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Registered number: OC325765
VILAIS (TWISTER) LLP
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 5 APRIL 2025
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VILAIS (TWISTER) LLP
REGISTERED NUMBER: OC325765
BALANCE SHEET
AS AT 5 APRIL 2025
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Debtors: amounts falling due within one year
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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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Loans and other debts due to members within one year
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Members' capital classified as a liability
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Investment property revaluation reserve
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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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VILAIS (TWISTER) LLP
REGISTERED NUMBER: OC325765
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 2025
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 delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income 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:
The notes on pages 4 to 7 form part of these financial statements.
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VILAIS (TWISTER) LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 5 APRIL 2025
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Investment property revaluation reserve
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Members' capital (classified as debt)
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Automatic allocation of losses to members
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Members’ interest after loss for the year
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Automatic allocation of losses to members
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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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VILAIS (TWISTER) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
Vilais (Twister) LLP ("the LLP") is a limited liability partnership incorporated and domiciled in England. The address of its registered office and principal place of business is 135 Worcester Road, Hagley, West Midlands, DY9 0NW.
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 unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The following principal accounting policies have been applied:
On 31 July 2023, West Bromwich Commercial Limited appointed LPA Receivers to take over the management of the Clapham property. The net rental income is being used to pay down the interest and capital on the secured mortgage. The members have agreed to financially support the LLP in the medium term whilst awaiting a decision from the bank as to future intentions.
On the basis of this opinion, the financial statements have been prepared on a going concern basis. If, for whatever reason, the necessary financial support is not forthcoming, then this basis may be inappropriate.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Investment property is carried at fair value determined annually by the members 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 Statement of comprehensive income and transferred directly to the investment property revaluation reserve, where fair value is above cost.
Short-term debtors are measured at 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.
Short-term 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.
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VILAIS (TWISTER) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
2.Accounting policies (continued)
Finance costs are capitalised and added to the cost of the asset to which they relate, where applicable. Otherwise, they are charged to the Statement of comprehensive income 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.
The entity has no employees (2024:Nil)
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Freehold investment property
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The historical cost of the investment properties is £5,204,669 (2024: £5,204,669).
The 2025 valuations were made by the members, on an open market value for existing use basis.
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Amounts owed by group undertakings
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VILAIS (TWISTER) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Loans and other debts due to members
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Members' capital treated as debt
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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. The members hereby confirm that the amount of capital that each member is required to subscribe may only be withdrawn when he or she ceases to be a member.
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The members' capital as defined in the partnership agreement has been classified as a liability of the LLP in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
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VILAIS (TWISTER) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
The LLP is party to cross-guarantees with Hawkstone Properties (Hereford) LLP, Hawkstone Properties (Wolverhampton) LLP and Vilais (Coombs Wood) LLP. These only come into effect, if required, on the earlier of a) the sale of the LLP's property; and b) the termination or expiry of the terms of the facilities. The cross guarantee is limited to the capital profit share after deductions for selling expenses and related taxation.
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