Invicta Prop. Part. LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC325428 (England and Wales)

Financial Statements

for the Year Ended 31st March 2019

for

INVICTA PROPERTY PARTNERSHIP LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

S G Simmons

M N J Faulkner

N A Shryane

REGISTERED OFFICE:

Victoria Hse Rural Bus Ctre

The Moor

Hawkhurst

Kent

TN18 4NR

REGISTERED NUMBER:

OC325428 (England and Wales)

ACCOUNTANTS:

Bearing Accountancy

62 Stirrup Close

Chelmsford

Essex

CM1 6ST

FIXED ASSETS

Investment property

3

3,410,760

3,974,119

CURRENT ASSETS

Debtors

4

2,803

1,715

Cash at bank

240,620

232,383

243,423

234,098

CREDITORS

Amounts falling due within one year

5

7,002

3,711

NET CURRENT ASSETS

236,421

230,387

TOTAL ASSETS LESS CURRENT LIABILITIES

3,647,181

4,204,506

CREDITORS

Amounts falling due after more than one year

6

2,069,139

2,647,907

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,578,042

1,556,599

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

170,096

48,599

MEMBERS' OTHER INTERESTS

Capital accounts

1,407,946

1,508,000

1,578,042

1,556,599

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

170,096

48,599

Members' other interests

1,407,946

1,508,000

1,578,042

1,556,599

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 31st March 2019.

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 applicable to LLPs subject to the small LLPs regime.

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 1st September 2019 and were signed by:

M N J Faulkner - Designated member

1.	STATUTORY INFORMATION

Invicta Property Partnership 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents rental income receivable, excluding value added tax.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in market value is transferred to a revaluation reserve.

In accordance with SSAP 19 no depreciation is provided in respect of freehold properties. This

departure from the Companies Act is, in the opinion of the members, necessary for the financial

statements to show a true and fair view in accordance with applicable accounting standards, as

properties are included in the financial statements at their open market value.

The effect of depreciation on value is already reflected in the valuation of properties, and the amount

attributed to this factor cannot reasonably be separately identified or quantified.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2018

3,974,119

Additions

9,900

Disposals

(573,259

)

At 31st March 2019

3,410,760

NET BOOK VALUE

At 31st March 2019

3,410,760

At 31st March 2018

3,974,119

Investment properties have been valued at 31 March 2009 by Mr S G Simmons, a designated member

of the LLP. The valuation is considered to be current market value for the investment properties

concerned taking into account the current rental status of the properties and the income arising and

the current market conditions.

Fair value at 31st March 2019 is represented by:

£

Valuation in 2009

(21,231

)

Cost

3,431,991

3,410,760

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

2,803

1,715

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other creditors

7,002

3,711

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

2,069,139

2,647,907

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,069,139

2,647,907

7.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

2,069,139

2,647,907

The bank loans are secured by a fixed charge over the property portfolio.

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

The capital (whether classified as a liability or equity) of the LLP may be reduced by agreement of the

members either by repayment or by the conversion of equity capital into liability capital or other debt. In

the absence of agreement to the contrary, unsecured debt due to members will rank equally with debts

due to other unsecured creditors in a winding up.

9.	RELATED PARTY DISCLOSURES

For the period under review the LLP was controlled by Mr S G Simmons, a designated member of the

LLP.

On 1 March 2007 two properties were introduced into the LLP by Mr S G Simmons at their market

value being £344,000. The market valuation was undertaken by Fell Reynolds in February 2007. The

title to these properties, together with the associated mortgage loans, have been assigned to the LLP

by Mr S G Simmons.

During the year the LLP paid £13,920 (2018 - £13,920) to Swan Property Management Services

Limited for administrative and secretarial services, a company in which Mr S G Simmons is a

shareholder.