ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

MILESTONES PROPERTY LLP - Company Information

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Caseware UK (AP4) 2020.0.247 2020.0.247 2021-06-302021-06-302The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2020-07-01Property rental2falsetrue OC399689 2020-07-01 2021-06-30 OC399689 2019-07-01 2020-06-30 OC399689 2021-06-30 OC399689 2020-06-30 OC399689 c:CurrentFinancialInstruments 2021-06-30 OC399689 c:CurrentFinancialInstruments 2020-06-30 OC399689 c:CurrentFinancialInstruments c:WithinOneYear 2021-06-30 OC399689 c:CurrentFinancialInstruments c:WithinOneYear 2020-06-30 OC399689 d:FRS102 2020-07-01 2021-06-30 OC399689 d:AuditExempt-NoAccountantsReport 2020-07-01 2021-06-30 OC399689 d:FullAccounts 2020-07-01 2021-06-30 OC399689 d:LimitedLiabilityPartnershipLLP 2020-07-01 2021-06-30 OC399689 d:PartnerLLP1 2020-07-01 2021-06-30 OC399689 d:PartnerLLP2 2020-07-01 2021-06-30 OC399689 c:OtherCapitalInstrumentsClassifiedAsEquity 2021-06-30 OC399689 c:OtherCapitalInstrumentsClassifiedAsEquity 2020-06-30 iso4217:GBP xbrli:pure

Registered number: OC399689









MILESTONES PROPERTY LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2021
 
MILESTONES PROPERTY LLP
REGISTERED NUMBER: OC399689

BALANCE SHEET
AS AT 30 JUNE 2021

2021
2020
Note
£
£

Fixed assets
  

Investments
 4 
1,000,000
1,000,000

Current assets
  

Debtors: amounts falling due within one year
 5 
-
1,226

Cash at bank and in hand
  
11,354
4,970

  
11,354
6,196

Creditors: Amounts Falling Due Within One Year
 6 
(1,440)
(1,440)

Net current assets
  
 
 
9,914
 
 
4,756

  

Net assets
  
1,009,914
1,004,756


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 7 
9,814
4,656

Members' other interests
  

Members' capital classified as equity
  
1,000,100
1,000,100

  
1,009,914
1,004,756


Total members' interests
  

Loans and other debts due to members
 7 
9,814
4,656

Members' other interests
  
1,000,100
1,000,100

  
1,009,914
1,004,756


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.

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MILESTONES PROPERTY LLP
REGISTERED NUMBER: OC399689
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2021

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 31 October 2021.



Dr J W Brennan
Mrs J Michalski
Designated member
Designated member

The notes on pages 3 to 5 form part of these financial statements.

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MILESTONES PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021

1.


General information

Maitland Property LLP is a Limited Liability Partnership incorporated in England and Wales. The address of the registered office is Milestones, Royal Parade, Chislehurst, Kent, BR7 6NW. The principal activity of the LLP is commercial property investment and letting.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

 
2.2

Investment property

Investment property is carried at fair value determined annually by the members 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 the statement of comprehensive income.

  
2.3

Turnover

Turnover comprises revenue recognised by the LLP in respect of rents and due during the year.

 
2.4

Debtors

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.

 
2.5

Cash and cash equivalents

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.

 
2.6

Creditors

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.

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MILESTONES PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021

2.Accounting policies (continued)

 
2.7

Financial instruments

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).


4.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 July 2020
1,000,000



At 30 June 2021
1,000,000





5.


Debtors

2021
2020
£
£


Prepayments and accrued income
-
1,226

-
1,226



6.


Creditors: Amounts falling due within one year

2021
2020
£
£

Accruals and deferred income
1,440
1,440

1,440
1,440


Page 4
 
MILESTONES PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021

7.


Loans and other debts due (from)/to members


2021
2020
£
£



Other amounts due (from)/to members
9,814
4,656

9,814
4,656



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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