Vision Residences (Phase Two) LLP

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—4

Registered number: OC378370

		31 March 2025		31 December 2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		127,402		302,318
Investment Properties	5		6,294,672		6,858,679

			6,422,074		7,160,997
CURRENT ASSETS
Debtors	6	1,942,762		965,716
Cash at bank and in hand		28,769		61,481

		1,971,531		1,027,197
Creditors: Amounts Falling Due Within One Year	7	(402,422 )		(447,011 )

NET CURRENT ASSETS (LIABILITIES)			1,569,109		580,186

TOTAL ASSETS LESS CURRENT LIABILITIES			7,991,183		7,741,183

NET ASSETS ATTRIBUTABLE TO MEMBERS			7,991,183		7,741,183

REPRESENTED BY:
Loans and other debts due to members
Members' capital classified as a liability		2,986,090		2,736,090

			2,986,090		2,736,090

Equity
Members' other interests
Other reserves		5,005,093		5,005,093

			5,005,093		5,005,093

			7,991,183		7,741,183

TOTAL MEMBERS' INTEREST
Amounts due from members			(1,611,983)		(904,724)
Loans and other debts due to members			2,986,090		2,736,090
Members' other interests			5,005,093		5,005,093

			6,379,200		6,836,459

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Vision Residences (Phase Two) LLP

Balance Sheet (continued)

As At 31 March 2025

For the period ending 31 March 2025 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 applicable to LLPs subject to the small LLPs regime.)

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 accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.

On behalf of the members

Mr Andrew Reid

Designated Member

03/12/2025

The notes on pages 3 to 4 form part of these financial statements.

1. General Information

Vision Residences (Phase Two) LLP is a limited liability partnership, incorporated in England & Wales, registered number OC378370 . The Registered Office is Moss House, 15-16 Brooks Mews, London, W1K 4DS.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in May 2024 (SORP) and the Companies Act 2006 (as applied to LLPs).

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

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% reducing balance
Motor Vehicles	25% reducing balance

2.4. Investment Properties

All investment properties are 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 for. Changes in fair value are recognised in the profit and loss account.

3. Average Number of Employees

Average number of employees, including members with contracts of employment, during the period was: 2 (2024: 2)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Total
	£	£	£
Cost or Valuation
As at 1 January 2025	29,500	694,480	723,980
Disposals	-	(394,480 )	(394,480 )

As at 31 March 2025	29,500	300,000	329,500

Depreciation
As at 1 January 2025	20,165	401,497	421,662
Provided during the period	584	18,312	18,896
Disposals	-	(238,460 )	(238,460 )

As at 31 March 2025	20,749	181,349	202,098

...CONTINUED

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Vision Residences (Phase Two) LLP

Notes to the Financial Statements (continued)

For the Period 1 January 2025 to 31 March 2025

Net Book Value
As at 31 March 2025	8,751	118,651	127,402

As at 1 January 2025	9,335	292,983	302,318

5. Investment Property

	31 March 2025
	£
Fair Value
As at 1 January 2025	6,858,679
Additions	220,553
Fair value adjustments	(784,560 )

As at 31 March 2025	6,294,672

6. Debtors

	31 March 2025	31 December 2024
	£	£
Due within one year
Trade debtors	2,428	4,738
Prepayments and accrued income	23,700	29,300
Other debtors	285,766	5,747
VAT	18,885	21,207
Amounts due from members	1,611,983	904,724

	1,942,762	965,716

7. Creditors: Amounts Falling Due Within One Year

	31 March 2025	31 December 2024
	£	£
Trade creditors	146,728	151,979
Other creditors	207,118	208,903
Accruals and deferred income	48,576	86,129

	402,422	447,011

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