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Registered number: OC386585
SOUTHBANK PROPERTY INVESTMENTS LLP
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 March 2022
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SOUTHBANK PROPERTY INVESTMENTS LLP
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CONTENTS
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Reconciliation of members' interests
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Notes to the financial statements
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SOUTHBANK PROPERTY INVESTMENTS LLP
REGISTERED NUMBER:OC386585
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BALANCE SHEET
AS AT 31 MARCH 2022
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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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Net current assets/(liabilities)
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Total assets less current liabilities
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Revaluation reserve classified as equity
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Loans and other debts due to members
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1
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SOUTHBANK PROPERTY INVESTMENTS LLP
REGISTERED NUMBER:OC386585
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BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022
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 on 5 October 2022.
A Zykov
For and on behalf of Elden Properties Holding (UK) Limited
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The notes on pages 4 to 8 form part of these financial statements.
2
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SOUTHBANK PROPERTY INVESTMENTS LLP
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RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2022
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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' remuneration charged as an expense
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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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Members' remuneration charged as an expense
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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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3
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SOUTHBANK PROPERTY INVESTMENTS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Southbank Property Investments LLP is a Limited Liability Partnerhip, registered in England and Wales, registration number OC386585.
The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal place of busines is First Floor, 17 Grosvenor Hill, Mayfair, London W1K 3QB.
The principal activity of the LLP is that of property investment.
2.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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The LLP's functional and presentational currency is pound sterling.
The following principal accounting policies have been applied:
The members are assessing, on a daily basis, the impact of the significant uncertainty arising from the COVID-19 virus. Whilst the members appreciate there are significant uncertainty surrounding the future economic climate, Southbank Property Investments LLP is well placed to address these impacts. Therefore the accounts have been prepared on a going concern basis.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
4
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SOUTHBANK PROPERTY INVESTMENTS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Investment property is carried at fair value determined annually by the members 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 statement of comprehensive income. Where an investment property's fair value cannot be determined or measured without undue cost or effort, the investment property is carried as a tangible fixed asset.
Short term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
5
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SOUTHBANK PROPERTY INVESTMENTS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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Discounted security instruments
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Discounted security instruments represent a commitment treated as a liability. They are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. The unwinding of the discount is charged to the profit and loss account and included within finance costs.
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The average monthly number of employees, including members, during the year was 5 (2021 - 5).
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Freehold investment property (as restated)
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Charge for the year on owned assets
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6
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SOUTHBANK PROPERTY INVESTMENTS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Cost or valuation at 31 March 2022 is as follows:
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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Prepayments and accrued income
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7
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SOUTHBANK PROPERTY INVESTMENTS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Creditors: Amounts falling due within one year
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Discounted security instruments
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Accruals and deferred income
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Included in the above are discounted securities at a total of nil (2021 - £27,997,895).
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
As at 31 March 2021, the revaluation reserve has been restated from £10,606,467 to £8,531,812.
This has reduced profits and members equity, reported in the 31 March 2021 year by £2,074,655.
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Related party transactions
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During the year, the LLP issued discounted security instruments at a cost of nil (2021 - £27,997,895) to related party (due to common ownership), Universal Metals International Limited.
All of the discounted security instruments are included in creditors falling due within one year. Finance charges totalled a sum of £353,205 (2021 - £1,282,621) payable on redemption, of which nil (2021 - £207,280) has been accrued and included in other creditors at the balance sheet date.
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8
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