Aula Property Partnership LLP - LLP accounts 18.2

REGISTERED NUMBER: OC416506 (England and Wales)

Report of the Members and

Unaudited Financial Statements

for the Year Ended 30 June 2019

for

AULA PROPERTY PARTNERSHIP LLP

Page

Report of the Members

1

Income Statement

2

Statement of Financial Position

3

Notes to the Financial Statements

4

The members present their report with the financial statements of the LLP for the year ended 30 June 2019.

Principal activity

The principal activity of the LLP in the year under review was that of investment property.

Designated members

The designated members during the year under review were:

Tramco Cambridge Limited

The Master Fellows And Scholars Of The College or Hall of the Holy Trinity in the University of Cambridge

Results for the year and allocation to members

The profit for the year before members' remuneration and profit shares was £194,514 (2018 - £1,176,187 profit).

Members' interests

Tramco Cambridge Limited

During the period, the LLP paid Tramco Cambridge Limited £98,706 (2018 - £96,000) for management fees.

On behalf of the members:

Tramco Cambridge Limited - Designated member

3 October 2019

Revenue

682,062

626,683

Administrative expenses

(212,860

)

(193,817

)

Operating profit

469,202

432,866

Gain/loss on revaluation of investments

(274,688

)

743,321

Profit for the financial year before members' remuneration and profit shares available for discretionary division among members

194,514

1,176,187

Fixed assets

Investment property

3

8,697,000

7,580,000

Current assets

Debtors

4

99,344

48,347

Cash at bank

232,182

256,875

331,526

305,222

Creditors

Amounts falling due within one year

5

49,518

30,382

Net current assets

282,008

274,840

Total assets less current liabilities

and

Net assets attributable to members

8,979,008

7,854,840

Loans and other debts due to members

6

8,979,008

7,854,840

Total members' interests

Loans and other debts due to members

6

8,979,008

7,854,840

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 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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP on 3 October 2019 and were signed by:

Tramco Cambridge Limited - Designated member

1.	Statutory information

Aula Property Partnership LLP is registered in England and Wales. The LLP's registered number and registered

office address are as below:

Registered number:

OC416506

Registered office:

Trinity Hall

Cambridge

CB2 1TJ

The presentation currency of the financial statements is the Pound Sterling (£).

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

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

rebates, value added tax and other sales taxes.

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.

3.	Investment property

Total

£

Fair value

At 1 July 2018

7,580,000

Additions

1,391,688

Revaluations

(274,688

)

At 30 June 2019

8,697,000

Net book value

At 30 June 2019

8,697,000

At 30 June 2018

7,580,000

Fair value at 30 June 2019 is represented by:

£

Valuation in 2018

743,321

Valuation in 2019

(274,689

)

Cost

8,228,368

8,697,000

If investment property had not been revalued it would have been included at the following historical cost:

2019

2018

£

£

Cost

8,228,368

6,836,679

Investment property was valued on an open market basis on 30 June 2019 by Savills .

4.

Debtors: amounts falling due within one year

2019

2018

£

£

Trade debtors

99,344

48,347

5.

Creditors: amounts falling due within one year

2019

2018

£

£

Trade creditors

4,679

2,841

Taxation and social security

31,591

18,089

Other creditors

13,248

9,452

49,518

30,382

6.

Loans and other debts due to members

Members capital is subscribed to on the basis of the profit sharing percentage of each member. The capital will

be repaid by the LLP on the departure of a member from the LLP. Profits for the year are allocated to members

automatically in accordance with the profit sharing percentage of each member. It is the policy of the LLP to

only allow members to withdraw profits to the extent that the LLP retains sufficient working capital to finance

its ongoing operation.