K L Invest LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC396951 (England and Wales)

Unaudited Financial Statements

for the Year Ended 5 April 2019

for

K L Invest LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

R Dhir

R Dhir

REGISTERED OFFICE:

44 The Pantiles

Tunbridge Wells

Kent

TN2 5TN

REGISTERED NUMBER:

OC396951 (England and Wales)

ACCOUNTANTS:

APT

44 The Pantiles

Tunbridge Wells

Kent

TN2 5TN

FIXED ASSETS

Tangible assets

4

-

21,125

Investment property

5

7,290,000

6,235,000

7,290,000

6,256,125

CURRENT ASSETS

Debtors

6

9,333

-

Cash at bank

48,868

10,065

58,201

10,065

CREDITORS

Amounts falling due within one year

7

(321,469

)

(203,058

)

NET CURRENT LIABILITIES

(263,268

)

(192,993

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,026,732

6,063,132

CREDITORS

Amounts falling due after more than one year

8

(1,430,655

)

(1,725,844

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

5,596,077

4,337,288

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

5,596,077

4,337,288

5,596,077

4,337,288

TOTAL MEMBERS' INTERESTS

Members' other interests

5,596,077

4,337,288

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 5 April 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 30 October 2019 and were signed by:

R Dhir - Designated member

R Dhir - Designated member

1.	STATUTORY INFORMATION

K L Invest 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.

The functional and presentational currency of the LLP is pounds sterling. Monetary amounts in these financial

statements are rounded to the nearest £1, except where otherwise indicated.

Going concern

Current liabilities exceed current assets, however, after reviewing the LLP's forecasts and projections, the

members have a reasonable expectation that the LLP has adequate resources to continue in operational existence

for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its

financial statements.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors,

including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

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

tax and other sales taxes. Turnover from the supply of services represents the value of services provided under

contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration

received or receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in

circumstances indicate the carrying value may not be recoverable.

Impairment of assets

Fixed assets are reviewed at each reporting date to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate

of its recoverable amount, but not in excess of the amount that would have been determined had no impairment

loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in

profit or loss.

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.

Debtors and creditors receivable/payable in one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in

administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,

they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement

constitutes a financing transaction it is measured at the present value of future payments.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Provision for liabilities

Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past

event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of

the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present

obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the

obligation.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 6 April 2018

25,350

Disposals

(25,350

)

At 5 April 2019

-

DEPRECIATION

At 6 April 2018

4,225

Charge for year

3,521

Eliminated on disposal

(7,746

)

At 5 April 2019

-

NET BOOK VALUE

At 5 April 2019

-

At 5 April 2018

21,125

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 6 April 2018

25,350

Disposals

(25,350

)

At 5 April 2019

-

DEPRECIATION

At 6 April 2018

4,225

Charge for year

3,521

Eliminated on disposal

(7,746

)

At 5 April 2019

-

NET BOOK VALUE

At 5 April 2019

-

At 5 April 2018

21,125

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 6 April 2018

6,235,000

Disposals

(150,000

)

Revaluations

1,205,000

At 5 April 2019

7,290,000

NET BOOK VALUE

At 5 April 2019

7,290,000

At 5 April 2018

6,235,000

Investment property is shown at most recent fair value as determined by the designated members who are

experienced in the property market..

During the period under review, rents and service charges derived from the investment property totalled

£362,562 (2018: £311,914) as is disclosed under turnover.

Fair value at 5 April 2019 is represented by:

£

**	TOTAL SHOWN ON CLIENT SCREEN - REVALUATION ANALYSIS - DOES NOT AGREE TO TOTAL OF FIXED ASSET 'COST' ACCOUNT HELD AT END OF YEAR IN RESPECT OF

INVESTMENT PROPERTY

'COST' ACCOUNT TOTAL

Cost/valuation b/f

6,235,000

Disposals

(150,000

)

Revaluations

1,205,000

7,290,000

CLIENT SCREEN TOTAL

=

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.4.19

5.4.18

£

£

Trade debtors

5,497

-

Other debtors

3,836

-

9,333

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.4.19

5.4.18

£

£

Bank loans and overdrafts

313,800

197,292

Hire purchase contracts

-

4,070

Trade creditors

1,877

-

Taxation and social security

1,667

1,332

Other creditors

4,125

364

321,469

203,058

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

5.4.19

5.4.18

£

£

Bank loans

1,430,655

1,711,938

Hire purchase contracts

-

13,906

1,430,655

1,725,844

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,124,114

1,180,673

9.	SECURED DEBTS

The following secured debts are included within creditors:

5.4.19

5.4.18

£

£

Bank loans

1,720,686

1,862,876

Security is provided by way of fixed charges against investment property.

10.	RELATED PARTY DISCLOSURES