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REGISTERED NUMBER: OC432926
Marine Point Freehold LLP
Unaudited Financial Statements
31 March 2024
Marine Point Freehold LLP
Financial Statements
Year ended 31 March 2024
Contents
Page
Designated members and professional advisers
1
Members' report
2
Statement of financial position
4
Reconciliation of members' interests
5
Notes to the financial statements
7
Marine Point Freehold LLP
Designated Members and Professional Advisers
Designated members
Suraj Shah
Manish Gudka
Registered office
1st Floor
88 Baker Street
London
England
W1U 6TQ
LLP registration number OC432926
Marine Point Freehold LLP
Members' Report
Year ended 31 March 2024
The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2024 .
Principal activities
The principal activity of the LLP during the year was that of a holding entity.
Incorporation
The LLP was formed on 11 August 2020 under Limited Liability Partnership Act 2000.
Designated members
The designated members who served the LLP during the year were as follows:
Suraj Shah
Manish Gudka
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
Results for the period and allocation to members
The LLP had no trading activities during the period.
This report was approved by the members on 24 February 2025 and signed on behalf of the members by:
Manish Gudka
Designated Member
Registered office:
1st Floor
88 Baker Street
London
England
W1U 6TQ
Marine Point Freehold LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investments
4
1
1
Current assets
Debtors
5
217,538
218,038
---------
---------
Net current assets
217,538
218,038
---------
---------
Total assets less current liabilities
217,539
218,039
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
6
217,489
217,989
Members' other interests
Members' capital classified as equity
50
50
Other reserves
---------
---------
217,539
218,039
---------
---------
Total members' interests
Loans and other debts due to members
6
217,489
217,989
Members' other interests
50
50
---------
---------
217,539
218,039
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the members and authorised for issue on 24 February 2025 , and are signed on their behalf by:
Manish Gudka
Designated Member
Registered number: OC432926
Marine Point Freehold LLP
Reconciliation of Members' Interests
Year ended 31 March 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Total
Other amounts
Total
Total 2024
£
£
£
£
£
Balance at 1 April 2023
50
50
217,989
217,989
218,039
Repayments of debt
(500)
(500)
(500)
----
----
---------
---------
---------
Balance at 31 March 2024
50
50
217,489
217,489
217,539
----
----
---------
---------
---------
Marine Point Freehold LLP
Reconciliation of Members' Interests (continued)
Year ended 31 March 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Total
Other amounts
Total
Total 2023
£
£
£
£
£
Balance at 6 April 2022
50
50
4,056,224
4,056,224
4,056,274
Repayments of debt
(3,838,235)
(3,838,235)
(3,838,235)
----
----
------------
------------
------------
Balance at 31 March 2023
50
50
217,989
217,989
218,039
----
----
------------
------------
------------
Marine Point Freehold LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 1st Floor, 88 Baker Street, London, W1U 6TQ, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
Taxation on LLP profits is the personal liability of the members and consequently neither taxation nor deferred taxation is accounted for in these financial statements.
Going concern
In 2022, the subsidiary of Marine Point Property LLP sold its assets, ceased their operations, and during this reporting period resolved outstanding matters. Accordingly, Marine Point Property LLP will be liquidated in due course. Considering the facts and circumstances above, the directors have concluded that adopting the going concern basis of accounting in preparing these company financial statements is no longer appropriate. Accordingly, these company financial statements have been prepared on a basis other than of going concern. There have been no material adjustments arising from this change in accounting basis.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4.
Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
1
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
1
----
At 31 March 2023
1
----
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Marine Point Freehold Holdings Limited
Ordinary
100
The results and capital and reserves for the year are as follows:
Capital and reserves
Profit/(loss) for the year
2024
2023
2024
2023
£
£
£
£
Subsidiary undertakings
Marine Point Freehold Holdings Limited
293,572
293,572
32,723
---------
---------
----
--------
5.
Debtors
2024
2023
£
£
Amounts owed by group undertakings
217,528
218,028
Other debtors
10
10
---------
---------
217,538
218,038
---------
---------
The amounts due from Marine Point Freehold Holdings Limited are unsecured, interest free and repayable upon demand.
6.
Loans and other debts due to members
2024
2023
£
£
Loans from members
217,489
217,989
---------
---------