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REGISTERED NUMBER: OC350813 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

FOR

OCTAVUS PROPERTIES LLP

OCTAVUS PROPERTIES LLP (REGISTERED NUMBER: OC350813)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OCTAVUS PROPERTIES LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 5 APRIL 2024







DESIGNATED MEMBERS: J Mackay
Mrs L Mackay
R Wooldridge
J Fleming





REGISTERED OFFICE: The Granary
Redlynch
Salisbury
SP5 2JX





REGISTERED NUMBER: OC350813 (England and Wales)





ACCOUNTANTS: Banks Cooper Associates Limited
21 Marina Court
Castle Street
Hull
HU1 1TJ

OCTAVUS PROPERTIES LLP (REGISTERED NUMBER: OC350813)

BALANCE SHEET
5 APRIL 2024

5.4.24 5.4.23
Notes £    £    £    £   
FIXED ASSETS
Investments 4 263,603 263,603
Investment property 5 2,050,000 2,050,000
2,313,603 2,313,603

CURRENT ASSETS
Debtors 6 1,566,755 1,558,157
Cash at bank 90,987 11,561
1,657,742 1,569,718
CREDITORS
Amounts falling due within one year 7 14,000 17,001
NET CURRENT ASSETS 1,643,742 1,552,717
TOTAL ASSETS LESS CURRENT LIABILITIES 3,957,345 3,866,320

CREDITORS
Amounts falling due after more than one year 8 1,121,931 1,121,931
NET ASSETS ATTRIBUTABLE TO MEMBERS 2,835,414 2,744,389

LOANS AND OTHER DEBTS DUE TO MEMBERS 10 1,928,374 1,837,349

MEMBERS' OTHER INTERESTS
Fair value reserve 11 907,040 907,040
2,835,414 2,744,389

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 1,928,374 1,837,349
Members' other interests 907,040 907,040
Amounts due from members 6 (462,434 ) (821,819 )
2,372,980 1,922,570

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 5 April 2024.

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.

OCTAVUS PROPERTIES LLP (REGISTERED NUMBER: OC350813)

BALANCE SHEET - continued
5 APRIL 2024


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 23 January 2025 and were signed by:





J Mackay - Designated member

OCTAVUS PROPERTIES LLP (REGISTERED NUMBER: OC350813)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024


1. STATUTORY INFORMATION

Octavus Properties LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
These accounts have been prepared under the going concern principle. The LLP is reliant on the continued support of its Members, which the Members are confident will continue to be provided. In making their assessment of going concern, the Members have also considered forecasts for the business and economic factors generally. At the time of approving the financial statements, the Members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for a period of at least one year from the date of approval.

Significant judgements and estimates
In the application of the LLP’s accounting policies, the Members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Financial instruments are recognised in the LLP's balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial liabilities are offset, with 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 includes debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

OCTAVUS PROPERTIES LLP (REGISTERED NUMBER: OC350813)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


2. ACCOUNTING POLICIES - continued

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the LLP transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into..

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

OCTAVUS PROPERTIES LLP (REGISTERED NUMBER: OC350813)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 6 April 2023 263,603
Additions 36,000
Disposals (36,000 )
At 5 April 2024 263,603
NET BOOK VALUE
At 5 April 2024 263,603
At 5 April 2023 263,603

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 6 April 2023
and 5 April 2024 2,050,000
NET BOOK VALUE
At 5 April 2024 2,050,000
At 5 April 2023 2,050,000

Fair value at 5 April 2024 is represented by:
£   
Valuation in 2018 907,040
Cost 1,142,960
2,050,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5.4.24 5.4.23
£    £   
Other debtors 1,566,755 1,558,157

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5.4.24 5.4.23
£    £   
Other creditors 14,000 17,001

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
5.4.24 5.4.23
£    £   
Bank loans 1,121,931 1,121,931

OCTAVUS PROPERTIES LLP (REGISTERED NUMBER: OC350813)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
5.4.24 5.4.23
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs not by instalments 1,121,931 1,121,931

9. SECURED DEBTS

The following secured debts are included within creditors:

5.4.24 5.4.23
£    £   
Bank loans 1,121,931 1,121,931

Bank loans are secured on investment properties.

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of a winding up, loans and other debts due to members rank after unsecured creditors.

11. RESERVES
Fair
value
reserve
£   
At 6 April 2023
and 5 April 2024 907,040

12. RELATED PARTY DISCLOSURES

Included within other debtors is an amount of £904,176 (2023: £592,621) owed by Octavus Developments Limited, a company in which the LLP's members have an interest. No interest is charged on the outstanding balance and there are no formal terms for repayment.

13. ULTIMATE CONTROLLING PARTY

The LLP is under the control of the designated members, J, Mackay, L Mackay, R Wooldridge and J Fleming.