| Mollina Legatum |
| Registered number: |
OC432842 |
| Balance Sheet |
| as at 5 April 2025 |
| Notes |
|
2025 |
|
2024 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
2,449,500 |
|
2,735,000 |
| Current assets |
|
|
|
|
|
| Debtors |
4 |
|
15,193 |
|
46,271 |
| Cash at bank and in hand |
|
|
78 |
|
5,331 |
|
|
|
15,271 |
|
51,602 |
|
| Creditors: amounts falling due within one year |
5 |
|
(284,370) |
|
(69,805) |
|
| Net current liabilities |
|
|
(269,099) |
|
(18,203) |
|
|
|
|
|
|
| Total assets less current liabilities |
|
|
2,180,401 |
|
2,716,797 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
(1,680,569) |
|
(1,921,800) |
|
|
| Net assets attributable to members |
499,832 |
|
794,997 |
|
|
|
|
|
|
| Represented by: |
|
|
|
|
|
|
| Members' other interests |
| Members' capital classified as equity |
|
|
397,791 |
|
719,861 |
| Other reserves |
|
|
102,041 |
|
75,136 |
|
|
|
499,832 |
|
794,997 |
|
|
|
|
|
|
|
|
|
499,832 |
|
794,997 |
|
|
|
|
|
|
| Total members' interests |
| Members' other interests |
|
|
499,832 |
|
794,997 |
|
|
|
|
499,832 |
|
794,997 |
|
|
|
|
|
|
| For the year ended 5 April 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs). |
| The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
| These accounts were approved by the members on 5 January 2026 and signed on their behalf by: |
|
|
| A.McGillivary |
| Designated member |
|
| Mollina Legatum |
| Notes to the Accounts |
| for the year ended 5 April 2025 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue received from the rental of property. Turnover from the rental of property is recognised by reference to the tenancy agreement. |
|
|
Division of profits |
|
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account. |
|
|
Taxation |
|
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
Impairment review |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Members' capital |
|
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional. |
|
|
| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the LLP |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
| £ |
|
Cost |
|
At 6 April 2024 |
2,735,000 |
|
Disposals |
(285,500) |
|
At 5 April 2025 |
2,449,500 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 5 April 2025 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 5 April 2025 |
2,449,500 |
|
At 5 April 2024 |
2,735,000 |
|
The Land and buildings comprises investment properties at fair value. One of the partners, who has over 20 years experience in the property industry, is of the opinion that at the balance sheet date the value of the property has not changed materially and as a result are stated at fair values. The partners have undertaken to obtain an independant valuation within 5 years. |
|
|
| 4 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
14,713 |
|
43,852 |
|
Other debtors |
480 |
|
2,419 |
|
|
|
|
|
|
15,193 |
|
46,271 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans and overdrafts |
38,939 |
|
38,939 |
|
Other creditors |
245,431 |
|
30,866 |
|
|
|
|
|
|
284,370 |
|
69,805 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans |
1,680,569 |
|
1,921,800 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2025 |
|
2024 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
1,719,508 |
|
1,960,739 |
|
|
|
|
|
|
|
|
|
|
The bank loans are secured in a mix of interest, capital and interest mortgages which are at various rates. |
|
|
| 8 |
Other information |
|
|
Mollina Legatum is a limited liability partnership incorporated in England. Its registered office is: |
|
81 Askew Road, |
|
London, |
|
W12 9AH |