Wilson Family LLP - LLP accounts 18.2

REGISTERED NUMBER: OC325170 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

WILSON FAMILY LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

A A Wilson

C Wilson

REGISTERED OFFICE:

26 Ives Street

London

SW3 2ND

REGISTERED NUMBER:

OC325170 (England and Wales)

ACCOUNTANTS:

Wem & Co Chartered Accountants

Savoy House

Savoy Circus

London

W3 7DA

The members present their report with the financial statements of the LLP for the year ended 31 March 2019.

PRINCIPAL ACTIVITY

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

DESIGNATED MEMBERS

The designated members during the year under review were:

A A Wilson

C Wilson

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £17,740 (2018 - £20,731 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

A A Wilson - Designated member

6 December 2019

TURNOVER

-

Administrative expenses

2,220

1,169

(2,220

)

(1,169

)

Other operating income

19,960

21,900

OPERATING PROFIT and

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS

17,740

20,731

FIXED ASSETS

Investment property

3

270,000

CURRENT ASSETS

Debtors

4

5,100

6,900

Cash at bank

28,022

11,766

33,122

18,666

CREDITORS

Amounts falling due within one year

5

30,681

31,641

NET CURRENT ASSETS/(LIABILITIES)

2,441

(12,975

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

272,441

257,025

LOANS AND OTHER DEBTS DUE TO
MEMBERS

6

175,837

160,421

MEMBERS' OTHER INTERESTS

Capital accounts

50,000

Revaluation reserve

7

46,604

272,441

257,025

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

6

175,837

160,421

Members' other interests

96,604

272,441

257,025

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 31 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 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 6 December 2019 and were signed by:

A A Wilson - Designated member

1.	STATUTORY INFORMATION

Wilson Family LLP is registered in England and Wales. The LLP's registered number and registered office address can be

found on the General Information page.

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.

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 April 2018

and 31 March 2019

270,000

NET BOOK VALUE

At 31 March 2019

270,000

At 31 March 2018

270,000

The investment property was revalued at the year end by the members on an open market existing use basis.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

Other debtors

5,100

6,900

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

Trade creditors

5,399

Other creditors

25,282

26,242

30,681

31,641

6.

LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with

unsecured creditors.

7.

RESERVES

Revaluation

reserve

£

At 1 April 2018

and 31 March 2019

46,604