Mynett Properties LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: OC372018 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Mynett Properties LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

R B Mynett

R J Mynett

Mrs L Mynett

Mrs C Mynett

REGISTERED OFFICE:

Unit W1

Capital Business Park

Parkway

Cardiff

CF3 2PW

REGISTERED NUMBER:

OC372018 (England and Wales)

ACCOUNTANTS:

APT

44 The Pantiles

Tunbridge Wells

Kent

TN2 5TN

FIXED ASSETS

Investment property

4

1,590,000

CURRENT ASSETS

Debtors

5

23,500

35,500

Cash at bank

2,252

283

25,752

35,783

CREDITORS

Amounts falling due within one year

6

1,166,658

1,169,605

NET CURRENT LIABILITIES

(1,140,906

)

(1,133,822

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

449,094

456,178

CREDITORS

Amounts falling due after more than one year

7

325,976

408,725

NET ASSETS ATTRIBUTABLE TO
MEMBERS

123,118

47,453

LOANS AND OTHER DEBTS DUE TO
MEMBERS

75,665

-

MEMBERS' OTHER INTERESTS

Capital accounts

47,453

123,118

47,453

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

75,665

-

Members' other interests

47,453

123,118

47,453

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2025.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 14 January 2026 and were signed by:

R B Mynett - Designated member

1.	STATUTORY INFORMATION

Mynett Properties LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The functional and presentational currency of the LLP is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern

After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover represents net invoiced rents and service charges, excluding value added tax.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Debtors and creditors receivable/payable

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Investments

Investments are shown at fair value or where fair value cannot be readily ascertained at cost less impairment. Any aggregate or surplus arising from changes in fair value is recognised through profit and loss.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

1,590,000

NET BOOK VALUE

At 31 March 2025

1,590,000

At 31 March 2024

1,590,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2020

100,000

Cost

1,490,000

1,590,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Other debtors

23,500

35,500

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Bank loans and overdrafts

78,397

74,044

Taxation and social security

-

7,300

Other creditors

1,088,261

1,166,658

1,169,605

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.3.25

31.3.24

£

Bank loans

325,976

408,725

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

12,390

112,551

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

Bank loans

404,373

482,769

9.	RELATED PARTY DISCLOSURES

As at 31 March 2025 £1,088,261(2024: £1,088,261) was owed from an entity connected with key management personnel. The loan is interest free, repayable on demand and included in other creditors.