Kelso Place LLP - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: OC352063 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

KELSO PLACE LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

R B C Totterman

M Totterman

REGISTERED OFFICE:

c/o Thorne Lancaster Parker

4th Floor, Venture House

27/29 Glasshouse Street

London

W1B 5DF

REGISTERED NUMBER:

OC352063 (England and Wales)

ACCOUNTANTS:

Thorne Lancaster Parker

4th Floor

Venture House

27-29 Glasshouse Street

London

W1B 5DF

FIXED ASSETS

Property, plant and equipment

5

99,124

112,746

Investment property

6

865,902

885,581

965,026

998,327

CURRENT ASSETS

Debtors

7

732

-

Cash at bank

286,244

246,830

286,976

246,830

CREDITORS

Amounts falling due within one year

8

77,138

79,108

NET CURRENT ASSETS

209,838

167,722

TOTAL ASSETS LESS CURRENT LIABILITIES

1,174,864

1,166,049

CREDITORS

Amounts falling due after more than one year

9

265,499

325,791

NET ASSETS ATTRIBUTABLE TO MEMBERS

909,365

840,258

LOANS AND OTHER DEBTS DUE TO MEMBERS

12

909,365

840,258

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

12

909,365

840,258

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 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 6 June 2023 and were signed by:

R B C Totterman - Designated member

1.	STATUTORY INFORMATION

Kelso Place 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable.

Revenue represents the total amount of rent receivable in the ordinary course of business during the period.

Tangible fixed assets

Property, plant and equipment are initially measured at cost (or deemed cost) and are subsequently measured at cost or valuation, net of depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - 5% on cost

Plant and machinery - 20% on cost

Fixtures and fittings - 20% on cost

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Investment property

Investment properties are shown at cost as the fair value of the property cannot be measured reliably without undue cost.

Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property - 2% on cost

The carrying values of investment property is reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Members' interests

Members' capital is classified as a liability under FRS 102 because they are repayable when a member leaves. Unallocated current year profits are classified as equity.

Income taxation

Income tax payable on partnership profits is the personal liability of individual members.

Financial instruments

The LLP has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments.

Basic financial liabilities

Financial liabilities are classified as liabilities according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Amounts due to members and other creditors are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled.

Bank loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

4.	EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2021 - 2 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 April 2021

and 31 March 2022

132,519

34,984

60,000

227,503

DEPRECIATION

At 1 April 2021

53,008

1,749

60,000

114,757

Charge for year

6,625

6,997

-

13,622

At 31 March 2022

59,633

8,746

60,000

128,379

NET BOOK VALUE

At 31 March 2022

72,886

26,238

-

99,124

At 31 March 2021

79,511

33,235

-

112,746

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

and 31 March 2022

983,979

DEPRECIATION

At 1 April 2021

98,398

Charge for year

19,679

At 31 March 2022

118,077

NET BOOK VALUE

At 31 March 2022

865,902

At 31 March 2021

885,581

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

732

-

Amounts owed by related undertaking are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts (see note 10)

59,515

58,738

Other creditors

4,458

4,458

Accruals and deferred income

13,165

15,912

77,138

79,108

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans (see note 10)

265,499

325,791

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

27,439

90,839

The bank loan bears interest at 2.80% over the bank's Sterling Base Rate and is repayable over a period of 15 years.

10.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year or on demand:

Bank loans - less than 1 yr

59,515

58,738

Amounts falling due between two and five years:

Bank loans - 2-5 years

238,060

234,952

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

27,439

90,839

11.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

325,014

384,529

The bank loan is secured on the investment property and also by way of a guarantee provided by Inspecs Limited to secure all liabilities of Kelso Place LLP to a maximum of £840,000.

12.

LOANS AND OTHER DEBTS DUE TO MEMBERS

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