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REGISTERED NUMBER: OC415277

PLATINUM LIFESTYLE PROPERTY LLP

Filleted Unaudited Financial Statements

5 April 2025

PLATINUM LIFESTYLE PROPERTY LLP

Statement of Financial Position

5 April 2025

| 2025 | 2024
Note | £ | £

Fixed assets

Tangible assets | 4 | 4,100,645 | 4,100,645

Current assets

Debtors | 5 | 85,368 | 11,261
Cash at bank and in hand | 360 | 360
| -------- | --------
| 85,728 | 11,621

Creditors: amounts falling due within one year | 6 | 30,339 | 28,839
| -------- | --------
Net current assets/(liabilities) | 55,389 | ( 17,218)
| ------------ | ------------
Total assets less current liabilities | 4,156,034 | 4,083,427

Creditors: amounts falling due after more than one year | 7 | 2,883,741 | 3,011,575
| ------------ | ------------
Net assets | 1,272,293 | 1,071,852
| ------------ | ------------

Represented by:
Loans and other debts due to members

Other amounts | 8 | 211,031 | 10,590

Members' other interests

Members' capital classified as equity | 1,061,262 | 1,061,262
Other reserves | – | –
| ------------ | ------------
| 1,272,293 | 1,071,852
| ------------ | ------------

Total members' interests

Amounts due from members | (85,368) | (11,261)
Loans and other debts due to members | 8 | 211,031 | 10,590
Members' other interests | 1,061,262 | 1,061,262
| ------------ | ------------
| 1,186,925 | 1,060,591
| ------------ | ------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
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) relating to small LLPs.
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 financial statements .

PLATINUM LIFESTYLE PROPERTY LLP

Statement of Financial Position (continued)

5 April 2025
These financial statements were approved by the members and authorised for issue on 16 April 2026 , and are signed on their behalf by:

Mr H A Khan
Designated Member

Registered number: OC415277

PLATINUM LIFESTYLE PROPERTY LLP

Notes to the Financial Statements

Year ended 5 April 2025

1. | General information

The LLP is registered in England and Wales. The address of the registered office is 7 Redbridge Lane East, Ilford, Essex, IG4 5ET.

2. | Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).

3. | Accounting policies

Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents rent receivable during the year. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Rental income is recognised on an accrual basis in accordance with the substance of the relevant agreement.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

4. | Tangible assets

| Freehold property
| £
Cost |
At 6 April 2024 and 5 April 2025 | 4,100,645
| ------------
Depreciation |
At 6 April 2024 and 5 April 2025 | –
| ------------
Carrying amount |
At 5 April 2025 | 4,100,645
| ------------
At 5 April 2024 | 4,100,645
| ------------

The LLP's investment properties were revalued on a fair value basis by the members on 5 April 2025.

5. | Debtors

| 2025 | 2024
| £ | £
Other debtors | 85,368 | 11,261
| -------- | --------

6. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Other creditors | 30,339 | 28,839
| -------- | --------

7. Creditors: amounts falling due after more than one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | 2,883,741 | 3,011,575
| ------------ | ------------

8. | Loans and other debts due to members

| 2025 | 2024
| £ | £
Amounts owed to members in respect of profits | 211,031 | 10,590
| --------- | --------