Lusso Albany LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC392626 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

FOR

LUSSO ALBANY LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DESIGNATED MEMBERS:

Lusso Residential Developments Limited

A M Martin

N Grant Jones

REGISTERED OFFICE:

Sundial House

98 High Street

Horsell

Woking

Surrey

GU21 4SU

REGISTERED NUMBER:

OC392626 (England and Wales)

ACCOUNTANTS:

Hamlyns LLP

Chartered Accountants

Sundial House

High Street

Horsell

Woking

Surrey

GU21 4SU

CURRENT ASSETS

Stocks

3

-

4,861,624

Cash at bank

-

2

-

4,861,626

CREDITORS

Amounts falling due within one year

4

-

3,743,314

NET CURRENT ASSETS

-

1,118,312

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

-

1,118,312

LOANS AND OTHER DEBTS DUE TO MEMBERS

6

-

1,118,312

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

6

-

1,118,312

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 30 June 2018.

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 have been prepared and delivered in accordance with the provisions of Part 15 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 small LLPs.

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 on 22 March 2019 and were signed by:

A M Martin - Designated member

1.	STATUTORY INFORMATION

Lusso Albany LLP is registered in England and Wales. The LLP's registered number and registered office address can

be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing

stocks to their present location and condition.

3.

STOCKS

2018

2017

£

£

Work-in-progress

-

4,861,624

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

-

3,486,741

Trade creditors

-

255,573

Other creditors

-

1,000

-

3,743,314

5.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

-

3,486,741

The bank loans are secured on a fixed charge over land known as 1 Albany Close, Esher, Surrey and a floating charge

over all of the assets of the LLP the cost of which is included in work in progress (note 3).

6.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.

There is no provision for specific legally enforceable protection afforded to creditors in such an event. There are no

restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests'.