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REGISTERED NUMBER: OC433466 (England and Wales)










Financial Statements

for the Year Ended 31 March 2024

for

Somerset Property Partnership LLP

Somerset Property Partnership LLP (Registered number: OC433466)






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


Somerset Property Partnership LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: R Gill
G Kaur
Gill Investment Holdings Ltd





REGISTERED OFFICE: 46 Coatham Road
Redcar
United Kingdom
TS10 1RS





REGISTERED NUMBER: OC433466 (England and Wales)





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

Somerset Property Partnership LLP (Registered number: OC433466)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,477 3,302
Investment property 5 5,015,000 5,015,000
5,017,477 5,018,302

CREDITORS
Amounts falling due within one year 6 (7,279 ) (5,569 )
NET CURRENT LIABILITIES (7,279 ) (5,569 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,010,198

5,012,733

CREDITORS
Amounts falling due after more than one year 7 (1,848,540 ) (1,992,723 )
NET ASSETS ATTRIBUTABLE TO
MEMBERS

3,161,658

3,020,010

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

3,161,658

3,020,010

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 3,161,658 3,020,010

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.

Somerset Property Partnership LLP (Registered number: OC433466)

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 28 March 2025 and were signed by:





G Kaur - Designated member

Somerset Property Partnership LLP (Registered number: OC433466)

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

1. STATUTORY INFORMATION

Somerset Property 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.

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

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

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. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2023
and 31 March 2024 5,870
DEPRECIATION
At 1 April 2023 2,568
Charge for year 825
At 31 March 2024 3,393
NET BOOK VALUE
At 31 March 2024 2,477
At 31 March 2023 3,302

Somerset Property Partnership LLP (Registered number: OC433466)

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

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 5,015,000
NET BOOK VALUE
At 31 March 2024 5,015,000
At 31 March 2023 5,015,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 5,767 -
Accrued expenses 1,512 5,569
7,279 5,569

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Mortgages 1,848,540 1,992,723

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Mortgages 1,848,540 1,992,723

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

Members rank ahead of other creditors in a liquidation.