Brook Mill Property Management LLP. Filleted Accounts Cover |
Registered No. OC350635 | |||||||||
Brook Mill Property Management LLP. Balance Sheet Registrar |
at | ||||||||||
Registered No. | Notes | 2023 | 2022 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Investment property | 5 | 4,193,599 | 4,193,599 | |||||||
Investments | 6 | 132,707 | 132,707 | |||||||
4,326,306 | 4,326,306 | |||||||||
Current assets | ||||||||||
Debtors | 7 | 6,700,997 | 6,682,616 | |||||||
Cash at bank and in hand | 24,939 | 10,433 | ||||||||
6,725,936 | 6,693,049 | |||||||||
Creditors: Amounts falling due within one year | 8 | (136,076) | (130,684) | |||||||
Net current assets | 6,589,860 | 6,562,365 | ||||||||
Total assets less current liabilities | 10,916,166 | 10,888,671 | ||||||||
Creditors: Amounts falling due after more than one year | 9 | (6,309,600) | (6,309,600) | |||||||
Net assets attributable to members | 4,606,566 | 4,579,071 | ||||||||
Represented by: | ||||||||||
Members' other interests | ||||||||||
Members' capital | 4,193,599 | 4,193,599 | ||||||||
Other reserves | 412,967 | 385,472 | ||||||||
4,606,566 | 4,579,071 | |||||||||
4,606,566 | 4,579,071 | |||||||||
As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account. | ||||||||||
Approved by the members on 05 April 2023 and signed on its behalf by: | ||||||||||
Alternative Investments Exchange Ltd. | ||||||||||
Designated member | ||||||||||
05 April 2023 |
Brook Mill Property Management LLP. Notes to the Accounts Registrar |
for the year ended 5 April 2023 | ||||||||||||||||
1 | General information | |||||||||||||||
Brook Mill Property Management LLP. is a limited liability partnership and incorporated in England and Wales. | ||||||||||||||||
Its registered number is: OC350635 | ||||||||||||||||
Its registered office is: | ||||||||||||||||
2 | Accounting policies |
Turnover | ||||||||||||||||
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Company; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. | ||||||||||||||||
Members' remuneration and division of profits | ||||||||||||||||
Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account. In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense. Profits are treated as being available for discretionary division only if the 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. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'. | ||||||||||||||||
Intangible fixed assets | ||||||||||||||||
Research and development costs | ||||||||||||||||
Expenditure on research and development is written off in the year it is incurred unless it meets the criteria to allow it to be capitalised. Costs of research are always written off in the year in which they are incurred. Where development costs are recognised as an asset, they are amortised over the period expected to benefit from them. Amortisation of the capitalised costs begins once the developed product comes into use, typically at rate of 33.33% straight line. | ||||||||||||||||
Freehold investment property | ||||||||||||||||
No depreciation is provided in respect of investment properties. | ||||||||||||||||
Investments | ||||||||||||||||
Stocks | ||||||||||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses. | ||||||||||||||||
Trade and other debtors | ||||||||||||||||
Trade and other creditors | ||||||||||||||||
Provisions | ||||||||||||||||
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. | ||||||||||||||||
Members' Interests | ||||||||||||||||
Members' interests are classified as either equity or debt. Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves. Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members. | ||||||||||||||||
Foreign currencies | ||||||||||||||||
Leased assets | ||||||||||||||||
Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. | ||||||||||||||||
Taxation | ||||||||||||||||
Retirement benefits of former members | ||||||||||||||||
The retirement benefits of former members are determined annually base on a formula directly linked to the profits of the partnership. Provision is made at the date of retirement of the member for the estimated present value of the expected future payments to that member. On initial recognition the estimated current value of the future pension is transferred from members' interests to provisions for liabilities and charges. The unwinding of the discount of the provision to retirement benefits is charged to the profit and loss account and including in interest payable. The liability is reassessed annually and any changes in the estimates are included within the profit and loss account. | ||||||||||||||||
Defined contribution pensions | ||||||||||||||||
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. | ||||||||||||||||
3 | Information in relation to members | |||||||||||||||
2023 | 2022 | |||||||||||||||
Number | Number | |||||||||||||||
The average number of members during the year : | 3 | 3 | ||||||||||||||
2023 | 2022 | |||||||||||||||
£ | £ | |||||||||||||||
The amount of profit attributable to the member with the largest entitlement was: | 216,495 | 453,145 | ||||||||||||||
4 | Employees | |||||||||||||||
2023 | 2022 | |||||||||||||||
Number | Number | |||||||||||||||
The average number of persons employed during the year was: | ||||||||||||||||
5 | Investment property | |||||||||||||||
Freehold Investment Property | ||||||||||||||||
£ | ||||||||||||||||
Valuation | ||||||||||||||||
At 6 April 2022 | ||||||||||||||||
At 5 April 2023 | ||||||||||||||||
6 | Investments | |||||||||||||||
Investment in Subsidiaries | Total | |||||||||||||||
£ | £ | |||||||||||||||
Cost or revaluation | ||||||||||||||||
At 6 April 2022 | ||||||||||||||||
At 5 April 2023 | ||||||||||||||||
Provisions and impairment | ||||||||||||||||
Net book values | ||||||||||||||||
At 5 April 2023 | ||||||||||||||||
At 5 April 2022 | ||||||||||||||||
7 | Debtors | |||||||||||||||
2023 | 2022 | |||||||||||||||
£ | £ | |||||||||||||||
Trade debtors | ||||||||||||||||
Amounts owed by group undertakings | ||||||||||||||||
VAT recoverable | ||||||||||||||||
Other debtors | ||||||||||||||||
8 | Creditors: | |||||||||||||||
amounts falling due within one year | ||||||||||||||||
2023 | 2022 | |||||||||||||||
£ | £ | |||||||||||||||
Bank loans and overdrafts | ||||||||||||||||
Other loans | ||||||||||||||||
Trade creditors | ||||||||||||||||
Other taxes and social security | ||||||||||||||||
Other creditors | ||||||||||||||||
Accruals and deferred income | ||||||||||||||||
9 | Creditors: | |||||||||||||||
amounts falling due after more than one year | ||||||||||||||||
2023 | 2022 | |||||||||||||||
£ | £ | |||||||||||||||
Bank loans and overdrafts | ||||||||||||||||
Liabilities repayable in more than five years after the balance sheet date | ||||||||||||||||
Amount repayable other than by instalments | 6,309,600 | 6,309,600 | ||||||||||||||
10 | Creditors: borrowings | |||||||||||||||
2023 | 2022 | |||||||||||||||
£ | £ | |||||||||||||||
The aggregate amount of secured liabilities included within creditors falling due within and after one year | ||||||||||||||||