Andora Properties LLP - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: OC421260 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

ANDORA PROPERTIES LLP

Page

General Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

Mr A Savva

Mrs D Savva

REGISTERED OFFICE:

869

High Road

London

N12 8QA

REGISTERED NUMBER:

OC421260 (England and Wales)

ACCOUNTANTS:

EA

Chartered Accountants

869 High Road

London

N12 8QA

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Andora Properties LLP for the year ended 31 March 2023 which comprise the Income Statement, Statement of Financial Position, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Andora Properties LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Andora Properties LLP and state those matters that we have agreed to state to the members of Andora Properties LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Andora Properties LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Andora Properties LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Andora Properties LLP. You consider that Andora Properties LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Andora Properties LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

EA

Chartered Accountants

869 High Road

London

N12 8QA

14 December 2023

FIXED ASSETS

Tangible assets

4

7,875

10,500

Investment property

5

23,463,000

23,250,000

23,470,875

23,260,500

CURRENT ASSETS

Debtors

6

20,072

18,065

Investments

7

4,672,798

4,898,345

Cash at bank

5,595

27,096

4,698,465

4,943,506

CREDITORS

Amounts falling due within one year

8

116,710

54,753

NET CURRENT ASSETS

4,581,755

4,888,753

TOTAL ASSETS LESS CURRENT LIABILITIES

28,052,630

28,149,253

CREDITORS

Amounts falling due after more than one year

9

15,050,000

15,050,000

NET ASSETS ATTRIBUTABLE TO MEMBERS

13,002,630

13,099,253

LOANS AND OTHER DEBTS DUE TO MEMBERS

11

1,148,129

1,244,752

MEMBERS' OTHER INTERESTS

Capital accounts

8,551,314

8,470,501

Revaluation reserve

12

3,303,187

3,384,000

13,002,630

13,099,253

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

1,148,129

1,244,752

Members' other interests

11,854,501

11,854,501

13,002,630

13,099,253

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 14 December 2023 and were signed by:

Mr A Savva - Designated member

1.	STATUTORY INFORMATION

Andora Properties 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.

Turnover

Turnover represents net rent receivable.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance.

Investment property

Investment properties are carried at fair values. Revaluation surpluses are recognised in the statement of income. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in The Financial Reporting Standard 102 (Section 1A) for small entities. The partners considers that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt The Financial Reporting Standard 102 (Section 1A) for Smaller Entities in order to give a true and fair view. If this departure from the Act had not been made, the profit for the financial year would have been reduced by the amount of depreciation.

3.	EMPLOYEE INFORMATION

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2022

and 31 March 2023

33,186

DEPRECIATION

At 1 April 2022

22,686

Charge for year

2,625

At 31 March 2023

25,311

NET BOOK VALUE

At 31 March 2023

7,875

At 31 March 2022

10,500

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

23,250,000

Revaluations

213,000

At 31 March 2023

23,463,000

NET BOOK VALUE

At 31 March 2023

23,463,000

At 31 March 2022

23,250,000

Fair value at 31 March 2023 is represented by:

£

Valuation in 2019

21,615,000

Valuation in 2021

1,684,000

Valuation in 2022

(49,000

)

Valuation in 2023

213,000

23,463,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023

2022

£

£

Cost

21,615,000

21,615,000

Investment properties were valued on a fair value basis on 31 March 2023 by the members of the LLP .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed by participating interests

18,420

16,329

Other debtors

1,652

1,736

20,072

18,065

7.	CURRENT ASSET INVESTMENTS

2023

2022

£

£

Unlisted investments

4,672,798

4,898,345

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

65

-

Trade creditors

8,873

23,147

Amounts owed to participating interests

101,172

13,175

Other creditors

6,600

18,431

116,710

54,753

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

15,050,000

15,050,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

15,050,000

15,050,000

Bank loan is secured by way of a fixed charge on the properties of the LLP.

11.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with other creditors on a winding up.

12.

RESERVES

Revaluation

reserve

£

At 1 April 2022

3,384,000

Revaluation reserves

(80,813

)

At 31 March 2023

3,303,187

13.	ULTIMATE CONTROLLING PARTY

During the year under review, there was no single ultimate controlling party.