REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
for |
Soriano Property Investments LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
for |
Soriano Property Investments LLP |
Soriano Property Investments LLP (Registered number: OC379566) |
Contents of the Financial Statements |
for the Year Ended 30 April 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Chartered Certified Accountants' Report | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Reconciliation of Members' Interests | 6 |
Notes to the Financial Statements | 8 |
Soriano Property Investments LLP |
General Information |
for the Year Ended 30 April 2023 |
DESIGNATED MEMBERS: |
Pumpstock Ltd |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Suite 2 |
1 Kings Road |
Crowthorne |
Berkshire |
RG45 7BF |
Soriano Property Investments LLP (Registered number: OC379566) |
Report of the Members |
for the Year Ended 30 April 2023 |
The members present their report with the financial statements of the LLP for the year ended 30 April 2023. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
Pumpstock Ltd |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £21,508 (2022 - £18,624 loss). |
MEMBERS' INTERESTS |
Profits/losses are allocated, as determined by the members, during the finalisation of the financial statements. Profit on revaluation of investment properties is not allocated to members. There is no policy on regular cash drawings, and any amounts drawn are subject to the cash requirements of the business. There is no formal member subscription requirement. |
ON BEHALF OF THE MEMBERS: |
Chartered Certified Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Soriano Property Investments LLP |
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 Soriano Property Investments LLP for the year ended 30 April 2023 which comprise the Income Statement, Balance Sheet, 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the members of Soriano Property Investments 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 Soriano Property Investments LLP and state those matters that we have agreed to state to the members of Soriano Property Investments LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that Soriano Property Investments 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 loss of Soriano Property Investments LLP. You consider that Soriano Property Investments 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 Soriano Property Investments 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. |
Suite 2 |
1 Kings Road |
Crowthorne |
Berkshire |
RG45 7BF |
Soriano Property Investments LLP (Registered number: OC379566) |
Income Statement |
for the Year Ended 30 April 2023 |
30.4.23 | 30.4.22 |
£ | £ |
TURNOVER |
Administrative expenses |
(39,945 | ) | (39,572 | ) |
Other operating income |
OPERATING PROFIT |
Interest payable and similar expenses |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
( |
) |
Soriano Property Investments LLP (Registered number: OC379566) |
Balance Sheet |
30 April 2023 |
30.4.23 | 30.4.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 790,993 | 798,042 |
LOANS AND OTHER DEBTS DUE TO MEMBERS | 11 | 363,201 | 370,250 |
MEMBERS' OTHER INTERESTS |
Other reserves |
790,993 | 798,042 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 11 | 363,201 | 370,250 |
Members' other interests | 427,792 | 427,792 |
790,993 | 798,042 |
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 were approved by the members of the LLP and authorised for issue on |
Soriano Property Investments LLP (Registered number: OC379566) |
Reconciliation of Members' Interests |
for the Year Ended 30 April 2023 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 370,250 |
Amount due from members | - |
Balance at 1 May 2022 | 427,792 | 370,250 | 798,042 |
Loss for the financial year available for discretionary division among members |
(21,508 |
) |
- |
(21,508 |
) |
Members' interests after loss for the year | 406,284 | 370,250 | 776,534 |
Other divisions of loss | 21,508 | (21,508 | ) | - |
Introduced by members | - | 14,459 | 14,459 |
Amount due to members | 363,201 |
Amount due from members | - |
Balance at 30 April 2023 | 427,792 | 363,201 | 790,993 |
Soriano Property Investments LLP (Registered number: OC379566) |
Reconciliation of Members' Interests |
for the Year Ended 30 April 2023 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 374,034 |
Amount due from members | - |
Balance at 1 May 2021 | 427,792 | 374,034 | 801,826 |
Loss for the financial year available for discretionary division among members |
(18,624 |
) |
- |
(18,624 |
) |
Members' interests after loss for the year | 409,168 | 374,034 | 783,202 |
Other divisions of loss | 18,624 | (18,624 | ) | - |
Introduced by members | - | 14,840 | 14,840 |
Amount due to members | 370,250 |
Amount due from members | - |
Balance at 30 April 2022 | 427,792 | 370,250 | 798,042 |
Soriano Property Investments LLP (Registered number: OC379566) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
1. | STATUTORY INFORMATION |
Soriano Property Investments LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The key assumption resulting in estimation uncertainty at the reporting date is the future LIBOR interest |
rates. |
Bank loans are stated at amortised cost. After an initial fixed period, the loan interest rate is variable. It has |
been assumed that the LIBOR rate will not vary significantly throughout the loan term. |
If there was a significant variation in the LIBOR rate there could be a significant impact on the interest |
recognised using the effective interest method and the carrying value of the loan on amortised cost basis. |
The investment property is stated at open market value. The estimated open market value is based on |
estate agent valuations, taking into account on comparable property sales and market trends as a |
reasonable approximation of the value as at the balance sheet date. |
Estimates and judgements are continually evaluated and are based on historical experience, independent |
forecasts and other factors that are believed to be reasonable under the circumstances. |
Tangible fixed assets |
Plant and machinery etc | - |
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. |
4. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2022 |
and 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
and 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
Soriano Property Investments LLP (Registered number: OC379566) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2022 |
and 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
7. | DEBTORS |
30.4.23 | 30.4.22 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Amounts falling due after more than one year: |
Trade debtors |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Trade creditors |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Bank loans |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.23 | 30.4.22 |
£ | £ |
The loans are secured on the underlying asset. |
Mr and Mrs Magee have provided personal guarantees on all current bank borrowings. |
11. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a |
winding up. |
There are no restrictions or limitations on the ability of members to reduce the amount of 'members' other |
interests'. |