L.E.F.F. Global LLP - Accounts to registrar (filleted) - small 18.2

L.E.F.F. Global LLP - Accounts to registrar (filleted) - small 18.2

L.E.F.F. GLOBAL LLP - Company Information

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REGISTERED NUMBER: OC395518 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2019

for

L.E.F.F. Global LLP
L.E.F.F. Global LLP (Registered number: OC395518)






Contents of the Financial Statements
for the Year Ended 31 March 2019




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


L.E.F.F. Global LLP

General Information
for the Year Ended 31 March 2019







DESIGNATED MEMBERS: L F Folco
L.E.F.F. UK Limited





REGISTERED OFFICE: 38 Craven Street
London
WC2N 5NG





REGISTERED NUMBER: OC395518 (England and Wales)





ACCOUNTANTS: B&P Tax Legal Finance LLP
38 Craven Street
London
WC2N 5NG
Page 1
L.E.F.F. Global LLP (Registered number: OC395518)

Balance Sheet
31 March 2019

31.3.19 31.3.18
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 2,351 7,299

CURRENT ASSETS
Stocks 1,716,546 1,716,546
Debtors 4 1,392,912 4,407
Cash at bank 171,539 1,952,541
3,280,997 3,673,494
CREDITORS
Amounts falling due within one year 5 3,142,263 3,478,514
NET CURRENT ASSETS 138,734 194,980
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS
141,085
202,279

LOANS AND OTHER DEBTS DUE TO
MEMBERS
6
140,985
202,179

MEMBERS' OTHER INTERESTS
Capital accounts 100 100
141,085 202,279

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 6 140,985 202,179
Members' other interests 100 100
Amounts due from members 4 (571,820 ) -
(430,735 ) 202,279

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 notes form part of these financial statements

Page 2 continued...
L.E.F.F. Global LLP (Registered number: OC395518)

Balance Sheet - continued
31 March 2019


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 20 December 2019 and were signed by:





L.E.F.F. UK Limited - Designated member

The notes form part of these financial statements

Page 3
L.E.F.F. Global LLP (Registered number: OC395518)

Notes to the Financial Statements
for the Year Ended 31 March 2019

1. STATUTORY INFORMATION

L.E.F.F. Global 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary
amounts in these financial statements are rounded to the nearest pound.

Turnover
The turnover shown in the profit and loss account represents revenue recognised during the year from the sale of
art. Turnover is exclusive of value added tax.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is calculated so as to write off the cost of
an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant and machinery : 33.33% on a straight line basis.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.

Consignment stock:
The LLP also holds stocks of artworks on consignment from L.E.F.F. IOM Ltd. These remain the property of
L.E.F.F. IOM Ltd until sold or at the expiry of the consignment agreement. No amounts for the stock or the
liability to the company are entered in the financial statements until the stocks are acquired by the LLP.

3. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2018
and 31 March 2019 14,598
DEPRECIATION
At 1 April 2018 7,299
Charge for year 4,948
At 31 March 2019 12,247
NET BOOK VALUE
At 31 March 2019 2,351
At 31 March 2018 7,299

Page 4 continued...
L.E.F.F. Global LLP (Registered number: OC395518)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2019

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.19 31.3.18
£    £   
Trade debtors 800,000 -
Other debtors 592,912 4,407
1,392,912 4,407

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.19 31.3.18
£    £   
Trade creditors 2,952,943 3,063,937
Taxation and social security - 4,277
Other creditors 189,320 410,300
3,142,263 3,478,514

6. LOANS AND OTHER DEBTS DUE TO MEMBERS
31.3.19 31.3.18
£    £   
Loans from members 140,985 140,985
Amounts owed to members in respect of profits - 61,194
140,985 202,179

Falling due within one year 140,985 202,179

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of
awinding up. There is no provision for specific legally enforceable protection afforded to creditors in such an
event. There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members'
other interests'.

7. RELATED PARTY DISCLOSURES

During the period, the company received services from L.E.F.F UK Limited for the amount of £185,000 (2018:
£215,900). The balance due to L.E.F.F UK Limited at the end of the period was £188,760 (2018:£407,300).
L.E.F.F UK Limited is a member of L.E.F.F Global LLP.

At the end of the period, an amount of £430,835 (2018: due to £202,179) was due from L.F Folco.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is L F Folco.

Page 5