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Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Harepath Estates LLP

Harepath Estates LLP (Registered number: OC317259)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Harepath Estates LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: C P Ackley
Mrs C Iskjaer Ackley
P J Whiteway
Mrs P H Whiteway





REGISTERED OFFICE: 8-10 South Street
Epsom
Surrey
KT18 7PF





REGISTERED NUMBER: OC317259 (England and Wales)





ACCOUNTANTS: Williams & Co Epsom LLP
Chartered Accountants
8-10 South Street
Epsom
Surrey
KT18 7PF

Harepath Estates LLP (Registered number: OC317259)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,123 8,036
Investment property 5 29,188,613 34,950,090
29,189,736 34,958,126

CURRENT ASSETS
Debtors 6 2,978,681 3,011,796
Cash at bank 272,534 434,243
3,251,215 3,446,039
CREDITORS
Amounts falling due within one year 7 10,065,624 1,587,786
NET CURRENT (LIABILITIES)/ASSETS (6,814,409 ) 1,858,253
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

22,375,327

36,816,379

CREDITORS
Amounts falling due after more than one
year

8

10,431,896

23,221,530

LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

129,365

41,082

MEMBERS' OTHER INTERESTS
Fair valuation reserve 12 11,814,066 13,553,767
22,375,327 36,816,379

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 129,365 41,082
Members' other interests 11,814,066 13,553,767
Amounts due from members 6 (2,571,396 ) (2,737,886 )
9,372,035 10,856,963

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 31 March 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.

Harepath Estates LLP (Registered number: OC317259)

Balance Sheet - continued
31 March 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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 31 January 2025 and were signed by:





C P Ackley - Designated member

Harepath Estates LLP (Registered number: OC317259)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Harepath Estates 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
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.

Turnover
Turnover represents rental income and service charges generated from investment property, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 3 years
Motor vehicles - Straight line over 3 years
Computer equipment - Straight line over 3 years

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.

When an investment property is derecognised, the resultant gain or loss is recognised through profit or loss.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - 3 ).

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 23,576 35,189 4,128 62,893
Additions - - 814 814
At 31 March 2024 23,576 35,189 4,942 63,707
DEPRECIATION
At 1 April 2023 16,940 34,836 3,081 54,857
Charge for year 6,627 353 747 7,727
At 31 March 2024 23,567 35,189 3,828 62,584
NET BOOK VALUE
At 31 March 2024 9 - 1,114 1,123
At 31 March 2023 6,636 353 1,047 8,036

Harepath Estates LLP (Registered number: OC317259)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 34,950,090
Disposals (3,888,450 )
Revaluations (1,873,027 )
At 31 March 2024 29,188,613
NET BOOK VALUE
At 31 March 2024 29,188,613
At 31 March 2023 34,950,090

If investment property were not carried at it's revalued amount it would be carried at cost, being £16,125,414 (2022: £22,164,034)

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 152,991 -
Amounts owed by group undertakings 69,706 6,409
Amounts due from members 2,571,396 2,737,886
Other debtors - 58,292
Rental deposits held 140,110 147,360
Prepayments 44,478 61,849
2,978,681 3,011,796

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 8,199,000 -
Hire purchase contracts 18,623 4,340
Trade creditors 95,471 87,265
Amounts owed to group undertakings 4,501 -
Social security and other taxes 3,082 3,119
VAT 18,944 18,671
Accruals and deferred income 1,566,605 1,474,391
Accrued expenses 2,000 -
Tax due 157,398 -
10,065,624 1,587,786

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 5,785,000 17,014,000
Other loans (see note 9) 916,138 922,338
Hire purchase contracts - 14,283
Deferred tax 3,730,758 5,270,909
10,431,896 23,221,530

Harepath Estates LLP (Registered number: OC317259)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 yr 8,199,000 -

Amounts falling due between two and five years:
Bank loans - 2-5 years 5,785,000 17,014,000
Other loans - 2-5 years 916,138 922,338
6,701,138 17,936,338

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 13,984,000 17,014,000

Bank loans are secured by way of a first legal charge over the freehold properties and a debenture given by the LLP.

Further, a guarantee has been given by C P Ackley and P J Whiteway, limited to £3,300,000.

11. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members' (other than members' capital classified as debt) rank after amounts due to other creditors.

12. RESERVES
Fair
valuation
reserve
£   
At 1 April 2023 13,553,767
Fair value adjustment (2,536,171 )
Deferred tax adjustment 796,470
At 31 March 2024 11,814,066

The above is shown net of the deferred tax provision made in the accounts (see note 9), representing potential capital gains tax payable on the disposal of investment properties.