REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Robec Properties LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Robec Properties LLP |
Robec Properties LLP (Registered number: OC349176) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Other Comprehensive Income | 5 |
Balance Sheet | 6 |
Notes to the Financial Statements | 8 |
Robec Properties LLP |
General Information |
for the Year Ended 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Robec Properties LLP (Registered number: OC349176) |
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. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of property investment. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £135,878 (2023 - £96,921 profit). |
MEMBERS' INTERESTS |
Profits are allocated between members based on the members agreement. |
Fixed capital is maintained which members contribute to in proportion to their investment. Capital can only be withdrawn with a reduction in investment or upon ceasing to be a member except where there is a return of capital to all members in proportion to their investment in the LLP. There is no opportunity for the appreciation of the capital contribution. |
This report has been prepared in accordance with the special provisions of Part 15 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 small LLPs. |
ON BEHALF OF THE MEMBERS: |
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Robec Properties LLP |
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Robec Properties LLP for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the members of Robec Properties LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Robec Properties LLP and state those matters that we have agreed to state to the members of Robec Properties LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Robec Properties LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that Robec Properties LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Robec Properties LLP. You consider that Robec Properties LLP is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Robec Properties LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
3 - 5 College Street |
Nottingham |
Nottinghamshire |
NG1 5AQ |
Date: ............................................. |
Robec Properties LLP (Registered number: OC349176) |
Income Statement |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Interest payable and similar expenses |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
(135,878 |
) |
96,921 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
(135,878 |
) |
96,921 |
Members' remuneration charged as an expense |
5 |
- |
(96,921 |
) |
LOSS FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
Robec Properties LLP (Registered number: OC349176) |
Other Comprehensive Income |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
LOSS FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
OTHER COMPREHENSIVE INCOME |
Gain on revaluation of inv prop |
OTHER COMPREHENSIVE INCOME FOR THE YEAR |
- |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Robec Properties LLP (Registered number: OC349176) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
1,101,189 |
1,589,829 |
Robec Properties LLP (Registered number: OC349176) |
Balance Sheet - continued |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
12 |
1,101,089 |
1,208,880 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 100 | 100 |
Revaluation reserve | 13 |
1,101,189 | 1,589,829 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 12 | 1,101,089 | 1,208,880 |
Members' other interests | 100 | 380,949 |
Amounts due from members | 8 | (243,623 | ) | - |
857,566 | 1,589,829 |
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 |
Robec Properties LLP (Registered number: OC349176) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Robec 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. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents receivable excluding value added tax. |
Tangible fixed assets |
Fixtures and fittings | - |
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. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
5. | INFORMATION IN RELATION TO MEMBERS |
2024 | 2023 |
£ | £ |
Members' remuneration charged as an expense |
Profit allocated in accordance |
with members' agreement | - | 96,921 |
Total remuneration | - | 96,921 |
Robec Properties LLP (Registered number: OC349176) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Disposals | ( |
) |
Impairments | (380,849 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The members consider that the investment property is stated at market value. |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts due from members | 243,623 | - |
Other debtors |
VAT |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
Robec Properties LLP (Registered number: OC349176) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loans are secured against the company's investment properties by way of a fixed and floating charge. |
12. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
In the event of a winding up, members' other reserves rank after unsecured creditors. Loans and other debts due to members rank pari passu with unsecured creditors in the event of a winding up. There is no formal restriction on the ability of the LLP to reduce the amount of members' other interests. |
13. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2023 |
Disposal | (380,849 | ) |
At 31 March 2024 |
14. | ULTIMATE CONTROLLING PARTY |
The controlling party is M S Wright. |