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REGISTERED NUMBER: OC427615 (England and Wales)










Financial Statements

for the Year Ended 31 March 2024

for

PIC Partnership LLP

PIC Partnership LLP (Registered number: OC427615)






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


PIC Partnership LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: S Ahmed
S Ahmed
Property Investment Consultants (GB) Limited





REGISTERED OFFICE: Suite One
Italia House Business Centre
Pass Street
Oldham
OL9 6HZ





REGISTERED NUMBER: OC427615 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Oaklea House
46 Coatham Road
Redcar
TS10 1RS

PIC Partnership LLP (Registered number: OC427615)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 4 11,420,000 11,670,000

CURRENT ASSETS
Debtors 5 123,195 -
Cash at bank 32,635 85,396
155,830 85,396
CREDITORS
Amounts falling due within one year 6 (79,681 ) (82,623 )
NET CURRENT ASSETS 76,149 2,773
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,496,149

11,672,773

CREDITORS
Amounts falling due after more than one year 7 (6,523,271 ) (6,735,239 )
NET ASSETS ATTRIBUTABLE TO
MEMBERS

4,972,878

4,937,534

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

4,972,878

4,937,534

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 4,972,878 4,937,534

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.

PIC Partnership LLP (Registered number: OC427615)

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 26 March 2025 and were signed by:





S Ahmed - Designated member

PIC Partnership LLP (Registered number: OC427615)

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

1. STATUTORY INFORMATION

PIC Partnership 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 3 (2023 - 3 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 11,670,000
Disposals (355,000 )
Revaluations 105,000
At 31 March 2024 11,420,000
NET BOOK VALUE
At 31 March 2024 11,420,000
At 31 March 2023 11,670,000

PIC Partnership LLP (Registered number: OC427615)

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

4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2021 400,000
Valuation in 2022 580,000
Valuation in 2023 305,000
Valuation in 2024 105,000
Cost 10,030,000
11,420,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 123,195 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 8) 4,707 9,999
Social security and other taxes 692 517
Other creditors 72,404 70,273
Pension Payable - 115
Accrued expenses 1,878 1,719
79,681 82,623

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 8) - 4,167
Other loans (see note 8) 29,977 35,381
Mortgages 6,493,294 6,695,691
6,523,271 6,735,239

8. 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 4,707 9,999

PIC Partnership LLP (Registered number: OC427615)

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

8. LOANS - continued
2024 2023
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years - 4,167

Amounts falling due between two and five years:
Other loans - 2-5 years 29,977 35,381

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Mortgages 6,493,294 6,695,691

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

Members rank ahead of other creditors in a liquidation.