| REGISTERED NUMBER: |
| UK Commercial Property (Exeter) LLP |
| Unaudited Financial Statements For The Year Ended 31 March 2025 |
| REGISTERED NUMBER: |
| UK Commercial Property (Exeter) LLP |
| Unaudited Financial Statements For The Year Ended 31 March 2025 |
| UK Commercial Property (Exeter) LLP (Registered number: OC319819) |
| Contents of the Financial Statements |
| For The Year Ended 31 March 2025 |
| Page |
| General Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| UK Commercial Property (Exeter) LLP |
| General Information |
| For The Year Ended 31 March 2025 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Sidings Court |
| Lakeside |
| Doncaster |
| DN4 5NU |
| UK Commercial Property (Exeter) LLP (Registered number: OC319819) |
| Balance Sheet |
| 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| and |
| NET ASSETS ATTRIBUTABLE TO MEMBERS | 2,361,748 | 2,131,191 |
| LOANS AND OTHER DEBTS DUE TO MEMBERS | 7 | 2,866,928 | 2,636,371 |
| MEMBERS' OTHER INTERESTS |
| Capital accounts | 1,700,000 | 1,700,000 |
| Revaluation reserve | 8 | ( |
) | ( |
) |
| 2,361,748 | 2,131,191 |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 7 | 2,866,928 | 2,636,371 |
| Members' other interests | (505,180 | ) | (505,180 | ) |
| 2,361,748 | 2,131,191 |
| 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. |
| The financial statements were approved by the members of the LLP and authorised for issue on |
| UK Commercial Property (Exeter) LLP (Registered number: OC319819) |
| Notes to the Financial Statements |
| For The Year Ended 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| UK Commercial Property (Exeter) LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover 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. |
| Freehold investment property is recognised at fair value, at the date of revaluation, less any accumulated depreciation and subsequent impairment losses. Revaluations are completed with sufficient regulatory to ensure the carrying amount does not materially differ from that which would be determined using fair value at the balance sheet date. |
| Fair values are calculated by professional qualified valuers, based on assumptions and available market evidence. |
| Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains, in which case the excess losses are recognised in profit or loss. |
| No depreciation is provided for these assets. |
| Financial instruments |
| Financial assets |
| Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. |
| These assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
| Financial liabilities |
| Basic financial liabilities, including trade and other creditors, bank loans, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Allocation of profits and drawings |
| 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. |
| The use of 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. Conversely, a discretionary division of profits requires the members of the LLP to make a decision, which it has the unconditional right to avoid making. |
| The LLP uses an automatic division of profits. Automatic divisions of profit are recognised as a credit within the current account of the Members, located in other reserves.The automatic division of profits are recognised as 'Members' remuneration charged as an expense in the Profit and Loss account. If the LLP is loss making in the year this loss will be automatically divided between the Members in the same allocation. This will be shown as a debit in the Members current account balances. |
| UK Commercial Property (Exeter) LLP (Registered number: OC319819) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 March 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| The financial statements do not incorporate any charge or liability for taxation on the results of the LLP, as the relevant income tax is the responsibility of the individual members. |
| 3. | EMPLOYEE INFORMATION |
| The average number of employees during the year was NIL (2024 - NIL). |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2024 |
| and 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Other creditors |
| Accruals and deferred income |
| 7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
| 2025 | 2024 |
| £ | £ |
| Members' capital classified as a liability | 1,406,795 | 1,406,795 |
| Undrawn profits | 1,460,133 | 1,229,576 |
| 2,866,928 | 2,636,371 |
| In the event of winding up, amounts in 'Loans and other debts due to members' (other than members' capital classified as debt) would rank pari passu with unsecured creditors. No other protection is afforded to creditors in such an event which is legally enforceable and cannot be revoked solely by a decision of the members. |
| There are no restrictions or limitations existing on the ability of the members to reduce the amount of 'Members' other interests'. |
| UK Commercial Property (Exeter) LLP (Registered number: OC319819) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 March 2025 |
| 8. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 April 2024 |
| and 31 March 2025 | ( |
) |