The members present their annual report and financial statements for the period ended 31 March 2025.
The principal activity of the limited liability partnership during the period is that of property rental.
The limited liability partnership was incorporated on 7 March 2024 and business activity commenced on 27 March 2024.
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.
A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".
The designated members who held office during the period and up to the date of signature of the financial statements were as follows:
This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rains Property LLP for the period ended 31 March 2025 set out on pages 3 to 7 from the limited liability partnership’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the limited liability partnership's members of Rains Property LLP, as a body, in accordance with the terms of our engagement letter dated 2 October 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Rains Property LLP and state those matters that we have agreed to state to the limited liability partnership's members of Rains Property LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rains Property LLP and its members as a body, for our work or for this report.
It is your duty to ensure that Rains Property LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rains Property LLP. You consider that Rains Property LLP is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Rains Property LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Rains Property LLP is a limited liability partnership incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
The limited liability partnership's principal activities are disclosed in the Members' Report.
This is the first time the LLP has presented its financial statements since its incorporation and hence the financial statements presented are for a period of more than twelve months with no comparatives.
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Turnover represents the amounts receivable for property rental services.
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities, including creditors, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
The average number of persons (excluding members) employed by the partnership during the period was:
The investment property was acquired by the Limited Liability Partnership on 27 March 2024.
In the opinion of the members, the fair value of the investment properties is not materially different to the carrying value in the accounts as at the balance sheet date.
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.