REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 OCTOBER 2023 TO 31 MARCH 2024 |
FOR |
WEP PROPERTIES LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 OCTOBER 2023 TO 31 MARCH 2024 |
FOR |
WEP PROPERTIES LLP |
WEP PROPERTIES LLP (REGISTERED NUMBER: OC413565) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 4 |
Balance Sheet | 5 |
Reconciliation of Members' Interests | 7 |
Notes to the Financial Statements | 9 |
WEP PROPERTIES LLP |
GENERAL INFORMATION |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
9 Berners Place |
London |
W1T 3AD |
WEP PROPERTIES LLP (REGISTERED NUMBER: OC413565) |
REPORT OF THE MEMBERS |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
The members present their report with the financial statements of the LLP for the period 1 October 2023 to 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the period under review was that of development of building projects. |
DESIGNATED MEMBERS |
The designated members during the period under review were: |
RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS |
The profit for the period before members' remuneration and profit shares was £6,626 (2023 - £45,346 profit). |
MEMBERS' INTERESTS |
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business. |
FIXED ASSETS |
Changes in fixed assets are shown in note 4 to the financial statements. |
STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
WEP PROPERTIES LLP (REGISTERED NUMBER: OC413565) |
REPORT OF THE MEMBERS |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
ON BEHALF OF THE MEMBERS: |
WEP PROPERTIES LLP (REGISTERED NUMBER: OC413565) |
INCOME STATEMENT |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
PERIOD |
1.10.23 |
TO | YEAR ENDED |
31.3.24 | 30.9.23 |
Notes | £ | £ |
REVENUE |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT |
Interest receivable and similar income |
PROFIT FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
WEP PROPERTIES LLP (REGISTERED NUMBER: OC413565) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
1,181,897 |
1,175,271 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
1,144,357 |
1,137,731 |
CAPITAL ACCOUNTS |
Capital accounts | 37,540 | 37,540 |
1,181,897 | 1,175,271 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 1,144,357 | 1,137,731 |
Capital accounts | 37,540 | 37,540 |
1,181,897 | 1,175,271 |
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. |
WEP PROPERTIES LLP (REGISTERED NUMBER: OC413565) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
WEP PROPERTIES LLP (REGISTERED NUMBER: OC413565) |
RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 October 2023 | 37,540 | - | 37,540 |
Profit for the financial period available for discretionary division among members |
- |
6,626 |
6,626 |
Members' interests after profit for the period | 37,540 | 6,626 | 44,166 |
Other divisions of profit | - | (6,626 | ) | (6,626 | ) |
Balance at 31 March 2024 | 37,540 | - | 37,540 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 1,137,731 |
Amount due from members | - |
Balance at 1 October 2023 | 1,137,731 | 1,175,271 |
Profit for the financial period available for discretionary division among members |
- |
6,626 |
Members' interests after profit for the period | 1,137,731 | 1,181,897 |
Other divisions of profit | 6,626 | - |
Amount due to members | 1,144,357 |
Amount due from members | - |
Balance at 31 March 2024 | 1,144,357 | 1,181,897 |
WEP PROPERTIES LLP (REGISTERED NUMBER: OC413565) |
RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 October 2022 | 37,540 | - | 37,540 |
Profit for the financial period available for discretionary division among members |
- |
45,346 |
45,346 |
Members' interests after profit for the period | 37,540 | 45,346 | 82,886 |
Other divisions of profit | - | (45,346 | ) | (45,346 | ) |
Introduced by members | - | - | - |
Balance at 30 September 2023 | 37,540 | - | 37,540 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 1,042,385 |
Amount due from members | - |
Balance at 1 October 2022 | 1,042,385 | 1,079,925 |
Profit for the financial period available for discretionary division among members |
- |
45,346 |
Members' interests after profit for the period | 1,042,385 | 1,125,271 |
Other divisions of profit | 45,346 | - |
Introduced by members | 50,000 | 50,000 |
Amount due to members | 1,137,731 |
Amount due from members | - |
Balance at 30 September 2023 | 1,137,731 | 1,175,271 |
WEP PROPERTIES LLP (REGISTERED NUMBER: OC413565) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Wep Properties 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 |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value,less impairment losses for bad and doubtful debts. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand. |
Provisions |
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligations and a reliable estimate can be made. |
Trade and other creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as creditors falling due within one year if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as creditors falling due after one year. |
Trade creditors are recognised at the undiscounted amount owed to the supplier, which is normally the invoice price. |
3. | EMPLOYEE INFORMATION |
There were no staff costs for the period ended 31 March 2024 nor for the year ended 30 September 2023. |
The average number of employees during the period was NIL (2023 - NIL). |
4. | INFORMATION IN RELATION TO MEMBERS |
WEP PROPERTIES LLP (REGISTERED NUMBER: OC413565) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
PERIOD |
1.10.23 |
TO | YEAR ENDED |
31.3.24 | 30.9.23 |
The average number of members during the period was | 2 | 2 |
5. | INVESTMENT PROPERTY |
Total |
£ |
COST |
At 1 October 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 September 2023 |
Investment property was valued on an open market basis by the members. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by related |
company | 39,000 | - |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors | 18,145 | 18,145 |
Accrued expenses |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2024 | 2023 |
£ | £ |
Loans from members | 1,092,385 | 1,092,385 |
Amounts owed to members in respect of profits | 51,972 | 45,346 |
1,144,357 | 1,137,731 |
Falling due within one year | 1,144,357 | 1,137,731 |
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business. |
WEP PROPERTIES LLP (REGISTERED NUMBER: OC413565) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
9. | RELATED PARTY DISCLOSURES |
At the year end loan from one of the designated member is £1,092,385 (2023: £1,092,385). |
One of the designated member is a director and shareholder of another trading company.The amount due to Wep Properties LLP from that company was £39,000 (2023:£Nil). |