IKAROS PROPERTY LETTINGS LLP

IKAROS PROPERTY LETTINGS LLP
Contents Page
For the year ended 31 March 2025

Statement of Financial Position	1
Notes to the Financial Statements	2

IKAROS PROPERTY LETTINGS LLP
Statement of Financial Position
As at 31 March 2025

	Notes	2025 £	2024 £
Fixed assets
Tangible fixed assets	3	2,913	525
		2,913	525
Current assets
Debtors		8,514	14,666
Cash at bank and in hand		4,635	6,775
		13,149	21,441
Creditors: amount falling due within one year		(11,997)	(17,080)
Net current assets		1,152	4,361

Total assets less current liabilities		4,065	4,886
Net assets		4,065	4,886

Represented by:
Loans and other debts due to members		4,065	4,886
		4,065	4,886

Total members' interests
Loans and other debts due to members		4,065	4,886
		4,065	4,886

For the year ending 31 March 2025 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small 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.

These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.The LLP has opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account under section 444(1) of the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006 (as applied to LLPs).

These accounts were approved by the members and signed on their behalf by:

.............................................................................
Dr Joseph POULLIS
Designated Member
Date approved by the members: 19 October 2026

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IKAROS PROPERTY LETTINGS LLP
Notes to the Abridged Financial Statements
For the year ended 31 March 2025

General Information

IKAROS PROPERTY LETTINGS LLP is a limited liability partnership, registered in England and Wales, registration number OC431052, registration address Southgate Office Village, 286b Chase Road, Southgate, London, N14 6HF.

The presentation currency is £ sterling.

1.

Accounting policies

Significant accounting policies

Statement of compliance

These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the LLP.

In periods up to 31 March 2024, the LLP's reported turnover comprised rents receivable from residential lettings. With effect from 1 April 2024 the LLP provides management and administration services in relation to residential lettings for property owners, including residential properties owned personally by Dr Joseph Poullis. From that date turnover comprises management and administration fees, and rental monies collected on behalf of property owners are not recognised as LLP turnover and are accounted for through amounts due to or from the relevant property owner. The underlying residential properties, associated mortgage liabilities, tenancy agreements, tenant deposits, insurance arrangements and entitlement to sale proceeds are not assets or liabilities of the LLP.

Turnover

Turnover comprises management and administration fees earned by the LLP for services provided in relation to residential lettings.

Rental monies collected by the LLP on behalf of property owners are not recognised as LLP turnover and are accounted for through amounts due to or from the relevant property owner.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of the assets, less their estimated residual value, over their expected useful lives, on the following basis:
The depreciation charge for the year relates to fixtures and fittings held at the beginning of the year.
No depreciation has been charged on additions made during the year, which were brought into use close to the year end.

Fixtures and Fittings

25% Straight Line

2.	Average number of employees Average number of employees during the year was 1 (2024 : 1).

3.

Tangible fixed assets

Cost or valuation	Fixtures and Fittings	Total
	£	£
At 01 April 2024	700	700
Additions	2,563	2,563
Disposals	-	-
At 31 March 2025	3,263	3,263
Depreciation
At 01 April 2024	175	175
Charge for year	175	175
On disposals	-	-
At 31 March 2025	350	350
Net book values
Closing balance as at 31 March 2025	2,913	2,913
Opening balance as at 01 April 2024	525	525

4.

Prior Year Adjustment And Restatement of Comparatives

The comparative statement of financial position for the year ended 31 March 2024 has been restated. The accounts previously filed for the years ended 31 March 2023 and 31 March 2024 incorrectly recognised certain residential properties and associated mortgage balances as assets and liabilities of the LLP. Legal and beneficial ownership of those properties, together with the mortgage liabilities, tenancy agreements, tenant deposits, insurance arrangements, landlord obligations and entitlement to sale proceeds, remained with Dr Joseph Poullis personally throughout. The comparative figures have been restated to remove those properties and mortgage balances from the statement of financial position. The correction is confined to the statement of financial position. No transfer of any interest in the properties or of any mortgage liability has taken place at any time.

Amended accounts for the years ended 31 March 2023 and 31 March 2024 are being delivered to the Registrar.

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