Andora Properties LLP - Accounts to registrar (filleted) - small 22.3

Andora Properties LLP - Accounts to registrar (filleted) - small 22.3

ANDORA PROPERTIES LLP - Company Information

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REGISTERED NUMBER: OC421260 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

ANDORA PROPERTIES LLP
ANDORA PROPERTIES LLP (REGISTERED NUMBER: OC421260)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ANDORA PROPERTIES LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DESIGNATED MEMBERS: Mr A Savva
Mrs D Savva





REGISTERED OFFICE: 869
High Road
London
N12 8QA





REGISTERED NUMBER: OC421260 (England and Wales)





ACCOUNTANTS: EA
Chartered Accountants
869 High Road
London
N12 8QA
Page 1
ANDORA PROPERTIES LLP (REGISTERED NUMBER: OC421260)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,500 14,000
Investment property 5 23,250,000 23,299,000
23,260,500 23,313,000

CURRENT ASSETS
Debtors 6 18,065 2,855,685
Investments 7 4,898,345 -
Cash at bank 27,096 17,652
4,943,506 2,873,337
CREDITORS
Amounts falling due within one year 8 54,753 497,752
NET CURRENT ASSETS 4,888,753 2,375,585
TOTAL ASSETS LESS CURRENT
LIABILITIES
28,149,253
25,688,585

CREDITORS
Amounts falling due after more than one
year
9
(15,050,000
)
(9,653,530
)

PROVISIONS FOR LIABILITIES - (320,000 )
NET ASSETS ATTRIBUTABLE TO
MEMBERS
13,099,253
15,715,055

LOANS AND OTHER DEBTS DUE TO
MEMBERS
11
1,244,752
2,431,554

MEMBERS' OTHER INTERESTS
Capital accounts 8,470,501 11,919,501
Revaluation reserve 12 3,384,000 1,364,000
13,099,253 15,715,055

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 1,244,752 2,431,554
Members' other interests 11,854,501 13,283,501
13,099,253 15,715,055

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 2022.

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 notes form part of these financial statements

Page 2 continued...
ANDORA PROPERTIES LLP (REGISTERED NUMBER: OC421260)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2022


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 20 December 2022 and were signed by:





Mr A Savva - Designated member

The notes form part of these financial statements

Page 3
ANDORA PROPERTIES LLP (REGISTERED NUMBER: OC421260)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

Andora 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 Covid-19 pandemic has not significantly affected the company after the balance sheet date, and management has determined that there is no material uncertainty that casts doubt on the entity's ability to continue as a going concern.

Turnover
Turnover represents net rent receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance.

Investment property
Investment properties are carried at fair values. Revaluation surpluses are recognised in the statement of income. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in The Financial Reporting Standard 102 (Section 1A) for small entities. The partners considers that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt The Financial Reporting Standard 102 (Section 1A) for Smaller Entities in order to give a true and fair view. If this departure from the Act had not been made, the profit for the financial year would have been reduced by the amount of depreciation.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2021 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2021
and 31 March 2022 33,186
DEPRECIATION
At 1 April 2021 19,186
Charge for year 3,500
At 31 March 2022 22,686
NET BOOK VALUE
At 31 March 2022 10,500
At 31 March 2021 14,000

Page 4 continued...
ANDORA PROPERTIES LLP (REGISTERED NUMBER: OC421260)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021 23,299,000
Disposals (1,749,000 )
Revaluations 1,700,000
At 31 March 2022 23,250,000
NET BOOK VALUE
At 31 March 2022 23,250,000
At 31 March 2021 23,299,000

Fair value at 31 March 2022 is represented by:
£   
Valuation in 2019 21,615,000
Valuation in 2021 1,684,000
Valuation in 2022 (49,000 )
23,250,000

If investment properties had not been revalued they would have been included at the following historical cost:

2022 2021
£    £   
Cost 21,615,000 21,615,000

Investment properties were valued on a fair value basis on 31 March 2022 by Savills PLC .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors - 6,624
Amounts owed by participating interests 16,329 2,838,036
Other debtors 1,736 11,025
18,065 2,855,685

7. CURRENT ASSET INVESTMENTS
2022 2021
£    £   
Unlisted investments 4,898,345 -

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts - 388,291
Trade creditors 23,147 5,075
Amounts owed to participating interests 13,175 -
Taxation and social security - 4,867
Other creditors 18,431 99,519
54,753 497,752

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 15,050,000 9,653,530

Page 5 continued...
ANDORA PROPERTIES LLP (REGISTERED NUMBER: OC421260)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

10. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 15,050,000 10,041,821

Bank loan is secured by way of a fixed charge on the properties of the LLP.

11. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with other creditors on a winding up.

12. RESERVES
Revaluation
reserve
£   
At 1 April 2021 1,364,000
Revaluation reserves 2,020,000
At 31 March 2022 3,384,000

13. ULTIMATE CONTROLLING PARTY

During the year under review, there was no single ultimate controlling party.

Page 6