye, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impariment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
SRK Properties LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Financial instrument
The LLP has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102.
Financial instruments are recognised in the LLP’s Balance Sheet when the LLP becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The LLP’s cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified 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 LLP after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans, are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
SRK Properties LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
SRK Properties LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Stocks |
2024 |
2023 |
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Work in progress |
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Debtors |
2024 |
2023 |
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Prepayments and accrued income |
- |
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Total current trade and other debtors |
- |
1,149 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Bank loans and overdrafts |
- |
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Trade creditors |
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Other creditors |
|
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Accruals and deferred income |
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Related party transactions |
At the balance sheet date the development property was held personally by a close family member of two of the designated members and this personal holding was held on trust for the LLP.
At the balance sheet date bank loans totalling £Nil (2023 - £600,108) were held personally by a close family member of two of the designated members. He has confirmed to the LLP that he does not have any personal beneficial interest therein.
Control |
The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.