Lotus Property Partnership LLP - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: OC437940 (England and Wales)

Financial Statements

for the Period 17 June 2021 to 31 March 2022

for

Lotus Property Partnership LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DESIGNATED MEMBERS:

M Bhatti

Mrs N Bhatti

A Bhatti

Lotus Property (Reading) Ltd.

REGISTERED OFFICE:

Yoden House

30 Yoden Way

Peterlee

Durham

SR8 1AL

REGISTERED NUMBER:

OC437940 (England and Wales)

ACCOUNTANTS:

SKS Bailey Group Limited

Wynyard Business Park

Wynyard Avenue

Billingham

Cleveland

TS22 5TB

FIXED ASSETS

Tangible assets

4

7,379,500

CREDITORS

Amounts falling due within one year

5

(1,240

)

NET CURRENT LIABILITIES

(1,240

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,378,260

CREDITORS

Amounts falling due after more than one year

6

(3,198,867

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

4,179,393

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

4,179,393

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

4,179,393

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 period 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 30 June 2023 and were signed by:

A Bhatti - Designated member

1.	STATUTORY INFORMATION

Lotus Property Partnership 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.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

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

3.	EMPLOYEE INFORMATION

The average number of employees during the period was NIL.

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

Additions

7,379,500

At 31 March 2022

7,379,500

NET BOOK VALUE

At 31 March 2022

7,379,500

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Accrued expenses

1,240

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Other creditors

3,198,867

7.	SECURED DEBTS

The following secured debts are included within creditors:

£

Mortgages

3,198,867

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Members rank ahead of other creditors in a liquidation.