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REGISTERED NUMBER: OC320005 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 March 2025

for

Essential Property (UK) LLP

Essential Property (UK) LLP (Registered number: OC320005)






Contents of the Financial Statements
for the Year Ended 31 March 2025




Page

General Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Essential Property (UK) LLP

General Information
for the Year Ended 31 March 2025







DESIGNATED MEMBERS: Mr Jason Kitchener
Mrs Susan Kitchener





REGISTERED OFFICE: 1 Butterfield Court
Hitchin Street
Baldock
SG7 6XS





REGISTERED NUMBER: OC320005 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

Essential Property (UK) LLP (Registered number: OC320005)

Abridged Balance Sheet
31 March 2025

31.3.25 31.3.24
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,946 4,586
Investment property 5 380,000 380,000
383,946 384,586

CURRENT ASSETS
Debtors 139,228 145,037
Cash at bank 13,033 1,306
152,261 146,343
CREDITORS
Amounts falling due within one year 4,303 4,687
NET CURRENT ASSETS 147,958 141,656
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

531,904

526,242

LOANS AND OTHER DEBTS DUE TO
MEMBERS

6

385,300

379,638

MEMBERS' OTHER INTERESTS
Capital accounts 4 4
Other reserves 146,600 146,600
531,904 526,242

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 6 385,300 379,638
Members' other interests 146,604 146,604
531,904 526,242

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2025.

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.

Essential Property (UK) LLP (Registered number: OC320005)

Abridged Balance Sheet - continued
31 March 2025


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 23 June 2025 and were signed by:





Mr Jason Kitchener - Designated member

Essential Property (UK) LLP (Registered number: OC320005)

Notes to the Financial Statements
for the Year Ended 31 March 2025

1. STATUTORY INFORMATION

Essential Property (UK) 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The functional currency of the financial statements is pound sterling.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions which impact on the reported amounts of assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The revaluation of investment property is on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market basis by reference to professional advice.

Turnover
Turnover comprises the fair value of the rents receivable. Turnover is shown net of returns, rebates and discount.

Turnover is recognised over the period which the rental period relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to freehold property 10% straight line depreciation

Improvements to freehold property are depreciated from the point which they are bought into use.

Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in the fair value is recognised in the profit or loss account.

Essential Property (UK) LLP (Registered number: OC320005)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors, 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.

Basic financial liabilities
Basic financial liabilities, including creditors and loans 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.

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.

Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2024 - 2 ) .

Essential Property (UK) LLP (Registered number: OC320005)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2024
and 31 March 2025 6,399
DEPRECIATION
At 1 April 2024 1,813
Charge for year 640
At 31 March 2025 2,453
NET BOOK VALUE
At 31 March 2025 3,946
At 31 March 2024 4,586

5. INVESTMENT PROPERTY

The Members have considered the valuation of the investment property held by Essential Property (UK) LLP, and it was determined that no fair value adjustment was required.

Fair value at 31 March 2025 is represented by:
£   
Valuation in 2018 4,000
Valuation in 2020 102,000
Valuation in 2022 43,960
Valuation in 2023 (3,360 )
Cost 233,400
380,000

6. LOANS AND OTHER DEBTS DUE TO MEMBERS
31.3.25 31.3.24
£    £   
Amounts owed to members in respect of profits 385,300 379,638

Falling due within one year 385,300 379,638

If present, repayment of Members debt will take preference over equity due to Members but not before all other creditors have been settled.