V & V Investments LLP OC333589 false 2023-04-06 2024-04-05 2024-04-05 The principal activity of the company is that of letting and operating of own or leased real estate Digita Accounts Production Advanced 6.30.9574.0 OC333589 2023-04-06 2024-04-05 OC333589 2024-04-05 OC333589 core:OtherReservesSubtotal 2024-04-05 OC333589 core:RevaluationReserve 2024-04-05 OC333589 core:CurrentFinancialInstruments 2024-04-05 OC333589 core:Non-currentFinancialInstruments 2024-04-05 OC333589 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-05 OC333589 core:WithinOneYear 2024-04-05 OC333589 core:MotorVehicles 2024-04-05 OC333589 core:OfficeEquipment 2024-04-05 OC333589 bus:SmallEntities 2023-04-06 2024-04-05 OC333589 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 OC333589 bus:FullAccounts 2023-04-06 2024-04-05 OC333589 bus:SmallCompaniesRegimeForAccounts 2023-04-06 2024-04-05 OC333589 bus:RegisteredOffice 2023-04-06 2024-04-05 OC333589 bus:PartnerLLP1 2023-04-06 2024-04-05 OC333589 bus:PartnerLLP2 2023-04-06 2024-04-05 OC333589 bus:PartnerLLP3 2023-04-06 2024-04-05 OC333589 bus:PartnerLLP4 2023-04-06 2024-04-05 OC333589 bus:PartnerLLP5 2023-04-06 2024-04-05 OC333589 bus:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 OC333589 bus:Agent1 2023-04-06 2024-04-05 OC333589 core:FurnitureFittingsToolsEquipment 2023-04-06 2024-04-05 OC333589 core:MotorVehicles 2023-04-06 2024-04-05 OC333589 core:OfficeEquipment 2023-04-06 2024-04-05 OC333589 core:Vehicles 2023-04-06 2024-04-05 OC333589 countries:AllCountries 2023-04-06 2024-04-05 OC333589 2023-04-05 OC333589 core:MotorVehicles 2023-04-05 OC333589 core:OfficeEquipment 2023-04-05 OC333589 2022-04-06 2023-04-05 OC333589 2023-04-05 OC333589 core:OtherReservesSubtotal 2023-04-05 OC333589 core:RevaluationReserve 2023-04-05 OC333589 core:CurrentFinancialInstruments 2023-04-05 OC333589 core:Non-currentFinancialInstruments 2023-04-05 OC333589 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-05 OC333589 core:WithinOneYear 2023-04-05 OC333589 core:MotorVehicles 2023-04-05 OC333589 core:OfficeEquipment 2023-04-05 iso4217:GBP xbrli:pure

Registration number: OC333589

V & V Investments LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2024

 

V & V Investments LLP

Contents

Limited liability partnership information

1

Members' Report

2

Accountants' Report

3

Financial Statements

4 to 14

Profit and Loss Account

4

Balance Sheet

5

Statement of Changes in Members’ Interests

7

Notes to the Financial Statements

9

 

V & V Investments LLP

Limited liability partnership information

Designated members

Mrs Urvashi Vora

Mr Jagtar Singh Virdi

Mrs Joginder Kaur Virdi

Mr Shailesh Ratilal Vora

Mr Navdeep Singh Virdi
 

Registered office

3rd Floor
24 Old Bond Street
London
W1S 4BH

Accountants

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

 

V & V Investments 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.

Firm structure

The LLP is a limited liability partnership registered in England and Wales. A list of designated members’ names is available for inspection at the LLP’s registered office.

Designated members

The members who held office during the year were as follows:

Mrs Urvashi Vora

Mr Jagtar Singh Virdi

Mrs Joginder Kaur Virdi

Mr Shailesh Ratilal Vora

Mr Navdeep Singh Virdi

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 29 January 2025 and signed on its behalf by:

.........................................
Mrs Urvashi Vora
Designated member

.........................................
Mr Jagtar Singh Virdi
Designated member

.........................................
Mr Shailesh Ratilal Vora
Designated member

 

Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
V & V Investments 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 V & V Investments LLP for the year ended 5 April 2024 set out on pages 4 to 14 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 V & V Investments 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 V & V Investments LLP and state those matters that we have agreed to state to the members of V & V Investments 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 V & V Investments LLP and its members as a body for our work or for this report.

It is your duty to ensure that V & V Investments 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 profit of V & V Investments LLP. You consider that V & V Investments 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 V & V Investments 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

29 January 2025

 

V & V Investments LLP

Profit and Loss Account for the Year Ended 5 April 2024

Note

Total
2024
£

Total
2023
£

Turnover

218,216

227,692

Administrative expenses

 

(105,272)

(47,203)

Fair value increase on revaluation of investment properties

 

974,000

925,000

Operating profit

2

1,086,944

1,105,489

Other interest receivable and similar income

5

-

Interest payable and similar expenses

(38,018)

(26,453)

Profit for the year before members' remuneration and profit shares

 

1,048,931

1,079,036

Profit for the year available for discretionary division among members

 

1,048,931

1,079,036

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.

