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Registered number: OC451977 (England & Wales)
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UNAUDITED FINANCIAL STATEMENTS
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FOR THE PERIOD FROM
INCORPORATION ON 19 APRIL 2024 TO
31 DECEMBER 2024
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Pages for Filing with Registrar
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CONTENTS
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Limited Liability Partnership Information
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Notes to the Financial Statements
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INFORMATION
Designated Members
Sapphire Holdco Limited
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Profimix Sapphire LDN Ltd
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LLP registered number
OC451977
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Registered office
2nd Floor, The Hide
3 Kingly Court
London
W1B 5PW
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Accountants
Lewis Golden LLP
40 Queen Anne Street
London
W1G 9EL
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Registered number: OC451977 (England & Wales)
SAPPHIRE PROPCO LLP
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BALANCE SHEET
AS AT 31 DECEMBER 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Net assets attributable to members
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Amounts due from members (included in debtors)
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Loans and other debts due to members
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- 2 -
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Registered number: OC451977 (England & Wales)
SAPPHIRE PROPCO LLP
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the Profit and Loss Account in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
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Profimix Sapphire LDN Ltd
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The notes on pages 4 to 7 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM INCORPORATION ON 19 APRIL 2024 TO 31 DECEMBER 2024
Sapphire Propco LLP is a Limited Liability Partnership, incorporated in England and Wales, LLP registered number OC451977. The address of the registered office is 2nd Floor, The Hide, 3 Kingly Court, London, W1B 5PW.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention and in accordance with section 1A - small entities of Financial Reporting Standard 102, the 'Financial Reporting Standard applicable in the UK and the Republic of Ireland' ('FRS102'), the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" - December 2021.
The financial statements represent the short period of account from incorporation on 19 April 2024 to 31 December 2024.
Turnover comprises rent received or receivable from properties and is recognised on a straight-line basis over the lease term. All turnover arises in the UK. Lease incentives are recognised over the lease term on a straight-line basis.
Interest income is recognised in Profit and Loss Account using the effective interest method.
Finance costs are charged to Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Division and distribution of profits
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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.
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, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Profit and Loss Account
The investment property was initially recognised at cost.
The investment property was subsequently carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM INCORPORATION ON 19 APRIL 2024 TO 31 DECEMBER 2024
2.Accounting policies (continued)
Current debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Current creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Basic financial assets
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price after transaction costs. If this constitutes a financing transaction, it is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the Profit and Loss Account.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM INCORPORATION ON 19 APRIL 2024 TO 31 DECEMBER 2024
2.Accounting policies (continued)
Interest rate swaps are measured at fair value, with any fair value gains or losses arising recognised in the Profit and Loss Account within other interest receivable and similiar income.
The investment property was valued by the designated members, on a fair value basis.
The fair value of the investment property is derived from valuation techniques and the estimation of future cash flows to be generated over a numbers of years. The estimation technique requires a combination of assumptions including rental values, the condition of the property, local property market conditions and economic value.
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For details relating to the interest rate swap, see note 6 below.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM INCORPORATION ON 19 APRIL 2024 TO 31 DECEMBER 2024
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Creditors: amounts falling due within one year
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Other taxation and social security
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Creditors: amounts falling due after more than one year
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The bank loan is repayable in June 2029 and bears interest at SONIA plus 3%. It is secured by way of a fixed and floating charge over the assets of the company. The company has entered into an interest rate swap agreement on the bank loan, swapping the variable SONIA interest rate for a fixed interest rate of 3.96% (see note 4).
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Loans and other debts due to members
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of members' other interests.
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