Limited Liability Partnership registration number OC443325 (England and Wales)
G KAMENOU LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
G KAMENOU LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
G KAMENOU LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
5,502,499
5,428,181
Current assets
Debtors
4
361,939
40,104
Cash at bank and in hand
3
3
361,942
40,107
Creditors: amounts falling due within one year
5
(96,915)
(1,037,862)
Net current assets/(liabilities)
265,027
(997,755)
Total assets less current liabilities
5,767,526
4,430,426
Creditors: amounts falling due after more than one year
6
(2,985,916)
(4,421,875)
Net assets attributable to members
2,781,610
8,551
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
11,974
63,754
Other amounts
174
-
12,148
63,754
Members' other interests
Members' capital classified as equity
3
3
Other reserves classified as equity
2,769,459
(55,206)
2,781,610
8,551
Total members' interests
Amounts due from members
-
-
Loans and other debts due to members
12,148
63,754
Members' other interests
2,769,462
(55,203)
2,781,610
8,551
G KAMENOU LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

For the financial year ended 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 28 March 2025 and are signed on their behalf by:
28 March 2025
G Kamenou
Designated member
Limited Liability Partnership registration number OC443325 (England and Wales)
G KAMENOU LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

G Kamenou LLP is a limited liability partnership incorporated in England and Wales. The registered office is 73 Cornhill, London, EC3V3QQ.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis, not withstanding the net current assets as at 31 March 2024 amounting to £265,027 the validity of which is dependent on the support of the members. The financial statements do not include any ,adjustments that would result from discontinuance of their financial support. On this basis, the members consider that it would be appropriate for the financial statement to be prepared on a going concern basis.

 

Accordingly, the members continue to adopt the going concern basis in preparing the financial statements for the period ended 31 March 2024.

1.3
Turnover

Turnover represents gross rent receivable which is based on signed leases with tenants and recognised evenly over the period of the lease.

 

Other operating income includes profits on disposals of investment property which are recognised upon completion.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

G KAMENOU LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Investment property

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the 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 include 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.

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 limited liability partnership 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.

G KAMENOU LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8

Taxation

No taxation is reflected in the accounts as tax is borne by the individual members in a personal capacity on their attributable profit shares and not the Limited Liability Partnership.

1.9

Allocation of profits and drawings

Members from time to time make drawings. The level and timing of these distributions is determined by management taking into account the LLP's cash requirements. The LLP has no right to demand the repayment of drawings except to the extent that exceeds the LLP's cumulative undistributed profit. Drawings are therefore treated as dividend profit and charged as an expense , except for drawings in excess of profit which are shown as a debit due from members.

 

The division among members of any residual profit for a financial period is at the discretion of the designated members, and these amounts are classified as equity. Should the LLP make a loss, the members have no obligation to reimburse the LLP and the loss is allocated to the respective member current accounts.

G KAMENOU LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Investment property
2024
£
Fair value
At 1 April 2023
5,428,181
Net gains or losses through fair value adjustments
2,824,665
Other movements
(2,750,347)
At 31 March 2024
5,502,499

The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 March 2024 by the members. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The historical cost of the properties at 31 March 2024 was £2,733,041.

 

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,203
900
Amounts owed by group undertakings
297,726
-
Other debtors
63,010
39,204
361,939
40,104
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
96,915
1,037,862
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
2,985,916
4,421,875
G KAMENOU LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Creditors: amounts falling due after more than one year
(Continued)
- 7 -

The bank loans are secured by way of a first legal charge over the LLP's investment properties incorporating a fixed and floating charge over all assets of the limited liability partnership.

7
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

G KAMENOU LLP
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 MARCH 2024
Year
Period
ended
ended
31 March
31 March
2024
2023
£
£
Administrative expenses
Legal and professional fees
4,632
-
Accountancy
5,400
-
Audit fees
-
5,400
Incidental cost of finance
8,844
5,015
18,876
10,415
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