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Registered number: OC330637
BDL PROPERTY LLP
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024
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BDL PROPERTY LLP
REGISTERED NUMBER: OC330637
BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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BDL PROPERTY LLP
REGISTERED NUMBER: OC330637
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Other reserves classified as equity
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Amounts due from members (included in debtors)
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BDL PROPERTY LLP
REGISTERED NUMBER: OC330637
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 5 to 8 form part of these financial statements.
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BDL PROPERTY LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
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BDL PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Turnover represents rent receivable, which is recognised on an accruals basis.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
No provision is made for taxation as the liability is met personally by the members.
Investment property is carried at fair value determined annually either by the members or externally as required and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss account.
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BDL PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements in conformity with generally accepted accounting principles requires the members to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the members believe that the critical accounting policies where judgments or estimations are necessarily applied are summarised below:
Impairment
The members have considered the valuation of investments. Changes in the circumstances or expectations of future performance of an individual asset may be an indicator that the asset is impaired requiring the book value to be written down to its recoverable amount. Impairments are reversed if conditions for impairment are no longer present. Due to their nature, evaluating whether an asset is impaired or not requires a significant degree of judgement and may to a large extent depend on the assumptions made in its evaluation. The members have concluded that the valuation of assets as at the year end are appropriate.
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The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:
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Long term leasehold investment property
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The 2024 valuations were made by the members, on an open market value for existing use basis.
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BDL PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The following liabilities were secured:
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Details of security provided:
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The bank loan is secured by a debenture over the assets of the company and a legal charge over the
investment property.
BDL Restaurant Limited, a related company, has guaranteed the loan for £1,600,000.
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BDL PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Related party transactions
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During the year rent of £300,000 (2023: £300,000) was received by the limited liability partnership from BDL Restaurant Limited, a company in which all the members are also shareholders.
The transaction was made on a normal trading basis and on an arms length basis.
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