South Estates LLP - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: OC378025 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

SOUTH ESTATES LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mr P C Goodsir

Mr R G Kilikita

REGISTERED OFFICE:

Solar House

282 Chase Road

London

N14 6NZ

REGISTERED NUMBER:

OC378025 (England and Wales)

ACCOUNTANTS:

Freemans Partnership LLP

Chartered Certifed Accountants

Solar House

282 Chase Road

London

N14 6NZ

FIXED ASSETS

Investment property

4

2,630,000

2,630,000

CURRENT ASSETS

Debtors

5

733,702

751,206

Cash at bank

25,803

18,821

759,505

770,027

CREDITORS

Amounts falling due within one year

6

109,061

73,915

NET CURRENT ASSETS

650,444

696,112

TOTAL ASSETS LESS CURRENT LIABILITIES

3,280,444

3,326,112

CREDITORS

Amounts falling due after more than one year

7

1,872,832

1,918,500

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,407,612

1,407,612

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

MEMBERS' OTHER INTERESTS

Fair value reserve

8

1,407,612

1,407,612

1,407,612

1,407,612

TOTAL MEMBERS' INTERESTS

Members' other interests

1,407,612

1,407,612

Amounts due from members

5

(731,593

)

(747,951

)

676,019

659,661

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 January 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 30 November 2023 and were signed by:

Mr P C Goodsir - Designated member

1.	STATUTORY INFORMATION

South Estates 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 represents amounts derived from rents charged to tenants during the year, and is recognised at the date the rental period occurred. This is stated after trade discounts and other sales taxes.

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 2 (2022 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2022

and 31 January 2023

2,630,000

NET BOOK VALUE

At 31 January 2023

2,630,000

At 31 January 2022

2,630,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Trade debtors

-

1,250

Amounts due from members

731,593

747,951

Prepayments and accrued income

2,109

2,005

733,702

751,206

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Bank loans and overdrafts

53,383

57,000

Trade creditors

2,036

-

Other creditors

43,882

8,702

Accruals and deferred income

9,760

8,213

109,061

73,915

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.23

31.1.22

£

£

Bank loans - 1-2 years

53,383

57,000

Bank loans - 2-5 years

179,449

176,500

Bank loans more 5 yr by instal

1,640,000

1,685,000

1,872,832

1,918,500

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,640,000

1,685,000

8.

RESERVES

Fair

value

reserve

£

At 1 February 2022

1,407,612

At 31 January 2023

1,407,612