 

V & V Investments LLP

(Registration number: OC333589)
Balance Sheet as at 5 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,540

3,386

Investment property

5

4,874,000

3,900,000

 

4,876,540

3,903,386

Current assets

 

Debtors

6

100,472

155,691

Cash and short-term deposits

 

54,040

4,621

 

154,512

160,312

Creditors: Amounts falling due within one year

7

(195,206)

(162,159)

Net current liabilities

 

(40,694)

(1,847)

Total assets less current liabilities

 

4,835,846

3,901,539

Creditors: Amounts falling due after more than one year

8

(1,092,037)

(1,206,662)

Net assets attributable to members

 

3,743,809

2,694,877

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

2,537,577

2,462,645

Members’ other interests

 

Members' capital classified as equity

 

200

200

Revaluation reserve

 

1,206,032

232,032

 

1,206,232

232,232

   

3,743,809

2,694,877

Total members' interests

 

Loans and other debts due to members

 

2,537,577

2,462,645

Equity

 

1,206,232

232,232

   

3,743,809

2,694,877

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.

 

V & V Investments LLP

(Registration number: OC333589)
Balance Sheet as at 5 April 2024

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.

The financial statements of V & V Investments LLP (registered number OC333589) were approved by the Board and authorised for issue on 29 January 2025. They were signed on behalf of the limited liability partnership by:

.........................................
Mrs Urvashi Vora
Designated member

.........................................
Mr Jagtar Singh Virdi
Designated member

.........................................
Mr Shailesh Ratilal Vora
Designated member

 

V & V Investments LLP

Statement of Changes in Members’ Interests
At 5 April 2024

 

Equity

 

Loans and other debts due to/(from) members

 

Members' capital
£

Revaluation reserve
£

Other reserves
£

Total equity
£

Members' other amounts
£

Total
2024
£

Members' interest at 6 April 2023

200

232,032

1,048,932

1,281,164

2,462,645

3,743,809

Gains arising on revaluation of tangible fixed assets

-

974,000

(974,000)

-

-

-

Members' interests after total comprehensive income

200

1,206,032

74,932

1,281,164

2,462,645

3,743,809

Other division of profits

-

-

(74,932)

(74,932)

74,932

-

At 5 April 2024

200

1,206,032

-

1,206,232

2,537,577

3,743,809

 

V & V Investments LLP

Statement of Changes in Members’ Interests
At 5 April 2024

 

Equity

 

Loans and other debts due to/(from) members

 

Members' capital
£

Revaluation reserve
£

Other reserves
£

Total equity
£

Members' other amounts
£

Total
2023
£

Members' interest at 6 April 2022

200

(692,968)

1,079,036

386,268

2,308,609

2,694,877

Gains arising on revaluation of tangible fixed assets

-

925,000

(925,000)

-

-

-

Members' interests after total comprehensive income

200

232,032

154,036

386,268

2,308,609

2,694,877

Other division of profits

-

-

(154,036)

(154,036)

154,036

-

At 5 April 2023

200

232,032

-

232,232

2,462,645

2,694,877

 

V & V Investments LLP

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

1

Accounting policies

General information
The limited liability partnership is incorporated in England and Wales 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 V & V Investments 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.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Revenue includes rent and insurance claims receivable for the year from investment properties net of value added tax and is recognised in accordance with the LLP's leases with its tenants.

Rental income from investment properties is accrued on a time apportioned basis under the terms of the leases.

Members' share

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Statement of Comprehensive Income.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

 

V & V Investments LLP

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

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Fixtures, fittings and equipement

25% reducing balance

Investment properties

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Trade debtors

Short-term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty
on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known
amounts of cash with 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.

 

V & V Investments LLP

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

Financial instruments

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 instruments 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.

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.

 

V & V Investments LLP

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

Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP 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 LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities
Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

 

V & V Investments LLP

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

2

Profit for the year before members' remuneration and profit shares

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation

846

1,128

3

Employees

The LLP had no employees other than the members during the year and the previous year.

The average monthly number of employees, including members year was 5 (2023 - 5).

4

Tangible fixed assets

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 6 April 2023

13,958

733

14,691

At 5 April 2024

13,958

733

14,691

Depreciation

At 6 April 2023

10,645

660

11,305

Charge for the year

828

18

846

At 5 April 2024

11,473

678

12,151

Net book value

At 5 April 2024

2,485

55

2,540

At 5 April 2023

3,313

73

3,386

5

Investment property

2024
£

At 6 April

3,900,000

Fair value adjustments

974,000

At 5 April

4,874,000

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been £3,667,543 (2023 : £3,667,543)

 

V & V Investments LLP

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

6

Debtors

2024
£

2023
£

Trade debtors

35,521

24,201

Other debtors

50,000

68,629

Prepayments and accrued income

14,951

62,861

Total current trade and other debtors

100,472

155,691

7

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans and overdrafts

118,815

121,730

Trade creditors

5,240

5,461

Other creditors

-

250

Accruals and deferred income

53,828

34,718

Taxation and social security

17,323

-

195,206

162,159

8

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans and overdrafts

399,558

516,313

Other creditors

692,479

690,349

1,092,037

1,206,662

The aggregate amount of creditors for which security has been given amounted to £496,727 (2023: £605,542) and is secured by a legal charge on the LLP's investment properties.

9

Related party transactions

At the balance sheet date two of the members have provided guarantees in respect of bank borrowings totalling £496,727 (2023 : £605,542).

10

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.