E S Walton (Property) LLP Accounts

E.S. WALTON (PROPERTY) LLP - Company Information






E S Walton (Property) LLP

	Registered No. OC326016
	Information for Filing with the Registrar
		31 March 2019

at	31 March 2019

Registered No.			OC326016	Notes	2019	2018
					£	£
Fixed assets


	Investment property			3	134,272	134,272

					134,272	134,272
Current assets

	Debtors			4	3,400	3,400

	Cash at bank and in hand				1,135	1,546
					4,535	4,946
Creditors: Amounts falling due within one year				5	(64,902)	(57,823)
Net current liabilities					(60,367)	(52,877)
Total assets less current liabilities					73,905	81,395
Creditors: Amounts falling due after more than one year				6	(8,437)	(13,641)

Net assets attributable to members					65,468	67,754

Represented by:
	Loans and other debts due to members				15,010	17,296
	Members' other interests
		Members' capital			50,458	50,458


					50,458	50,458

					65,468	67,754



These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

For the year ended 31 March 2019 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit)(Application of Companies Act 2006) Regulations 2008) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the members on 18 December 2019

And signed on its behalf by designated member:

H. Northover

for the year ended 31 March 2019

Accounting policies

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships. There were no material departures from that standard.

The accounts are presented in Sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of consideration received or receivable. Turnover represents rents receivable from properties held for investment.

Members' remuneration and division of profits

Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account.

In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense.

Profits are treated as being available for discretionary division only if the the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'.

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Members' Interests

Members' interests are classified as either equity or debt.

Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves.

Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members.

2	Information in relation to members
		2019	2018
		Number	Number
	The average number of members during the year :	2	2

		2019	2018
		£	£



	Automatic division of profits	5,714	4,843
		5,714	4,843

3	Investment property
		Freehold Investment Property
		£
	Valuation
	At 1 April 2018	134,272



	At 31 March 2019	134,272

4	Debtors
		2019	2018
		£	£




	Other debtors	3,000	3,000
	Prepayments and accrued income	400	400
		3,400	3,400

5	Creditors:
	amounts falling due within one year
		2019	2018
		£	£
	Bank loans and overdrafts	5,035	4,865





	Other creditors	58,696	51,786
	Accruals and deferred income	1,171	1,172
		64,902	57,823

6	Creditors:
	amounts falling due after more than one year
		2019	2018
		£	£
	Bank loans and overdrafts	8,437	13,641






		8,437	13,641

7	Loans and other debts due to members
		2019	2018
		£	£

	Loans from members	(2,445)	(2,445)

	Amounts due to members in respect of profits	17,455	19,741
		15,010	17,296

	Amounts falling due within one year	15,010	-

		15,010	17,296

Additional information

Its registered number is:

OC326016

70 Tradewinds

Liberty Place

Liverpool

L1 5BG