Verrall Investments LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC343567 (England and Wales)

VERRALL INVESTMENTS LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

7

DESIGNATED MEMBERS:

S J Verrall

Mrs J Verrall

REGISTERED OFFICE:

Batts Hall

Warwick Road

Knowle

Solihull

West Midlands

B93 0DS

REGISTERED NUMBER:

OC343567 (England and Wales)

ACCOUNTANTS:

Phoenix Business Associates Limited

Chartered Certified Accountants

The Riding School House

Bulls Lane

Wishaw

Sutton Coldfield

West Midlands

B76 9QW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

42,099

82,685

Investment property

6

-

21,215

42,099

103,900

CURRENT ASSETS

Debtors

7

-

411

Cash at bank

18,596

60,419

18,596

60,830

CREDITORS

Amounts falling due within one year

8

11,889

71,053

NET CURRENT ASSETS/(LIABILITIES)

6,707

(10,223

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

48,806

93,677

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

4,986

47,605

MEMBERS' OTHER INTERESTS

Capital accounts

43,820

46,072

48,806

93,677

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

4,986

47,605

Members' other interests

43,820

46,072

48,806

93,677

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 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the members of the LLP on 9 May 2019 and were signed by:

S J Verrall - Designated member

1.	STATUTORY INFORMATION

Verrall Investments 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.

Significant judgements and estimates

The value of the properties is assessed by either the directors or an independent property valuation

specialist at each reporting date, using publicly available market evidence, comprising primarily of

values of comparable properties in the area and national market statistics. However, it is inherently

difficult to assess the true market value of the properties without actively marketing the properties for

sale.

Turnover

Turnover represents net invoiced rental income, together with sales of goods and services, excluding

value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Agricultural entitlements are being amortised evenly over their estimated useful life of nil years.

Agricultural entitlements

Agricultural entitlements are capitalised as intangible assets and written off evenly over their estimated

useful life of 2 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on cost

Investment property

The partnership's properties are held for long-term investment and depreciation is not provided in

respect of such properties. At the balance sheet date the investment properties are included at their

fair value. This policy represents a departure from the statutory accounting principles, which require

depreciation to be provided on all fixed assets. The members considers that this policy is necessary in

order that the financial statements may give a true and fair view.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 1 (2018 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Agricultural

entitlements

£

COST

At 1 April 2018

and 31 March 2019

5,504

AMORTISATION

At 1 April 2018

and 31 March 2019

5,504

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2018

60,156

3,760

118,299

19,168

201,383

Disposals

(54,400

)

-

(27,025

)

-

(81,425

)

At 31 March 2019

5,756

3,760

91,274

19,168

119,958

DEPRECIATION

At 1 April 2018

42,419

1,797

57,728

16,754

118,698

Charge for year

2,660

290

9,346

1,381

13,677

Eliminated on disposal

(41,328

)

-

(13,188

)

-

(54,516

)

At 31 March 2019

3,751

2,087

53,886

18,135

77,859

NET BOOK VALUE

At 31 March 2019

2,005

1,673

37,388

1,033

42,099

At 31 March 2018

17,737

1,963

60,571

2,414

82,685

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

21,215

Disposals

(21,215

)

At 31 March 2019

-

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

21,215

The value of the properties is assessed by either the members or an independent property valuation

specialist at each reporting date, using publicly available market evidence, comprising primarily of

values of comparable properties in the area and national market statistics. However, it is inherently

difficult to assess the true market value of the properties without actively marketing the properties for

sale.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/19

31/3/18

£

£

Prepayments

-

411

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/19

31/3/18

£

£

Trade creditors

10,929

2,381

Social security and other taxes

460

329

VAT

-

67,368

Pensions control account

-

25

Accrued expenses

500

950

11,889

71,053

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Amounts due to members rank equally to other creditors who are unsecured in the event of a winding

up. There is no protection afforded to other creditors in such an event. There are no restrictions or

limitations in respect of the ability of the members to reduce the amount of members other interests.

The following reproduces the text of the report prepared for the members in respect of the LLP's

annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only

required to file a Balance Sheet. Readers are cautioned that the Profit & Loss Account and certain

other primary statements and the Report of the Members are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited

Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have

prepared for your approval the financial statements of Verrall Investments LLP for the year ended

31 March 2019 which comprise the Profit & Loss Account, Other Comprehensive Income, Balance Sheet,

Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from

information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the members of Verrall Investments LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Verrall Investments LLP and state those matters that we have agreed to state to the members of Verrall Investments LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Verrall Investments LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Verrall Investments LLP. You consider that Verrall Investments LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Verrall Investments LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Phoenix Business Associates Limited

Chartered Certified Accountants

The Riding School House

Bulls Lane

Wishaw

Sutton Coldfield

West Midlands

B76 9QW

9 May 2019