Stolkin Properties LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC307549

Stolkin Properties LLP

Filleted Unaudited Accounts

5 April 2024

Stolkin Properties LLP

Statement of Financial Position

5 April 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Tangible assets	4		10,486,816		4,926,227

Current assets

Debtors	5	119,612	636,281
Cash at bank and in hand		36,626	251,153
		---------	---------
		156,238	887,434

Creditors: amounts falling due within one year	6	( 127,612)		( 318,601)
		---------		---------
Net current assets			28,626		568,833
			-------------		------------
Total assets less current liabilities			10,515,442		5,495,060

Creditors: amounts falling due after more than one year	7	( 2,070,000)	–
		-------------	------------
Net assets		8,445,442	5,495,060
		-------------	------------

Represented by:

Loans and other debts due to members

Members' capital classified as a liability	8	8,982,284	4,944,284
Other amounts	8	5,926	377,652
		------------	------------
		8,988,210	5,321,936

Members' other interests

Fair value reserve	(626,200)	–
Other reserves	83,432	173,124
	------------	------------
	8,445,442	5,495,060
	------------	------------

Total members' interests

Loans and other debts due to members	8	8,988,210	5,321,936
Members' other interests		(542,768)	173,124
		------------	------------
		8,445,442	5,495,060
		------------	------------

These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

Stolkin Properties LLP

Statement of Financial Position (continued)

5 April 2024

For the year ending 5 April 2024 the LLP 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 LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts .

These accounts were approved by the members and authorised for issue on 2 April 2025 , and are signed on their behalf by:

M R Stolkin

Designated Member

Registered number: OC307549

Stolkin Properties LLP

Notes to the Accounts

Year ended 5 April 2024

1.	General information

The LLP is registered in England and Wales. The principal place of business is 14 Egerton Gardens Mews, London, SW3 2EH.

2.	Statement of compliance

These accounts have been prepared in compliance with Section 1A FRS102,'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021.

3.	Accounting policies

Basis of preparation

The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The accounts are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Valuation of investment properties A key accounting estimate in preparing these financial statements relates to the fair value of the investment properties. The members have extensive experience in the property industry and have determined the value of the investment properties at the reporting date. Naturally, the valuation of the and the investment properties is inherently subjective.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax amended for deferred and accrued income. Rents receivable are recognised in accordance with the terms of the lease and service charge income represents recharges of the running costs to tenants is recognised on an accruals basis, when the amount can be reliably measured.

Members' participation rights

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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Operating leases - as lessor

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Taxation

The taxation payable on profits is the personal liability of the members during the year.

4.	Tangible assets

	Investment Freehold property	Equipment	Total
	£	£	£
Cost or valuation
At 6 April 2023	4,926,200	1,541	4,927,741
Additions	6,186,795	–	6,186,795
Revaluations	( 626,200)	–	( 626,200)
	-------------	-------	-------------
At 5 April 2024	10,486,795	1,541	10,488,336
	-------------	-------	-------------
Depreciation
At 6 April 2023	–	1,514	1,514
Charge for the year	–	6	6
	-------------	-------	-------------
At 5 April 2024	–	1,520	1,520
	-------------	-------	-------------
Carrying amount
At 5 April 2024	10,486,795	21	10,486,816
	-------------	-------	-------------
At 5 April 2023	4,926,200	27	4,926,227
	-------------	-------	-------------

Included within the above is investment property as follows:

	£
At 6 April 2023	4,926,200
Additions	6,186,795
Fair value adjustments	( 626,200)
	-------------
At 5 April 2024	10,486,795
	-------------

The investment properties were valued at fair value by the members at the year end as they have an extensive experience in the property industry. The historical cost of the properties amounts to £11,112,995.

5.	Debtors

	2024	2023
	£	£
Other debtors	119,612	636,281
	---------	---------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	–	911
Social security and other taxes	23,639	23,687
Other creditors	103,973	294,003
	---------	---------
	127,612	318,601
	---------	---------

7. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	2,070,000	–
	------------	----

Other creditors includes a loan totalling £2,070,000 which is repayable in March 2034, interest is due at base plus 1%, with a minimum interest rate of 4.25%. The loan is secured on one of the investment properties.

8.	Loans and other debts due to members

	2024	2023
	£	£
Amounts owed to members in respect of profits	5,926	377,652
Other amounts	8,982,284	4,944,284
	------------	------------
	8,988,210	5,321,936
	------------	------------

Loans and other debts due to members' rank equally with debts due to other creditors in a winding up.