| REGISTERED NUMBER: |
| Report of the Members and |
| Unaudited Financial Statements for the Year Ended 31 March 2025 |
| for |
| Morondava Property LLP |
| REGISTERED NUMBER: |
| Report of the Members and |
| Unaudited Financial Statements for the Year Ended 31 March 2025 |
| for |
| Morondava Property LLP |
| Morondava Property LLP (Registered number: OC373545) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2025 |
| Page |
| General Information | 1 |
| Report of the Members | 2 |
| Profit and Loss Account | 3 |
| Other Comprehensive Income | 4 |
| Abridged Balance Sheet | 5 |
| Reconciliation of Members' Interests | 7 |
| Notes to the Financial Statements | 9 |
| Morondava Property LLP |
| General Information |
| for the Year Ended 31 March 2025 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| The Old Rectory |
| Springhead Road |
| Northfleet |
| Kent |
| DA11 8HN |
| Morondava Property LLP (Registered number: OC373545) |
| Report of the Members |
| for the Year Ended 31 March 2025 |
| The members present their report with the financial statements of the LLP for the year ended 31 March 2025. |
| PRINCIPAL ACTIVITY |
| The principal activity of the LLP in the year under review was that of rental of property. |
| DESIGNATED MEMBERS |
| The designated members during the year under review were: |
| RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
| The loss for the year before members' remuneration and profit shares was £14,846 (2024 - £96,817 loss). |
| MEMBERS' INTERESTS |
| Members are permitted to make drawings in anticipation of profits that are due to them after the consideration of the working capital requirements of the Limited Liability Partnership and other regulatory requirements. |
| The profits are shared between the members on a pre-agreed basis after taking into account many varying factors. Any transfers between members or members' accounts have been agreed by the relevant members involved. |
| Capital introduced from new members as subscribed capital and the repayment of the capital is set at the appointment date by agreement of the new member and the existing members. Capital introduced during the course of the business by existing members is due to be repaid in full with no interest charged to the Limited Liability Partnership. |
| This report has been prepared in accordance with the special provisions of Part 15 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 small LLPs. |
| ON BEHALF OF THE MEMBERS: |
| Morondava Property LLP (Registered number: OC373545) |
| Profit and Loss Account |
| for the Year Ended 31 March 2025 |
| 31.3.25 | 31.3.24 |
| £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT/(LOSS) | ( |
) |
| Gain/loss on revaluation of assets | - | (60,000 | ) |
| 785 | (86,469 | ) |
| Interest payable and similar expenses |
| LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
( |
) |
| Morondava Property LLP (Registered number: OC373545) |
| Other Comprehensive Income |
| for the Year Ended 31 March 2025 |
| 31.3.25 | 31.3.24 |
| Notes | £ | £ |
| LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
| Morondava Property LLP (Registered number: OC373545) |
| Abridged Balance Sheet |
| 31 March 2025 |
| 31.3.25 | 31.3.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET ASSETS ATTRIBUTABLE TO MEMBERS |
173,219 |
170,567 |
| Morondava Property LLP (Registered number: OC373545) |
| Abridged Balance Sheet - continued |
| 31 March 2025 |
| 31.3.25 | 31.3.24 |
| Notes | £ | £ | £ | £ |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
40,219 |
37,567 |
| MEMBERS' OTHER INTERESTS |
| Fair value reserve |
| 173,219 | 170,567 |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 40,219 | 37,567 |
| Members' other interests | 133,000 | 133,000 |
| 173,219 | 170,567 |
| 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 |
| Morondava Property LLP (Registered number: OC373545) |
| Reconciliation of Members' Interests |
| for the Year Ended 31 March 2025 |
| EQUITY | DEBT | TOTAL |
| Members' | Loans and other debts due to | MEMBERS' |
| other | members less any amounts due | INTERESTS |
| interests | from members in debtors |
| Other | Other |
| reserves | amounts | Total |
| £ | £ | £ |
| Amount due to members | 37,567 |
| Amount due from members | - |
| Balance at 1 April 2024 | 133,000 | 37,567 | 170,567 |
| Loss for the financial year available for discretionary division among members |
(14,846 |
) |
- |
(14,846 |
) |
| Members' interests after loss for the year |
118,154 |
37,567 |
155,721 |
| Other divisions of loss | 14,846 | (14,846 | ) | - |
| Introduced by members | - | 20,748 | 20,748 |
| Drawings on account and distributions of profit |
- |
(3,250 |
) |
(3,250 |
) |
| Amount due to members | 40,219 |
| Amount due from members | - |
| Balance at 31 March 2025 | 133,000 | 40,219 | 173,219 |
| Morondava Property LLP (Registered number: OC373545) |
| Reconciliation of Members' Interests |
| for the Year Ended 31 March 2025 |
| EQUITY | DEBT | TOTAL |
| Members' | Loans and other debts due to | MEMBERS' |
| other | members less any amounts due | INTERESTS |
| interests | from members in debtors |
| Other | Other |
| reserves | amounts | Total |
| £ | £ | £ |
| Amount due to members | 82,893 |
| Amount due from members | - |
| Balance at 1 April 2023 | 250,000 | 82,893 | 332,893 |
| Loss for the financial year available for discretionary division among members |
(96,817 |
) |
- |
(96,817 |
) |
| Members' interests after loss for the year |
153,183 |
82,893 |
236,076 |
| Other divisions of loss | 96,817 | (96,817 | ) | - |
| Reserve transfer | (117,000 | ) | - | (117,000 | ) |
| Introduced by members | - | 132,179 | 132,179 |
| Drawings on account and distributions of profit |
- |
(80,688 |
) |
(80,688 |
) |
| Amount due to members | 37,567 |
| Amount due from members | - |
| Balance at 31 March 2024 | 133,000 | 37,567 | 170,567 |
| Protection is afforded to secured creditors in the event of a winding-up of the LLP, which is legally enforceable and cannot be revoked at will by the members. |
| Morondava Property LLP (Registered number: OC373545) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| Morondava Property 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. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Revenue recognition |
| Sales comprise the fair value of the consideration received or receivable for the sale of services in the ordinary course of the LLP's activities. Sales are presented, net of value-added tax, rebates and discounts. |
| The LLP recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows: |
| Rental income from operating leases (net of any incentives given to the lessees) is recognised when the right to receive payment is established. |
| Tangible fixed assets |
| Plant and machinery | - |
| Computer equipment | - |
| 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. |
| 4. | EMPLOYEE INFORMATION |
| Morondava Property LLP (Registered number: OC373545) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 5. | 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 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2024 |
| and 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Fair value at 31 March 2025 is represented by: |
| £ |
| Valuation in 2017 | 195,916 |
| Valuation in 2018 | 20,000 |
| Valuation in 2019 | 75,000 |
| Valuation in 2021 | 33,000 |
| Valuation in 2022 | 82,000 |
| Valuation in 2024 | (198,903 | ) |
| Cost | 182,987 |
| 390,000 |
| If Investment property had not been revalued it would have been included at the following historical cost: |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Cost | 182,987 | 182,987 |
| Investment property was valued on an open market basis on 11 March 2025 by CMME . |
| Morondava Property LLP (Registered number: OC373545) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Repayable otherwise than by instalments |
| Mortgage | 211,863 | 211,948 |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Bank loans |
| The bank loans are secured against the properties held within investment properties. |