PLATINUM LIFESTYLE PROPERTY LLP LLP accounts

REGISTERED NUMBER: OC415277

PLATINUM LIFESTYLE PROPERTY LLP

Unaudited Financial Statements

5 April 2024

PLATINUM LIFESTYLE PROPERTY LLP

Financial Statements

Year ended 5 April 2024

Contents	Page

Members' report	1

Statement of comprehensive income	2

Statement of financial position	3

Reconciliation of members' interests	5

Notes to the financial statements	7

PLATINUM LIFESTYLE PROPERTY LLP

Members' Report

Year ended 5 April 2024

The members present their report and the unaudited financial statements of the LLP for the year ended 5 April 2024 .

Principal activities

The principal activity of the company during the year was that of property investment.

Designated members

The designated members who served the LLP during the year were as follows:

Mr H A Khan
Mrs R Khan	(Resigned 7 May 2023)

Ms M Akhmedova became a designated partner on 8 May 2023.

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

This report was approved by the members on 2 September 2025 and signed on behalf of the members by:

Mr H A Khan

Designated Member

Registered office:

7 Redbridge Lane East

Ilford

Essex

IG4 5ET

PLATINUM LIFESTYLE PROPERTY LLP

Statement of Comprehensive Income

Year ended 5 April 2024

	2024	2023
Note	£	£
Turnover	129,758	133,536

	---------	---------
Gross profit	129,758	133,536

Administrative expenses	26,443	32,082
	---------	---------
Operating profit	103,315	101,454

Interest payable and similar expenses	115,568	120,420
	---------	---------
Loss for the financial year before members' remuneration and profit shares available for discretionary division among members	(12,253)	(18,966)
	---------	---------

All the activities of the LLP are from continuing operations.

PLATINUM LIFESTYLE PROPERTY LLP

Statement of Financial Position

5 April 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	4	4,100,645	4,100,645

Current assets

Debtors	5	( 15,592)	116,255
Cash at bank and in hand		360	360
		--------	---------
		( 15,232)	116,615

Creditors: amounts falling due within one year	6	7,500	6,000
		--------	---------
Net current (liabilities)/assets		( 22,732)	110,615
		------------	------------
Total assets less current liabilities		4,077,913	4,211,260

Creditors: amounts falling due after more than one year	7	3,011,575	3,139,409
		------------	------------
Net assets		1,066,338	1,071,851
		------------	------------

Represented by:

Loans and other debts due to members

Other amounts	8	5,076	10,589

Members' other interests

Members' capital classified as equity	1,061,262	1,061,262
Other reserves	–	–
	------------	------------
	1,066,338	1,071,851
	------------	------------

Total members' interests

Amounts due from members		(5,747)	(137,594)
Loans and other debts due to members	8	5,076	10,589
Members' other interests		1,061,262	1,061,262
		------------	------------
		1,060,591	934,257
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 5 April 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

PLATINUM LIFESTYLE PROPERTY LLP

Statement of Financial Position (continued)

5 April 2024

These financial statements were approved by the members and authorised for issue on 2 September 2025 , and are signed on their behalf by:

Mr H A Khan

Designated Member

Registered number: OC415277

PLATINUM LIFESTYLE PROPERTY LLP

Reconciliation of Members' Interests

Year ended 5 April 2024

	Members' other interests			Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total	Total 2024
	£	£	£	£	£	£
Amounts due to members				10,590	10,590
Amounts due from members				(137,595)	(137,595)
				---------	---------
Balance at 6 April 2023	1,061,262	–	1,061,262	(127,005)	(127,005)	934,257
Loss for the financial year available for discretionary division among members		(12,253)	(12,253)			(12,253)
	------------	--------	------------	---------	---------	---------
Members' interests after loss for the year	1,061,262	(12,253)	1,049,009	(127,005)	(127,005)	922,004
Other division of profits		12,253	12,253	(12,253)	(12,253)	–
Drawings				138,587	138,587	138,587
				---------	---------
Amounts due to members				5,076	5,076
Amounts due from members				(5,747)	(5,747)
	------------	--------	------------	---------	---------	------------
Balance at 5 April 2024	1,061,262	–	1,061,262	(671)	(671)	1,060,591
	------------	--------	------------	---------	---------	------------

PLATINUM LIFESTYLE PROPERTY LLP

Reconciliation of Members' Interests (continued)

Year ended 5 April 2024

	Members' other interests			Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total	Total 2023
	£	£	£	£	£	£
Amounts due to members				19,124	19,124
Amounts due from members				(170,743)	(170,743)
				---------	---------
Balance at 6 April 2022	1,061,262	–	1,061,262	(151,619)	(151,619)	909,643
Loss for the financial year available for discretionary division among members		(18,966)	(18,966)			(18,966)
	------------	--------	------------	---------	---------	---------
Members' interests after loss for the year	1,061,262	(18,966)	1,042,296	(151,619)	(151,619)	890,677
Other division of profits		18,966	18,966	(18,966)	(18,966)	–
Drawings				43,580	43,580	43,580
				---------	---------
Amounts due to members				10,589	10,589
Amounts due from members				(137,594)	(137,594)
	------------	--------	------------	---------	---------	---------
Balance at 5 April 2023	1,061,262	–	1,061,262	(127,005)	(127,005)	934,257
	------------	--------	------------	---------	---------	---------

PLATINUM LIFESTYLE PROPERTY LLP

Notes to the Financial Statements

Year ended 5 April 2024

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 7 Redbridge Lane East, Ilford, Essex, IG4 5ET.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover represents rent receivable during the year. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Rental income is recognised on an accrual basis in accordance with the substance of the relevant agreement.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

PLATINUM LIFESTYLE PROPERTY LLP

Notes to the Financial Statements (continued)

Year ended 5 April 2024

3. Accounting policies (continued)

Members' participation rights (continued)

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

4.	Tangible assets

	Freehold property
	£
Cost
At 6 April 2023 and 5 April 2024	4,100,645
	------------
Depreciation
At 6 April 2023 and 5 April 2024	–
	------------
Carrying amount
At 5 April 2024	4,100,645
	------------
At 5 April 2023	4,100,645
	------------

The LLP's investment properties were revalued on a fair value basis by the members on 5 April 2024.

5.	Debtors

	2024	2023
	£	£
Other debtors	( 15,592)	116,255
	--------	---------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Other creditors	7,500	6,000
	-------	-------

7. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	3,011,575	3,139,409
	------------	------------

8.	Loans and other debts due to members

	2024	2023
	£	£
Amounts owed to members in respect of profits	5,076	10,589
	-------	--------