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OC330981









HAMLET PROPERTY (ALTON) LLP







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
HAMLET PROPERTY (ALTON) LLP
REGISTERED NUMBER: OC330981

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
                                                                           Note
£
£

Fixed assets
  

Tangible assets
 4 
365
487

Investment property
 5 
1,640,000
1,940,000

  
1,640,365
1,940,487

Current assets
  

Debtors: amounts falling due within one year
 6 
1,181,082
1,116,901

Cash at bank and in hand
  
4,208
2,378

  
1,185,290
1,119,279

Creditors: Amounts Falling Due Within One Year
 7 
(681,442)
(58,857)

Net current assets
  
 
 
503,848
 
 
1,060,422

Total assets less current liabilities
  
2,144,213
3,000,909

Creditors: amounts falling due after more than one year
 8 
-
(835,000)

  

Net assets
  
2,144,213
2,165,909


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 10 
54,896
9,139

Members' other interests
  

Members' capital classified as equity
  
3,050,400
3,050,400

Revaluation reserve classified as equity
  
(961,083)
(893,630)

  
 
2,089,317
 
2,156,770

  
2,144,213
2,165,909


Total members' interests
  

Loans and other debts due to members
 10 
54,896
9,139

Members' other interests
  
2,089,317
2,156,770

  
2,144,213
2,165,909


Page 1

 
HAMLET PROPERTY (ALTON) LLP
REGISTERED NUMBER: OC330981
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 25 February 2025.




D J Lichtig Esq
Designated member

The notes on pages 3 to 9 form part of these financial statements.

Hamlet Property (Alton) LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 2

 
HAMLET PROPERTY (ALTON) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Hamlet Property (Alton) LLP operates in property management and lettings. It is a limited liability partnership, incorporated in England and Wales. Its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, England, E11 1GA 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

As part of their going concern review, the members have followed the guidelines published by the Financial Reporting Council entitled "Going Concern and Liquidity Risk Guidance for UK Companies 2009". The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. On this basis the members consider that the going concern basis of accounting remains appropriate.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rental income
Rental income from operating leases is recognised on a straight line basis over the term of the lease.

 
2.4

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
HAMLET PROPERTY (ALTON) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.5

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the LLP assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following annual basis:

Fixtures and fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

Page 4

 
HAMLET PROPERTY (ALTON) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Members details

2024
2022
The average number of members during the year was

5

5


Page 5

 
HAMLET PROPERTY (ALTON) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost 


At 1 August 2023
36,365



At 31 July 2024

36,365



Depreciation


At 1 August 2023
35,878


Charge for the year on owned assets
122



At 31 July 2024

36,000



Net book value



At 31 July 2024
365



At 31 July 2023
487

Page 6

 
HAMLET PROPERTY (ALTON) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 August 2023
1,940,000


Disposals
(300,000)



At 31 July 2024
1,640,000

The properties were last valued on 31 March 2023 on an open market, existing use basis at £1,940,000 by Vail Williams LLP, a registered member of RICS. In the opinion of the designated members, the valuation of the remaining owned properties remains appropriate at the year end.
Included in investment properties are properties held for use in operating leases with a value of £1,640,000 
(2023 - £1,940,000). Rental income generated from operating leases in the year amounted to £166,932 (2023 - £190,574).




If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
2,552,642
2,785,189


6.


Debtors

2024
2023
£
£


Trade debtors
17,469
22,652

Amounts owed by group undertakings
1,162,533
1,092,719

Prepayments and accrued income
1,080
1,530

1,181,082
1,116,901


Page 7

 
HAMLET PROPERTY (ALTON) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
635,000
-

Trade creditors
630
9,126

Other taxation and social security
5,312
9,231

Other creditors
8,000
8,000

Accruals and deferred income
32,500
32,500

681,442
58,857



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
835,000



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
635,000
-

Amounts falling due 1-2 years

Bank loans
-
835,000




The bank loan of £635,000 (2023 - £835,000) is repayable on 15 June 2025. The loan bears interest at 3% above the Bank of England's base rate.
The loan is secured by a debenture dated 11 July 2013 incorporating a fixed and floating charge over the LLP and all its present and future property and assets.

Page 8

 
HAMLET PROPERTY (ALTON) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
54,896
9,139

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
54,896
9,139

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


11.


Guarantees

Hamlet Property (Alton) LLP entered into a loan agreements for £835,000. Hamlet Investments Limited, a former member of the LLP, and Hamlet Property Developments Limited, a subsidiary of Hamlet Investments Limited, have secured these loans by way of a debenture dated 11 July 2013 incorporating a fixed and floating charge over the companies and all their present and future property and assets. At the year end £635,000 (2023 - £835,000) remained outstanding.


12.


Related party transactions

During the year the LLP engaged in transactions with an entity which holds a participating interest in the LLP. At the year end, the LLP owed the entity £233,551 (2023 - £223,990).

 
Page 9