REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
AGWF PROPERTY LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
AGWF PROPERTY LLP |
AGWF PROPERTY LLP (REGISTERED NUMBER: OC331408) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
AGWF PROPERTY LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DESIGNATED MEMBERS: |
A R Goldsmith |
Prestigic Holdings Limited |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AGWF PROPERTY LLP (REGISTERED NUMBER: OC331408) |
REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2024. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
A R Goldsmith |
Prestigic Holdings Limited |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £4,822 (2023 - £360 loss). |
MEMBERS' INTERESTS |
Members' capital is subscribed by agreement on the purchase of a property. On the sale of a property the members' capital plus interest specific to that property is repaid, together with any profits arising on that transaction in the agreed proportions. Rental income and losses are credited to members' capital accounts. All of which are subject to priority and cross-collateralization provisions. |
ON BEHALF OF THE MEMBERS: |
AGWF PROPERTY LLP (REGISTERED NUMBER: OC331408) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
£ | £ |
TURNOVER |
Administrative expenses |
OPERATING LOSS and |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
( |
) |
AGWF PROPERTY LLP (REGISTERED NUMBER: OC331408) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
2,707,559 |
2,712,381 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
6 |
2,707,559 |
2,712,381 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 6 | 2,707,559 | 2,712,381 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
The financial statements were approved by the members of the LLP and authorised for issue on |
AGWF PROPERTY LLP (REGISTERED NUMBER: OC331408) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
AGWF Property LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
6. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Members' other interests rank after unsecured creditors, and loans and other debts due to members rank pari passu with unsecured creditors in the event of winding up. |
7. | ULTIMATE CONTROLLING PARTY |
The controlling party is Invicta estates Limited, a member of the LLP. The ultimate controlling party is Cedardrive Limited, which is controlled by Messrs W S and the estate of E S Fattal. |
8. | PRIOR SHARE OF PROFITS |
In accordance with the terms set out in the Limited Liability Partnership Agreement there should be a prior share charged each year against the profits or losses arising both before and following the sale of properties. |
It has been brought to the attention of the Members that the prior share has not been accounted for appropriately. At the date of signing these accounts the quantum of this prior share has not been determined. |
Invicta Estates Limited reserve their contractual rights to be credited with the prior shares of profits which may ultimately prove due to them. |
AGWF PROPERTY LLP (REGISTERED NUMBER: OC331408) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | JOINT VENTURE AGREEMENT |
The Minority Members are responsible for producing the accounts and the Majority Member had relied upon them to do so. To the extent that the terms of the Limited Liability Agreement entered into on 28 January 2009 are inconsistent with and/or conflict with any of the rights and obligations of Consortium Commercial Developments Limited a sister company of Invicta Estates Limited, then the terms of the Joint Venture Agreement entered into on 12 March 2007 will apply in all respects. |
It has since been established that Mr Goldsmith FRICS at all material times and a minority member had withheld a critical document that was fatal to his claim against Brabners and he must personally bear both his costs together with the costs borne by the majority in establishing these facts on an indemnity basis. |
These liabilities estimated to be in excess of £200,000 have not been reflected in these accounts. |
It has also been established that the chartered accountant engaged by the minority member ever since 1998 complied in all respects with the instructions of Mr Goldsmith a fact admitted by Mr Goldsmith by 2019.The extent of malaccounting for the LLP is unknown. |