Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30true2023-07-01truetruetruetruefalseproperty holding and development00truetruefalse OC322260 2023-07-01 2024-06-30 OC322260 2022-07-01 2023-06-30 OC322260 2024-06-30 OC322260 2023-06-30 OC322260 c:Buildings 2023-07-01 2024-06-30 OC322260 c:Buildings 2024-06-30 OC322260 c:Buildings 2023-06-30 OC322260 c:Buildings c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 OC322260 c:FreeholdInvestmentProperty 2024-06-30 OC322260 c:FreeholdInvestmentProperty 2023-06-30 OC322260 c:CurrentFinancialInstruments 2024-06-30 OC322260 c:CurrentFinancialInstruments 2023-06-30 OC322260 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 OC322260 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 OC322260 d:FRS102 2023-07-01 2024-06-30 OC322260 d:Audited 2023-07-01 2024-06-30 OC322260 d:FullAccounts 2023-07-01 2024-06-30 OC322260 d:LimitedLiabilityPartnershipLLP 2023-07-01 2024-06-30 OC322260 c:WithinOneYear 2024-06-30 OC322260 c:WithinOneYear 2023-06-30 OC322260 c:BetweenOneFiveYears 2024-06-30 OC322260 c:BetweenOneFiveYears 2023-06-30 OC322260 c:MoreThanFiveYears 2024-06-30 OC322260 c:MoreThanFiveYears 2023-06-30 OC322260 d:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 OC322260 d:PartnerLLP1 2023-07-01 2024-06-30 OC322260 d:PartnerLLP3 2023-07-01 2024-06-30 OC322260 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-06-30 OC322260 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-06-30 OC322260 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: OC322260









ROOFF PROPERTY LLP









ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
ROOFF PROPERTY LLP
REGISTERED NUMBER: OC322260

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
4,268,042
4,408,347

Investment property
 7 
2,290,000
2,290,000

  
6,558,042
6,698,347

Current assets
  

Stocks
 8 
7,681,904
5,614,208

Debtors: amounts falling due within one year
 9 
42,273
187,916

Current asset investments
 10 
1
1

Cash at bank and in hand
  
128,958
318,281

  
7,853,136
6,120,406

Creditors: Amounts Falling Due Within One Year
 12 
(3,636,169)
(2,280,491)

Net current assets
  
 
 
4,216,967
 
 
3,839,915

  

Net assets
  
10,775,009
10,538,262


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 13 
7,152,855
6,916,108

Members' other interests
  

Members' capital classified as equity
  
3,622,154
3,622,154

  
10,775,009
10,538,262


Total members' interests
  

Loans and other debts due to members
 13 
7,152,855
6,916,108

Members' other interests
  
3,622,154
3,622,154

  
10,775,009
10,538,262


Page 1

 
ROOFF PROPERTY LLP
REGISTERED NUMBER: OC322260
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

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

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

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 7 January 2025.




M P S Horn
Horn Property Developments Limited
Designated member
Designated member

The notes on pages 4 to 12 form part of these financial statements.

Rooff Property LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 2

 
ROOFF PROPERTY LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 JUNE 2024




EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other amounts
Total

£
£
£

Balance at 1 July 2022
3,622,154
6,865,181
10,487,335

Members' remuneration charged as an expense
 
-
50,927
50,927

Amounts due to members
 

6,916,108


Balance at 30 June 2023
 
3,622,154
6,916,108
10,538,262

Balance at 1  July 2023
3,622,154
6,916,108
10,538,262

Members' remuneration charged as an expense
 
-
236,747
236,747

Amounts due to members
 

7,152,855


Balance at 30 June 2024 
3,622,154
7,152,855
10,775,009

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
ROOFF PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Rooff Property LLP ("the LLP") is a limited liability partnership, incorporated in England and Wales. Its
registered office is The Granary, 80 Abbey Road, Barking, London, IG11 7BT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The LLP has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Horn Property Developments Limited as at 30 June 2024 and these financial statements may be obtained from that company's registered office.

Page 4

 
ROOFF PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
 
Property sales

Revenue from the sale of properties held as stock is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Property sales that fall under long term contracts are included within turnover on the basis of the sales value of work performed during the year by reference to the total sales value and stage of completion of these contracts. Contract costs are recognised based on the recorded contract turnover to ascertain attributable profit.
Property rentals
Rental income from operating leases is recognised on a straight line basis over the term of the lease unless the lease payments are structured to increase in line with expected general inflation in which case the income is recognised as revenue in accordance with the expected payments. Rental income is generated from fixed assets and investment properties and is recognised within turnover.

