Silverfin false false 31/03/2024 08/06/2023 31/03/2024 Maureen Grant 08/06/2023 Michael Adam Jude Grant 08/06/2023 10 April 2025 OC447682 2024-03-31 OC447682 bus:Director1 2024-03-31 OC447682 bus:Director2 2024-03-31 OC447682 core:CurrentFinancialInstruments 2024-03-31 OC447682 core:InvestmentPropertyIncludedWithinPPE 2023-06-07 OC447682 2023-06-07 OC447682 core:InvestmentPropertyIncludedWithinPPE 2024-03-31 OC447682 2023-06-08 2024-03-31 OC447682 bus:FilletedAccounts 2023-06-08 2024-03-31 OC447682 bus:SmallEntities 2023-06-08 2024-03-31 OC447682 bus:AuditExemptWithAccountantsReport 2023-06-08 2024-03-31 OC447682 bus:LimitedLiabilityPartnershipLLP 2023-06-08 2024-03-31 OC447682 bus:Director1 2023-06-08 2024-03-31 OC447682 bus:Director2 2023-06-08 2024-03-31 OC447682 1 2023-06-08 2024-03-31 OC447682 core:InvestmentPropertyIncludedWithinPPE 2023-06-08 2024-03-31 OC447682 core:CurrentFinancialInstruments 2023-06-08 2024-03-31 OC447682 1 2023-06-08 2024-03-31 iso4217:GBP xbrli:pure

Company No: OC447682 (England and Wales)

ADPROP REAL ESTATE PROPERTIES LLP
(Formerly Adprop Real Estate Leasehold LLP)

Unaudited Financial Statements
For the financial period from 08 June 2023 to 31 March 2024
Pages for filing with the registrar

ADPROP REAL ESTATE PROPERTIES LLP

Unaudited Financial Statements

For the financial period from 08 June 2023 to 31 March 2024

Contents

ADPROP REAL ESTATE PROPERTIES LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

For the financial period from 08 June 2023 to 31 March 2024
ADPROP REAL ESTATE PROPERTIES LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)

For the financial period from 08 June 2023 to 31 March 2024
DESIGNATED MEMBERS Maureen Grant (Appointed 08 June 2023)
Michael Adam Jude Grant (Appointed 08 June 2023)
REGISTERED OFFICE C/O Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
REGISTERED NUMBER OC447682 (England and Wales)
ACCOUNTANT Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
ADPROP REAL ESTATE PROPERTIES LLP

BALANCE SHEET

As at 31 March 2024
ADPROP REAL ESTATE PROPERTIES LLP

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024
£
Fixed assets
Tangible assets 4 3,380,000
3,380,000
Current assets
Cash at bank and in hand 59,850
59,850
Creditors: amounts falling due within one year 5 ( 1,900,000)
Net current liabilities (1,840,150)
Total assets less current liabilities 1,539,850
Net assets attributable to members 1,539,850
Represented by
Members' other interests
Members' capital classified as equity 1,539,850
1,539,850
1,539,850
Total members' interests
Members' other interests 1,539,850
1,539,850

For the financial period ending 31 March 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.

Members' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Adprop Real Estate Properties LLP (registered number: OC447682) were approved and authorised for issue by the Board of Directors on 10 April 2025. They were signed on its behalf by:

Michael Adam Jude Grant
Designated member
ADPROP REAL ESTATE PROPERTIES LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial period from 08 June 2023 to 31 March 2024
ADPROP REAL ESTATE PROPERTIES LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial period from 08 June 2023 to 31 March 2024
EQUITY
Members' other interests
Total members' interests
Members' capital (classified as equity) Total
£ £
Balance at 08 June 2023 0 0
Introduced by members 1,539,850 1,539,850
Balance at 31 March 2024 1,539,850 1,539,850

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

ADPROP REAL ESTATE PROPERTIES LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 08 June 2023 to 31 March 2024
ADPROP REAL ESTATE PROPERTIES LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 08 June 2023 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Adprop Real Estate Properties LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is C/O Praxis, 1 Poultry, London, EC2R 8EJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The financial statements have been prepared for the ten month period from incorporation on 8 June 2023 to 31 March 2024.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover represents rental income on the lease of leasehold property.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Investment property not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Costs incurred in relation to the acquisition and ongoing development of investment property is also capitalised up to the point the asset is in use. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The fair value is determined annually by the members, on an open market value for existing use basis.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

Period from
08.06.2023 to
31.03.2024
Number
Monthly average number of persons employed by the LLP during the period 0

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

31.03.2024
Number
Average number of members during the financial period 6,553

4. Tangible assets

Investment property Total
£ £
Cost
At 08 June 2023 0 0
Additions 3,380,000 3,380,000
At 31 March 2024 3,380,000 3,380,000
Accumulated depreciation
At 08 June 2023 0 0
At 31 March 2024 0 0
Net book value
At 31 March 2024 3,380,000 3,380,000

5. Creditors: amounts falling due within one year

31.03.2024
£
Bank loans 1,900,000

There are no amounts included above in respect of which any security has been given by the small entity.

6. Financial commitments

The LLP had no material capital commitments at the period ended 31 March 2024.

7. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the LLP since the financial period.