Dalston Locke Property LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC418923

Dalston Locke Property LLP

Filleted Unaudited Financial Statements

31 December 2024

Dalston Locke Property LLP

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Investments	4	1	1

Current assets

Debtors	5	15,700,965	15,701,965

Creditors: amounts falling due within one year	6	1	1
		-------------	-------------
Net current assets		15,700,964	15,701,964
		-------------	-------------
Total assets less current liabilities		15,700,965	15,701,965
		-------------	-------------

Represented by:

Loans and other debts due to members

Other amounts	7	15,700,915	15,701,915

Members' other interests

Members' capital classified as equity	50	50
Other reserves	–	–
	-------------	-------------
	15,700,965	15,701,965
	-------------	-------------

Total members' interests

Loans and other debts due to members	7	15,700,915	15,701,915
Members' other interests		50	50
		-------------	-------------
		15,700,965	15,701,965
		-------------	-------------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

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 .

Dalston Locke Property LLP

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the members and authorised for issue on 28 October 2025 , and are signed on their behalf by:

Manish Gudka

Designated Member

Registered number: OC418923

Dalston Locke Property 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 1st Floor, 88 Baker Street, London, W1U 3TQ, England.

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 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.

Taxation

Taxation on LLP profits is the personal liability of the members and consequently neither taxation nor deferred taxation is accounted for in these financial statements.

Going concern

These financial statements have been prepared on the going concern basis.

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'.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

4.	Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	1
	----
Impairment
At 1 January 2024 and 31 December 2024	–
	----

Carrying amount
At 31 December 2024	1
	----
At 31 December 2023	1
	----

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
Dalston Locke Holdings Limited	Ordinary	100

The results and capital and reserves for the year are as follows:

	Capital and reserves		Profit/(loss) for the year
	2024	2023	2024	2023
	£	£	£	£
Subsidiary undertakings
Dalston Locke Holdings Limited	10,248,723	8,668,723	1,580,000	1,580,000
	-------------	------------	------------	------------

5.	Debtors

	2024	2023
	£	£
Amounts owed by group undertakings	15,700,915	15,701,915
Other debtors	50	50
	-------------	-------------
	15,700,965	15,701,965
	-------------	-------------

The amounts due from Dalston Locke Holdings Limited are unsecured, interest free and repayable upon demand.

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Other creditors	1	1
	----	----

7.	Loans and other debts due to members

	2024	2023
	£	£
Loans from members	15,700,915	15,701,915
	-------------	-------------