| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2025 |
| for |
| Essential Property (UK) LLP |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 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 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| 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 |
| 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 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 were approved by the members of the LLP and authorised for issue on |
| 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 |
| 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 |
| 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 |
| 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 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 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. |