MRB Residential Partners LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC368061

MRB Residential Partners LLP

Unaudited Financial Statements

31 December 2024

MRB Residential Partners LLP

Statement of Comprehensive Income

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	221,467	350,038

Cost of sales	( 119,119)	( 655,823)
	---------	---------
Gross profit/(loss)	102,348	( 305,785)

Administrative expenses		( 558,258)	( 266,234)
Other operating income	5	6,062	36,377
		---------	---------
Operating loss	6	( 449,848)	( 535,642)

Interest on bank loans	7	( 642,070)	( 1,606,597)
		------------	------------
Loss for the financial year before members' remuneration and profit shares available for discretionary division among members		(1,091,918)	(2,142,239)
		------------	------------

All the activities of the LLP are from continuing operations.

MRB Residential Partners LLP

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	8	937	–

Current assets

Stocks	9	69,365,568	69,365,568
Debtors	10	2,295,383	3,189,809
Cash at bank and in hand		337,952	1,066,070
		-------------	-------------
		71,998,903	73,621,447

Creditors: amounts falling due within one year
Trade creditors		( 356,316)	( 356,316)
Other creditors including taxation and social security	11	5,505	16,048
Accruals and deferred income		( 32,085)	( 111,486)
		-------------	-------------
		( 382,896)	( 451,754)
		-------------	-------------
Net current assets		71,616,007	73,169,693
		-------------	-------------
Total assets less current liabilities		71,616,944	73,169,693

Creditors: amounts falling due after more than one year
Bank loans and overdrafts	( 30,445,859)	( 19,121,067)
Amounts owed to group undertakings	( 69,710,118)	( 69,999,563)
Amounts owed to undertakings in which the LLP has a participating interest	( 20,000,000)	( 30,445,859)
	--------------	--------------
	( 120,155,977)	( 119,566,489)
	--------------	--------------
Net liabilities	( 48,539,033)	( 46,396,796)
	--------------	--------------

MRB Residential Partners LLP

Statement of Financial Position (continued)

31 December 2024

	2024	2023
Note	£	£

Represented by:

Loans and other debts due to members

Members' capital classified as a liability	1,000	1,000
Other amounts	–	–
	-------	-------
	1,000	1,000

Members' other interests

Other reserves, including the fair value reserve	(48,540,033)	(13,370,011)
	-------------	-------------
	(48,539,033)	(13,369,011)
	-------------	-------------

Total members' interests

Amounts due from members	(1,091,918)	(2,142,239)
Loans and other debts due to members	1,000	1,000
Members' other interests	(48,540,033)	(13,370,011)
	-------------	-------------
	(49,630,951)	(15,511,250)
	-------------	-------------

For the year ending 31 December 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 .

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

These financial statements were approved by the members and authorised for issue on 22 September 2025 , and are signed on their behalf by:

MRB Residential Limited

Member

Registered number: OC368061

MRB Residential Partners LLP

Notes to the Financial Statements

Year ended 31 December 2024

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 9 Buckingham Gate, London, SW1E 6JP, UK.

2.	Statement of compliance

These financial statements have been prepared in compliance with 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 2021 (SORP 2021).

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.

Going concern

The members have prepared these financial statements on a going concern basis. In assessing the LLP's ability to continue as a going concern, the members have considered all relevant information about the future, including the LLP's current financial position, expected cash flows, and any potential risks and uncertainties. The LLP has incurred significant losses during the period under review, resulting in net liabilities at the balance sheet date. The members have reviewed the LLP's forecasted cash flows and business plans for at least 12 months from the date of signing the financial statements. These forecasts consider the LLP’s financial resources, contractual commitments, and the members' ongoing support through capital contributions or subordinated loans. The members acknowledge that the continuation of the LLP as a going concern depends on the successful execution of its business plans, the ability to manage liquidity, and the commitment of the members to provide financial support when required. Based on the review and the mitigating actions available, the members have a reasonable expectation that the LLP will have adequate resources to meet its obligations as they fall due. Therefore, the members continue to adopt the going concern basis in preparing the financial statements.

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.

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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office equipment	-	33% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4.	Turnover

Turnover arises from:

	2024	2023
	£	£
Property rental income	( 221,467)	( 350,038)
	---------	---------

The whole of the turnover is attributable to the principal activity of the LLP wholly undertaken in the United Kingdom.

5.	Other operating income

	2024	2023
	£	£
Other operating income	6,062	36,377
	-------	--------

6.	Operating loss

Operating profit or loss is stated after charging:

	2024	2023
	£	£
Depreciation of tangible assets	312	–
Impairment of trade debtors	21,285	–
	--------	----

7.	Interest on bank loans

	2024	2023
	£	£
Interest on debenture loans	642,070	1,606,597
	---------	------------

8.	Tangible assets

	Equipment
	£
Cost
At 1 January 2024	–
Additions	1,249
	-------
At 31 December 2024	1,249
	-------
Depreciation
At 1 January 2024	–
Charge for the year	312
	-------
At 31 December 2024	312
	-------
Carrying amount
At 31 December 2024	937
	-------
At 31 December 2023	–
	-------

9.	Stocks

	2024	2023
	£	£
Investment Properties	69,365,568	69,365,568
	-------------	-------------

10.	Debtors

	2024	2023
	£	£
Trade debtors	50,470	50,470
Amounts owed by group undertakings	1,111,008	984,643
Prepayments and accrued income	41,987	12,457
Amounts due from members	1,091,918	2,142,239
	------------	------------
	2,295,383	3,189,809
	------------	------------

11.	Other creditors including taxation and social security falling due within one year

	2024	2023
	£	£
Other creditors	( 5,505)	( 16,048)
	-------	--------

12.	Ultimate controlling party

In the opinion of the members, the immediate parent of the LLP is MRB Residential Limited , while the ultimate parent company and ultimate controlling party is Tai United Holdings Limited. The results of the LLP are consolidated within the group headed by Tai United Holdings Limited, a company incorporated in Bermuda. Copies of the consolidated financial statements for this group can be obtained from Room 4202-03A, 42/F, China Resources Building, 26 Harbour Road, Wan Chai, Hong Kong.