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Registered number: OC351996
ASIA UK PROPERTY FUND LLP
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2021
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ASIA UK PROPERTY FUND LLP
REGISTERED NUMBER: OC351996
BALANCE SHEET
AS AT 30 JUNE 2021
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Loans and other debts due to members within one year
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Members' capital classified as a liability
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Members' capital classified as equity
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Other reserves classified as equity
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Loans and other debts due to members
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ASIA UK PROPERTY FUND LLP
REGISTERED NUMBER: OC351996
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2021
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 24 June 2022.
The notes on pages 4 to 8 form part of these financial statements.
Asia UK Property Fund LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
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ASIA UK PROPERTY FUND LLP
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RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 JUNE 2021
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Members' capital (classified as debt)
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Members' remuneration charged as an expense
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Members' interests after profit for the year
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Members' remuneration charged as an expense
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Members' interests after profit for the year
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
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ASIA UK PROPERTY FUND LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Asia UK Property Fund LLP is a limited liability partnership incorporated in England and Wales, United Kingdom, with a registration number OC351996. The address of the registered office is Upminster Court, 133 Hall Lane, Upminster, Essex, England, RM14 1AL.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £ sterling.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rental income
Rental income from operating leases (net of incentives given to the lessees) is recognised on a straight line basis over the term of the lease.
Interest income is recognised in profit or loss using the effective interest method.
Investment property is carried at fair value determined annually by external valuers 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. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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ASIA UK PROPERTY FUND LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The company had no employees during the year (2019 - £NIL).
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Investments in subsidiary companies
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ASIA UK PROPERTY FUND LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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Long term leasehold investment property
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The 2021 valuations were made by the members, on an open market value for existing use basis.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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ASIA UK PROPERTY FUND LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Loans and other debts due to members
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Members' capital treated as debt
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Falling due after more than one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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ASIA UK PROPERTY FUND LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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Related party transactions
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During the year, the LLP received rental income of £696,525 (2020: £870,656) from entities under common control.
At the year end, the following balances were due from/(to) related parties:
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Entities under common control
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The ultimate controlling party is I R Liddell by virtue of his majority shareholding in Uniserve Holdings Limited.
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