REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Kepler Properties LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Kepler Properties LLP |
Kepler Properties LLP (Registered number: OC389714) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Kepler Properties LLP |
General Information |
for the Year Ended 31 March 2023 |
DESIGNATED MEMBERS: | Canprop I Limited |
Launcelot Investments Limited |
Montagu Investments Limited |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
St Denys House |
22 East Hill |
St. Austell |
Cornwall |
PL25 4TR |
Kepler Properties LLP (Registered number: OC389714) |
Balance Sheet |
31 March 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 4 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
6,797,580 |
6,793,340 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
5 |
6,797,580 |
6,793,340 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 5 | 6,797,580 | 6,793,340 |
Amounts due from members | (232 | ) | - |
6,797,348 | 6,793,340 |
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. |
Kepler Properties LLP (Registered number: OC389714) |
Balance Sheet - continued |
31 March 2023 |
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 |
Kepler Properties LLP (Registered number: OC389714) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets held for investment |
Freehold property | - |
All fixed assets are initially recorded at cost. |
Investment properties, which comprise properties held for rental, are revalued annually and the aggregate surplus or deficit transferred to the revaluation reserve except where any deficit is deemed permanent when it is taken to the Profit and Loss Account. No provision is made for depreciation of investment properties. This departure from the requirements of the Companies Act 2006, which require all properties to be depreciated is, in the opinion of the Members, necessary for the Annual Accounts to show a true and fair view in accordance with applicable accounting standards. The depreciation charge is only one of the factors reflected in the annual valuation and therefore the effect of the departure cannot be readily quantified. |
Kepler Properties LLP (Registered number: OC389714) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
1. | ACCOUNTING POLICIES - continued |
Members' participation rights |
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits). |
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. |
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. |
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities in the Balance Sheet. |
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet. |
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. |
All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'. |
2. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
3. | TANGIBLE FIXED ASSETS |
All fixed assets are initially recorded at cost. |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Other creditors |
Kepler Properties LLP (Registered number: OC389714) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
31/3/23 | 31/3/22 |
£ | £ |
Amounts owed to members in respect of profits | 17,402 | 13,840 |
Capital account | 6,780,178 | 6,779,500 |
6,797,580 | 6,793,340 |
Falling due within one year | 6,797,580 | 6,793,340 |
Loans and Other Debts due to members will rank ‘pari passu’ with other unsecured creditors of the LLP. |
6. | ULTIMATE CONTROLLING PARTY |
In the opinion of the members there is no controlling party as defined by financial reporting Standard No 8 "Related party disclosures". |