Somarz Properties LLP |
Registered number: |
OC427055 |
Balance Sheet |
as at 30 March 2023 |
Notes |
|
2023 |
|
2022 |
£ |
£ |
Fixed assets |
Investments |
3 |
|
23,388,230 |
|
8,810,000 |
Current assets |
|
|
|
|
|
Debtors |
4 |
|
46,343 |
|
36,600 |
Cash at bank and in hand |
|
|
28,398 |
|
16,975 |
|
|
|
74,741 |
|
53,575 |
|
Creditors: amounts falling due within one year |
5 |
|
(383,038) |
|
(166,589) |
|
Net current liabilities |
|
|
(308,297) |
|
(113,014) |
|
|
|
|
|
|
Total assets less current liabilities |
|
|
23,079,933 |
|
8,696,986 |
|
Creditors: amounts falling due after more than one year |
6 |
|
(13,837,800) |
|
(6,500,816) |
|
|
Net assets attributable to members |
9,242,133 |
|
2,196,170 |
|
|
|
|
|
|
Represented by: |
Loans and other debts due to members |
8 |
|
6,850,155 |
|
1,932,422 |
|
|
|
|
|
|
Members' other interests |
Revaluation reserve |
|
|
2,391,978 |
|
263,748 |
|
|
|
|
|
|
|
|
|
9,242,133 |
|
2,196,170 |
|
|
|
|
|
|
Total members' interests |
Loans and other debts due to members |
8 |
|
6,850,155 |
|
1,932,422 |
Members' other interests |
|
|
2,391,978 |
|
263,748 |
|
|
|
|
9,242,133 |
|
2,196,170 |
|
|
|
|
|
|
For the year ended 30 March 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs). |
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
These accounts were approved by the members on 31 January 2024 and signed on their behalf by: |
|
|
Saeed Malik |
Designated member |
|
Somarz Properties LLP |
Notes to the Accounts |
for the year ended 30 March 2023 |
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from letting and managing of own or lease real estate . Turnover from letting of the properties is recognised by reference to the term of the tenancy contracts. |
|
|
Division of profits |
|
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account. |
|
|
Taxation |
|
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Investments |
|
Unlisted investments in real estate portfolio are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Members' capital |
|
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional. |
|
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the LLP |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Fixed asset investments |
|
Other |
investments |
£ |
|
Cost |
|
At 31 March 2022 |
8,810,000 |
|
Additions |
12,450,000 |
|
Revaluation |
2,128,230 |
|
|
At 30 March 2023 |
23,388,230 |
|
|
After initial recognition, investment properties are carried at their fair value and the market valuations at the reporting date have been determined by the members using recent market transactions on arm's length basis. Any surplus or deficit on revaluation is recognised in the profit and loss account as a valuation gain or loss. |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
46,343 |
|
- |
|
Other debtors |
- |
|
36,600 |
|
|
|
|
|
|
46,343 |
|
36,600 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
204,802 |
|
117,539 |
|
Trade creditors |
38,706 |
|
- |
|
Accruals |
12,535 |
|
- |
|
Tenant deposits |
120,490 |
|
49,050 |
|
Rent received in advance |
6,505 |
|
- |
|
|
|
|
|
|
383,038 |
|
166,589 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
12,227,312 |
|
4,890,328 |
|
Other creditors |
1,610,488 |
|
1,610,488 |
|
|
|
|
|
|
13,837,800 |
|
6,500,816 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans |
2023 |
|
2022 |
£ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
12,563,652 |
|
4,993,946 |
|
|
|
|
|
|
|
|
|
|
Bank loans are secured on investment properties of the LLP and the arrangement fee, including associated costs, has been offset against the balance of the loan and is being amortised over the life of the loan facility |
|
|
8 |
Loans and other debts due to members |
2023 |
|
2022 |
£ |
£ |
|
|
Loans from members |
6,657,060 |
|
1,731,908 |
|
Amounts due to members in respect of profits |
193,095 |
|
200,514 |
|
|
|
|
|
|
6,850,155 |
|
1,932,422 |
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year |
6,850,155 |
|
1,932,422 |
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up. |
|
|
9 |
Revaluation reserve |
2023 |
|
2022 |
£ |
£ |
|
|
Gain on revaluation of land and buildings |
2,128,230 |
|
263,748 |
|
|
At 30 March 2023 |
2,391,978 |
|
263,748 |
|
|
|
|
|
|
|
|
|
|
10 |
Related party transactions |
|
|
Zafar Malik Designated member |
|
Amount due to the related party |
|
|
|
|
3,809,805 |
|
1,237,560 |
|
|
Sophia Malik Designated member |
|
Amount due to the related party |
|
|
|
|
1,185,801 |
|
84,635 |
|
|
Saeed Malik Designated member |
|
Amount due to the related party |
|
1,661,454 |
|
409,713 |
|
|
Sumera Malik |
|
Close Family member of the designated members |
|
Amount due to the related party |
|
1,610,488 |
|
1,610,488 |
|
|
11 |
Controlling party |
|
|
There is no ultimate controlling party. |
|
|
12 |
Other information |
|
|
Somarz Properties LLP is a limited liability partnership incorporated in England. Its registered office is: |