ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

MILESTONES PROPERTY LLP - Company Information

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Caseware UK (AP4) 2021.0.152 2021.0.152 2022-06-302022-06-302The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2false2021-07-01Property rentalfalsetrue OC399689 2021-07-01 2022-06-30 OC399689 2020-07-01 2021-06-30 OC399689 2022-06-30 OC399689 2021-06-30 OC399689 c:CurrentFinancialInstruments 2022-06-30 OC399689 c:CurrentFinancialInstruments 2021-06-30 OC399689 c:CurrentFinancialInstruments c:WithinOneYear 2022-06-30 OC399689 c:CurrentFinancialInstruments c:WithinOneYear 2021-06-30 OC399689 d:FRS102 2021-07-01 2022-06-30 OC399689 d:AuditExempt-NoAccountantsReport 2021-07-01 2022-06-30 OC399689 d:FullAccounts 2021-07-01 2022-06-30 OC399689 d:LimitedLiabilityPartnershipLLP 2021-07-01 2022-06-30 OC399689 d:PartnerLLP1 2021-07-01 2022-06-30 OC399689 d:PartnerLLP2 2021-07-01 2022-06-30 OC399689 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-06-30 OC399689 c:OtherCapitalInstrumentsClassifiedAsEquity 2021-06-30 OC399689 c:FurtherSpecificReserve3ComponentTotalEquity 2022-06-30 OC399689 c:FurtherSpecificReserve3ComponentTotalEquity 2021-06-30 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 2022
 
MILESTONES PROPERTY LLP
REGISTERED NUMBER: OC399689

BALANCE SHEET
AS AT 30 JUNE 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 4 
1,000,000
1,000,000

Current assets
  

Cash at bank and in hand
  
10,628
11,354

  
10,628
11,354

Creditors: Amounts Falling Due Within One Year
 5 
(1,440)
(1,440)

Net current assets
  
 
 
9,188
 
 
9,914

Total assets less current liabilities
  
1,009,188
1,009,914

  

Net assets
  
1,009,188
1,009,914


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 6 
9,088
9,814

  
9,088
9,814

Members' other interests
  

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

  
1,009,188
1,009,914


Total members' interests
  

Loans and other debts due to members
 6 
9,088
9,814

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

  
1,009,188
1,009,914


Page 1
 
MILESTONES PROPERTY LLP
REGISTERED NUMBER: OC399689
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2022

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 15 March 2023.



Dr J W Brennan
Mrs J Michalski
Designated member
Designated member

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

Page 2
 
MILESTONES PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

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

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the statement of comprehensive income.

 
2.3

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.

  
2.4

Turnover

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

 
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.

Page 3
 
MILESTONES PROPERTY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)

 
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.

 
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 (2021 - 2).


4.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 July 2021
1,000,000



At 30 June 2022
1,000,000





5.


Creditors: Amounts falling due within one year

2022
2021
£
£

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 2022

6.


Loans and other debts due (from)/to members


2022
2021
£
£



Other amounts due to members
9,088
9,814

9,088
9,814



Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

 
Page 5