Limited Liability Partnership registration number OC332184 (England and Wales)
STERLET LLP
(FORMERLY NEWMARK PROPERTIES LLP)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
STERLET LLP
(FORMERLY NEWMARK PROPERTIES LLP)
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr M D Goldbart
Mr G J Cohen
Mr W A Kumar
Limited liability partnership number
OC332184
Registered office
17-19 Foley Street
London
W1W 6DW
Auditor
Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
STERLET LLP
(FORMERLY NEWMARK PROPERTIES LLP)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
4 - 11
STERLET LLP
(FORMERLY NEWMARK PROPERTIES LLP)
BALANCE SHEET
AS AT
5 APRIL 2024
05 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
65,198
53,490
Investments
5
4,927,145
2,154,635
4,992,343
2,208,125
Current assets
Debtors
6
140,660
116,898
Cash at bank and in hand
53,582
17,641
194,242
134,539
Creditors: amounts falling due within one year
7
(727,922)
(722,128)
Net current liabilities
(533,680)
(587,589)
Total assets less current liabilities
4,458,663
1,620,536
Creditors: amounts falling due after more than one year
8
(44,700)
(26,320)
Net assets attributable to members
4,413,963
1,594,216
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
4,413,963
1,594,216

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 4 April 2025 and are signed on their behalf by:
04 April 2025
Mr M D Goldbart
Designated member
Limited Liability Partnership registration number OC332184 (England and Wales)
STERLET LLP
(FORMERLY NEWMARK PROPERTIES LLP)
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 5 APRIL 2024
- 2 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 6 April 2023
-
1,594,216
1,594,216
1,594,216
Loss for the financial year available for discretionary division among members
(736,097)
-
-
(736,097)
Members' interests after loss for the year
(736,097)
1,594,216
1,594,216
858,119
Allocation of loss for the financial year
736,097
(736,097)
(736,097)
-
Introduced by members
-
2,584,336
2,584,336
2,584,336
Drawings on account and distributions of profit
-
(188,492)
(188,492)
(188,492)
Other movements
-
1,160,000
1,160,000
1,160,000
Members' interests at 5 April 2024
-
4,413,963
4,413,963
4,413,963
STERLET LLP
(FORMERLY NEWMARK PROPERTIES LLP)
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 3 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 6 April 2022
-
4,155,089
4,155,089
4,155,089
Loss for the financial year available for discretionary division among members
(521,824)
-
-
(521,824)
Members' interests after loss for the year
(521,824)
4,155,089
4,155,089
3,633,265
Allocation of loss for the financial year
521,824
(521,824)
(521,824)
-
Introduced by members
-
10,701
10,701
10,701
Drawings on account and distributions of profit
-
(2,049,750)
(2,049,750)
(2,049,750)
Members' interests at 5 April 2023
-
1,594,216
1,594,216
1,594,216
STERLET LLP
(FORMERLY NEWMARK PROPERTIES LLP)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Sterlet LLP is a limited liability partnership incorporated in England and Wales. The registered office is 17-19 Foley Street, London, UK, W1W 6DW.

 

 

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 revaluation of investments and investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Fixtures, fittings & equipment
20% p.a. on a straight line basis
Motor vehicles
25% p.a. on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.4
Fixed asset investments

The fixed asset investments in limited liability partnerships represent the net assets of the LLP's investment in these entities. The members are of the opinion that the net asset of the LLP's share in these entities equate to the fair value.

 

Other investments are included at cost.

STERLET LLP
(FORMERLY NEWMARK PROPERTIES LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

STERLET LLP
(FORMERLY NEWMARK PROPERTIES LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
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.

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.

STERLET LLP
(FORMERLY NEWMARK PROPERTIES LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 7 -
Derecognition of financial liabilities

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

1.8
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.10

Joint Ventures

The property investment joint ventures undertaken by the LLP involve the joint control by the venturers of one or more property assets contributed to, or acquired for the purpose of, the joint venture and dedicated to the purposes of the joint venture.

