KMSS Investments LLP - Accounts to registrar (filleted) - small 23.2.5

KMSS Investments LLP - Accounts to registrar (filleted) - small 23.2.5

KMSS INVESTMENTS LLP - Company Information

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IRIS Accounts Production v23.2.0.158 OC380565 designated member designated member 1.4.22 31.3.23 31.3.23 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureOC3805652022-03-31OC3805652023-03-31OC3805652022-04-012023-03-31OC3805652021-03-31OC3805652021-04-012022-03-31OC3805652022-03-31OC380565ns16:EnglandWales2022-04-012023-03-31OC380565ns15:PoundSterling2022-04-012023-03-31OC380565ns11:Director12022-04-012023-03-31OC380565ns11:Director22022-04-012023-03-31OC380565ns11:LimitedLiabilityPartnershipLLP2022-04-012023-03-31OC380565ns11:SmallEntities2022-04-012023-03-31OC380565ns11:AuditExempt-NoAccountantsReport2022-04-012023-03-31OC380565ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-31OC380565ns11:LimitedLiabilityPartnershipsSORP2022-04-012023-03-31OC380565ns11:AbridgedAccounts2022-04-012023-03-31OC380565ns6:CurrentFinancialInstruments2023-03-31OC380565ns6:CurrentFinancialInstruments2022-03-31OC380565ns6:Non-currentFinancialInstruments2023-03-31OC380565ns6:Non-currentFinancialInstruments2022-03-31OC380565ns11:RegisteredOffice2022-04-012023-03-31OC380565ns6:MotorVehicles2022-04-012023-03-31OC380565ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2023-03-31OC380565ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2022-03-31
REGISTERED NUMBER: OC380565 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31st March 2023

for

KMSS Investments LLP
KMSS Investments LLP (Registered number: OC380565)






Contents of the Financial Statements
for the Year Ended 31st March 2023




Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


KMSS Investments LLP (Registered number: OC380565)

Abridged Balance Sheet
31st March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - 17,560
Investment property 6 3,629,083 2,926,600
3,629,083 2,944,160

CURRENT ASSETS
Debtors 1,350 2,075
Cash at bank 363,775 510,922
365,125 512,997
CREDITORS
Amounts falling due within one year 5,360 51,239
NET CURRENT ASSETS 359,765 461,758
TOTAL ASSETS LESS CURRENT
LIABILITIES
3,988,848
3,405,918

CREDITORS
Amounts falling due after more than one
year
7
1,446,992
859,986
NET ASSETS ATTRIBUTABLE TO
MEMBERS
2,541,856
2,545,932

LOANS AND OTHER DEBTS DUE TO
MEMBERS
8
2,541,856
2,545,932

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 2,541,856 2,545,932

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 31st March 2023.

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 1 continued...
KMSS Investments LLP (Registered number: OC380565)

Abridged Balance Sheet - continued
31st March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st March 2023 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 27th September 2023 and were signed by:




Mrs M Sheth - Designated member




Mr K Sheth - Designated member


The notes form part of these financial statements

Page 2
KMSS Investments LLP (Registered number: OC380565)

Notes to the Financial Statements
for the Year Ended 31st March 2023

1. STATUTORY INFORMATION

KMSS Investments LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC380565

Registered office: Kings Lodge
London Road
West Kingsdown
Sevenoaks
Kent
TN15 6AR

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Rental income
Sales comprise the fair value of the consideration received or receivable for the sale of rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows:

Rental income from operating leases (net of any incentives given to the lessees) is recognised when the right to receive payment is established.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Page 3 continued...
KMSS Investments LLP (Registered number: OC380565)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

3. ACCOUNTING POLICIES - continued

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial instruments
The company 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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

4. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

Page 4 continued...
KMSS Investments LLP (Registered number: OC380565)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st April 2022 94,152
Disposals 70,241
At 31st March 2023 164,393
DEPRECIATION
At 1st April 2022 76,592
Charge for year 17,560
Eliminated on disposal 70,241
At 31st March 2023 164,393
NET BOOK VALUE
At 31st March 2023 -
At 31st March 2022 17,560

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1st April 2022 94,152
Disposals 70,241
At 31st March 2023 164,393
DEPRECIATION
At 1st April 2022 76,592
Charge for year 17,560
Eliminated on disposal 70,241
At 31st March 2023 164,393
NET BOOK VALUE
At 31st March 2023 -
At 31st March 2022 17,560

Page 5 continued...
KMSS Investments LLP (Registered number: OC380565)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2022 2,926,600
Additions 702,483
At 31st March 2023 3,629,083
NET BOOK VALUE
At 31st March 2023 3,629,083
At 31st March 2022 2,926,600

Fair value at 31st March 2023 is represented by:
£   
Valuation in 2020 606,568
Valuation in 2021 15,000
Valuation in 2022 881,600
Valuation in 2023 702,483
Cost 1,423,432
3,629,083

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2023 2022
£    £   
Repayable otherwise than by instalments
Mortgage 1,446,992 859,986

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

The balances shown above would rank below unsecured creditors from the proceeds of a winding-up of the LLP.

9. CAPITAL COMMITMENTS

At the year end, the company had capital commitments contracted for but not provided in these financial statements of £4,005 (2022: £49,888) due within one year.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr K Sheth and Mrs M Sheth by virtue of their control over the designated members.

Page 6