SRK Properties LLP OC338345 false 2023-04-06 2024-04-05 2024-04-05 The principal activity of the company is that of property development. Digita Accounts Production Advanced 6.30.9574.0 OC338345 2023-04-06 2024-04-05 OC338345 2024-04-05 OC338345 core:OtherReservesSubtotal 2024-04-05 OC338345 core:CurrentFinancialInstruments 2024-04-05 OC338345 core:WithinOneYear 2024-04-05 OC338345 bus:SmallEntities 2023-04-06 2024-04-05 OC338345 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 OC338345 bus:FullAccounts 2023-04-06 2024-04-05 OC338345 bus:SmallCompaniesRegimeForAccounts 2023-04-06 2024-04-05 OC338345 bus:RegisteredOffice 2023-04-06 2024-04-05 OC338345 bus:PartnerLLP1 2023-04-06 2024-04-05 OC338345 bus:PartnerLLP2 2023-04-06 2024-04-05 OC338345 bus:PartnerLLP3 2023-04-06 2024-04-05 OC338345 bus:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 OC338345 bus:Agent1 2023-04-06 2024-04-05 OC338345 countries:AllCountries 2023-04-06 2024-04-05 OC338345 2022-04-06 2023-04-05 OC338345 2023-04-05 OC338345 core:OtherReservesSubtotal 2023-04-05 OC338345 core:CurrentFinancialInstruments 2023-04-05 OC338345 core:WithinOneYear 2023-04-05 iso4217:GBP xbrli:pure

Registration number: OC338345

SRK Properties LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2024

 

SRK Properties LLP

Contents

Limited liability partnership information

1

Members' Report

2

Accountants' Report

3

Financial Statements

4 to 12

Profit and Loss Account

4

Balance Sheet

5

Statement of Changes in Members’ Interests

7

Notes to the Financial Statements

9

 

SRK Properties LLP

Limited liability partnership information

Designated members

Bluestech Limited

Mrs Rhisha Patel

Nikita Vora
 

Registered office

3rd Floor,
24 Old Bond street
London
United Kingdom
W1S4BH

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

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:

Bluestech Limited

Mrs Rhisha Patel

Nikita Vora

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 Board on 28 January 2025 and signed on its behalf by:

.........................................
Mrs Rhisha Patel
Designated member

.........................................
Nikita Vora
Designated member

 

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.

......................................

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

28 January 2025

 

SRK Properties LLP

Profit and Loss Account for the Year Ended 5 April 2024

Total
2024
£

Total
2023
£

Turnover

-

-

Cost of sales

(11,748)

(24,647)

Gross loss

(11,748)

(24,647)

Administrative expenses

(9,771)

(8,619)

Operating loss

(21,519)

(33,266)

Other interest receivable and similar income

-

(11)

Loss for the year before members' remuneration and profit shares

(21,519)

(33,277)

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

3

1,100,000

1,100,000

Debtors

4

-

1,149

Cash and short-term deposits

 

2,264

4,216

 

1,102,264

1,105,365

Creditors: Amounts falling due within one year

5

(22,650)

(621,329)

Net assets attributable to members

 

1,079,614

484,036

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

 

300

300

   

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 Board and authorised for issue on 28 January 2025. They were signed on behalf of the limited liability partnership by:

.........................................
Mrs Rhisha Patel
Designated member

.........................................
Nikita Vora
Designated member

 

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
2024
£

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
2023
£

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

1

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.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

 

SRK Properties LLP

Notes to the Financial Statements for the Year Ended 5 April 2024

3

Stocks

2024
£

2023
£

Work in progress

1,100,000

1,100,000

4

Debtors

2024
£

2023
£

Prepayments and accrued income

-

1,149

Total current trade and other debtors

-

1,149

5

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans and overdrafts

-

600,108

Trade creditors

3,600

3,840

Other creditors

14,850

13,000

Accruals and deferred income

4,200

4,381

22,650

621,329

6

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.

7

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.