 
2.4

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 .

Page 5

 
ROOFF PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

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, using the straight-line method.

Depreciation is provided on the following annual basis:

Freehold property
-
2%
Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

  
2.6

Long-term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for the contract. Revenue derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. 

 
2.7

Investment property

Investment property is carried at fair value determined annually by the directors, on the advice of internal staff expertise, 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 the Statement of comprehensive income.

 
2.8

Stocks

Stocks represent the cost of long term balances on construction projects.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.9

Debtors

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

Page 6

 
ROOFF PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price.

 
2.11

Operating leases: the LLP as lessor

Rental income from operating leases is credited to the Statement of comprehensive income on a straight-line basis over the lease term.

 
2.12

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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.

Page 7

 
ROOFF PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
a) Critical judgements in applying the entity's accounting policies
(i) Valuation of investment properties.
The valuation of investment properties has been made by the directors, on the advice of internal staff expertise and knowledge of the market.
b) Critical accounting estimates and assumptions
No critical accounting estimates or assumptions have had to be made by management in preparing these financial statements.


4.


Employees

The entity has no employees other than the members, who did not receive any remunerationl (2023 - £Nil).

Page 8

 
ROOFF PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Freehold land and buildings

£



Cost or valuation


At 1 July 2023
5,282,588


Disposals
(64,237)



At 30 June 2024

5,218,351



Depreciation


At 1 July 2023
874,241


Charge for the year on owned assets
76,068



At 30 June 2024

950,309



Net book value



At 30 June 2024
4,268,042



At 30 June 2023
4,408,347

Included in land and buildings is freehold land at valuation of £1,414,276 (2023 - £1,414,276). 


6.


Lease of assets

The LLP has aggregate rentals receivable in relation to operating leases of £558,847 (2023 - £549,252).
At 30 June, all of the LLP's freehold land and buildings were used in operating leases.

Page 9

 
ROOFF PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
2,290,000



At 30 June 2024
2,290,000

The property was professionally valued in June 2022, on an open market value for exisiting use basis. In the opinion of the directors this value has not changed as at the balance sheet date.







8.


Stocks

2024
2023
£
£

Property development stock
7,681,904
5,614,208



9.


Debtors

2024
2023
£
£


Trade debtors
42,032
187,916

Other debtors
241
-

42,273
187,916



10.


Current asset investments

2024
2023
£
£

Investments in short term developments
1
1


Page 10

 
ROOFF PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
128,958
318,281



12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
2,149,187
1,013,124

Amounts owed to connected entities
1,094,209
670,896

Other creditors
80,106
259,772

Accruals and deferred income
312,667
336,699

3,636,169
2,280,491



13.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
7,152,855
6,916,108

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
7,152,855
6,916,108

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

Page 11

 
ROOFF PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Commitments under operating leases

The investment properties are leased to tenants under operating leases with rentals payable on a monthly basis.
At 30 June 2024 the LLP had future minimum lease payments due under non-cancellable operating leases as follows:

2024
2023
£
£


Not later than 1 year
299,631
325,976

Later than 1 year and not later than 5 years
379,137
445,675

Later than 5 years
130,945
162,411

809,713
934,062


15.


Related party transactions

The entity has taken advantage of the exemption available under Financial Reporting Standard 102 section 33 'Related Party Transactions' not to disclose transactions with entities included in the consolidated financial statements of Horn Property Developments Limited, its ultimate parent undertaking.
During the year, the entity received income of £156,000 
(2023 - £156,000), incurred management fees of £162,000 (2023 - £161,500) and incurred construction charges of £2,572,706 (2023 - £2,286,930) from/by companies under common control. At the year end the entity owed these companies £1,094,209 (2023 -£670,896). 
During the year, the entity provided construction services valued at £786,883 (2023 - £552,556) in respect of sales to a director. 


16.


Controlling party

The LLP is a wholly controlled subsidiary of Horn Property Developments Limited. The consolidated financial statements of Horn Property Developments Limited are available from The Granary, 80 Abbey Road, Barking, London, IG11 7BT. As at 30 June 2024 the ultimate controlling party of the LLP is a family trust of which A A Horn and M P S Horn are Trustees.


17.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 13 January 2025 by Stuart Moon (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 12