Property Practice LLP

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

Registered number: OC449266

		5 April 2025		5 April 2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		297		-
Investment Properties	5		825,000		825,000

			825,297		825,000
CURRENT ASSETS
Cash at bank and in hand		41,564		15,271

		41,564		15,271
Creditors: Amounts Falling Due Within One Year	6	(1,100 )		(1,500 )

NET CURRENT ASSETS (LIABILITIES)			40,464		13,771

TOTAL ASSETS LESS CURRENT LIABILITIES			865,761		838,771

Creditors: Amounts Falling Due After More Than One Year	7		(333,120 )		(343,500 )

NET ASSETS ATTRIBUTABLE TO MEMBERS			532,641		495,271

REPRESENTED BY:
Loans and other debts due to members
Other amounts		29,184		4,583

			29,184		4,583

Equity
Members' other interests
Members' capital		503,457		490,688

			503,457		490,688

			532,641		495,271

TOTAL MEMBERS' INTEREST
Loans and other debts due to members			29,184		4,583
Members' other interests			503,457		490,688

			532,641		495,271

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Property Practice LLP

Balance Sheet (continued)

As At 5 April 2025

For the year ending 5 April 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 Jasmit Lochab

Designated Member

30/12/2025

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

1. General Information

Property Practice LLP is a limited liability partnership, incorporated in England & Wales, registered number OC449266 . The Registered Office is Unit 11 Diddenham Court, Lambwood Hill, Grazeley, Berkshire, RG7 1JQ.

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 December 2021 (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:

Computer Equipment

33% Straight line method

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 year was: NIL (2024: NIL)

4. Tangible Assets

	Computer Equipment
	£
Cost
As at 6 April 2024	-
Additions	360

As at 5 April 2025	360

...CONTINUED

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Property Practice LLP

Notes to the Financial Statements (continued)

For The Year Ended 5 April 2025

Depreciation
As at 6 April 2024	-
Provided during the period	63

As at 5 April 2025	63

Net Book Value
As at 5 April 2025	297

As at 6 April 2024	-

5. Investment Property

	5 April 2025
	£
Fair Value
As at 6 April 2024 and 5 April 2025	825,000

6. Creditors: Amounts Falling Due Within One Year

	5 April 2025	5 April 2024
	£	£
Other creditors	1,100	1,500

7. Creditors: Amounts Falling Due After More Than One Year

	5 April 2025	5 April 2024
	£	£
Bank loans	333,120	343,500

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