Floral Street Investment Properties LLP - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: OC322449 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Floral Street Investment Properties

Limited Liability Partnership

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

Floral Street Property Partners Limited

Sir P B Smith

Mr J Morley

REGISTERED OFFICE:

The Poplars

Lenton Lane

Nottingham

NG7 2PW

REGISTERED NUMBER:

OC322449 (England and Wales)

ACCOUNTANTS:

Mellor Oxland LLP

Chartered Accountants

Hine House

25 Regent Street

Nottingham

NG1 5BS

FIXED ASSETS

Investment property

4

45,432,701

49,456,540

CURRENT ASSETS

Debtors

5

8,321,531

6,463,169

Cash at bank

2,020,334

13,902,931

10,341,865

20,366,100

CREDITORS

Amounts falling due within one year

6

328,633

13,942,219

NET CURRENT ASSETS

10,013,232

6,423,881

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

55,445,933

55,880,421

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

1,513,140

531,785

MEMBERS' OTHER INTERESTS

Capital accounts

30,599,241

30,599,241

Fair value reserve

8

23,333,552

24,749,395

55,445,933

55,880,421

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

1,513,140

531,785

Members' other interests

53,932,793

55,348,636

Amounts due from members

5

(8,318,577

)

-

47,127,356

55,880,421

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 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 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 16 October 2023 and were signed by:

Sir P B Smith - Designated member

1.	STATUTORY INFORMATION

Floral Street Investment Properties Limited Liability Partnership 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents rental and service charge income from freehold and leasehold property held by the LLP.

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.

3.	EMPLOYEE INFORMATION

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

49,456,540

Disposals

(4,023,839

)

At 31 March 2023

45,432,701

NET BOOK VALUE

At 31 March 2023

45,432,701

At 31 March 2022

49,456,540

Freehold and leasehold land and buildings were last revalued as at 10 February 2016 by external valuers Jones Lang LaSalle on an open market basis, except for properties which are of a specialised nature where an existing use basis was used. The members do not consider that there was any significant change in their market value at 31 March 2023. With regard to the aftermath the Covid-19 pandemic and other ongoing economic challenges, they recognise the material valuation uncertainty arising as a result, but there is currently no definite evidence to suggest that the values in the financial statements require material amendment.

Fair value at 31 March 2023 is represented by:

£

Valuation in 2009

(5,620,448

)

Valuation in 2010

1,919,000

Valuation in 2011

4,172,000

Valuation in 2012

3,280,000

Valuation in 2013

(2,110,000

)

Valuation in 2016

21,222,169

Valuation in 2017

54,603

Valuation in 2018

1,822,071

Valuation in 2020

10,000

Valuation in 2023

(1,415,843

)

Cost

22,099,149

45,432,701

5.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

2,713

69,601

Other debtors

241

14,180

2,954

83,781

Amounts falling due after more than one year:

Amounts owed by group undertakings

-

6,379,388

Other debtors

8,318,577

-

8,318,577

6,379,388

Aggregate amounts

8,321,531

6,463,169

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

-

1,999

Amounts owed to group undertakings

90,448

13,564,343

Other creditors

238,185

375,877

328,633

13,942,219

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of a winding up the members would settle any unsecured creditors in priority to the loans and other debts due to them.

8.

RESERVES

Fair

value

reserve

£

At 1 April 2022

24,749,395

Eliminated on disposal

(1,415,843

)

At 31 March 2023

23,333,552

9.	RELATED PARTY DISCLOSURES

At the year end the LLP owed £90,448 (2022 £13,564,343) to Floral Street Property Partners Limited, which is considered to be payable within one year.

In addition the LLP was owed £0 (2022 £6,379,338) by Floral Street Property Limited at the year end. The loan was interest free and repayable within 367 days of the year end.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Sir Paul Smith.

The immediate parent of Floral Investment Properties Limited Liability Partnership is Floral Property Partners Limited which is controlled by Sir Paul Smith.