 

In respect of its interest in a jointly controlled property asset, the LLP recognises in its financial statements:

 

(a) its share of the jointly controlled property assets, classified as investment property;

 

(b) any liabilities that it has incurred;

 

(c) its share of any liabilities incurred jointly with the other venturer in relation to the joint venture;

 

(d) its share of the revenue from the sale of investment properties and any associated rents received, together with its share of any expenses incurred by the joint venture; and

 

(e) any expenses that it has incurred in respect of its interest in the joint venture.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

STERLET LLP
(FORMERLY NEWMARK PROPERTIES LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 8 -
3
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
3
3
4
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 6 April 2023
17,091
40,949
58,040
Additions
-
57,990
57,990
Disposals
-
(40,949)
(40,949)
At 5 April 2024
17,091
57,990
75,081
Depreciation and impairment
At 6 April 2023
-
4,550
4,550
Depreciation charged in the year
5,625
10,737
16,362
Eliminated in respect of disposals
-
(11,029)
(11,029)
At 5 April 2024
5,625
4,258
9,883
Carrying amount
At 5 April 2024
11,466
53,732
65,198
At 5 April 2023
17,091
36,399
53,490
5
Fixed asset investments
2024
2023
£
£
Investments
4,927,145
2,154,635
STERLET LLP
(FORMERLY NEWMARK PROPERTIES LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
5
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Loans
Investments in Limited Liability Partnerships
Other investments
Total
£
£
£
£
Cost or valuation
At 6 April 2023
50,000
2,104,585
50
2,154,635
Amounts introduced by LLP
-
3,707,281
-
3,707,281
Share of profits/(losses) in LLPs
-
(750,526)
-
(750,526)
Disposals
-
(184,245)
-
(184,245)
At 5 April 2024
50,000
4,877,095
50
4,927,145
Carrying amount
At 5 April 2024
50,000
4,877,095
50
4,927,145
At 5 April 2023
50,000
2,104,585
50
2,154,635
Total member's interest at 5 April 2024
Newmark Properties (Acton) LLP
1,386,195
Newmark Properties (Bristol) LLP
2,594,215
Newmouth LLP
(1,938,146)
Newmark Properties (Camden 1) LLP
407,230
Newmark Properties (Camden 2) LLP
(995)
Newmark Properties (Parker Tower) LLP
(4,623)
Foley Street LLP
116,696
Newbe Properties LLP
(95,077)
Manorbath LLP
2,411,600
4,877,095
Profit/ (loss) for the period ended 5 April 2024
Newmark Properties (Acton) LLP
28,258
Newmark Properties (Bristol) LLP
(293,204)
Newmouth LLP
(62,017)
Newmark Properties (Camden 1) LLP
(199,178)
Newmark Properties (Camden 2) LLP
179,116
Newmark Properties (Parker Tower) LLP
(1,970)
Foley Street LLP
(148,129)
Newbe Properties LLP
(60,826)
Manorbath LLP
(192,576)
(750,526)
Other Investments and loans
The other investments and loans relate to property investment holdings with other companies and are included at cost.
STERLET LLP
(FORMERLY NEWMARK PROPERTIES LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 10 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
140,660
116,898
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
53,152
52,839
Other creditors
674,770
669,289
727,922
722,128
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Hire purchase payable
44,700
26,320

 

9
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
2,746
3,138
Within two and five years
44,700
26,320
47,446
29,458

Finance lease payments represent rentals payable by the limited liability partnership for motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. At the year-end the carrying value of the leased asset was £53,732 (2023: £36,399).

10
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.

STERLET LLP
(FORMERLY NEWMARK PROPERTIES LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 11 -
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Matthew Eade
Statutory Auditor:
Bright Grahame Murray
Date of audit report:
4 April 2025
12
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
87,878
170,736
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