SFG Property LLP - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: OC384839 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

SFG Property LLP

Page

General Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

E Feltham

B C Gower

P S D Storey

REGISTERED OFFICE:

St Johns House

16 Church Street

Bromsgrove

Worcestershire

B61 8DN

REGISTERED NUMBER:

OC384839 (England and Wales)

ACCOUNTANTS:

Clay GBP Ltd

St Johns House

16 Church Street

Bromsgrove

Worcestershire

B61 8DN

FIXED ASSETS

Investment property

4

3,050,000

3,765,000

CURRENT ASSETS

Debtors

890,678

6,000

Cash at bank

6,688

24,040

897,366

30,040

CREDITORS

Amounts falling due within one year

1,915,612

1,692,062

NET CURRENT LIABILITIES

(1,018,246

)

(1,662,022

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,031,754

2,102,978

CREDITORS

Amounts falling due after more than one year

5

2,031,754

2,041,461

NET ASSETS ATTRIBUTABLE TO MEMBERS

-

61,517

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

-

61,517

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

-

61,517

Amounts due from members

(884,678

)

-

(884,678

)

61,517

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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 14 December 2023 and were signed by:

P S D Storey - Designated member

1.	STATUTORY INFORMATION

SFG Property 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 as modified by the revaluation of certain assets.

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

3,765,000

Revaluations

(715,000

)

At 31 March 2023

3,050,000

NET BOOK VALUE

At 31 March 2023

3,050,000

At 31 March 2022

3,765,000

Fair value at 31 March 2023 is represented by:

£

Valuation in 2017

509,120

Valuation in 2018

134,650

Valuation in 2019

(385,000

)

Valuation in 2020

(359,000

)

Valuation in 2021

429,000

Valuation in 2023

(715,000

)

Cost

3,436,230

3,050,000

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2023

2022

£

£

Repayable by instalments

Bank loans more 5 yr by instal

2,010,016

2,010,016

6.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Mortgage

2,010,016

2,010,016

The mortgage is secured by way of fixed charge over the investment properties.

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

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