Oneedge LLP - LLP accounts 18.2

ONEEDGE LLP

Report of the Members and

Unaudited Financial Statements for the Year Ended 5 April 2019

Page

General Information

1

Report of the Members

2

Chartered Accountants' Report

4

Income Statement

5

Statement of Financial Position

6

Notes to the Financial Statements

8

DESIGNATED MEMBERS:

I J Harvey

Mrs A Harvey

REGISTERED OFFICE:

88 Hill Village Road

Sutton Coldfield

West Midlands

B75 5BE

REGISTERED NUMBER:

OC350424 (England and Wales)

ACCOUNTANTS:

Haslehursts Limited

88 Hill Village Road

Sutton Coldfield

West Midlands

B75 5BE

SOLICITORS:

Hammonds LLP

Rutland house

148 Edmund Street

Birmingham

B3 2JR

The members present their report with the financial statements of the LLP for the year ended 5 April 2019.

PRINCIPAL ACTIVITY

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

DESIGNATED MEMBERS

The designated members during the year under review were:

I J Harvey

Mrs A Harvey

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £125,193 (2018 - £97,796 profit).

MEMBERS' INTERESTS

POLICY WITH RESPECT TO MEMBERS’ DRAWINGS, SUBSCRIPTION AND REPAYMENT OF CAPITAL

The members' profit sharing arrangements are set out in the members' agreement. The amount of drawings

is regularly assessed, taking into account the anticipated cash needs of the LLP.

Allocated but undistributed profits are included in "Loans and other debts due to members" and rank

alongside ordinary creditors in the event of a winding up.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the special provisions for small companies under Part XVI

of the Companies Act 2006 (as applied to limited liability partnerships by regulation 3 of the Limited Liability

Partnerships Regulations 2008).

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in

accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for

each financial year. Under that law the members have elected to prepare the financial statements in

accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting

Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard

applicable in the UK and Republic of Ireland'. Under legislation applicable to limited liability partnerships the

members must not approve the financial statements unless they are satisfied that they give a true and fair

view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these

financial statements, the members are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

The members are responsible for keeping adequate accounting records that are sufficient to show and

explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the

LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied

to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006)

Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking

reasonable steps for the prevention and detection of fraud and other irregularities.

ON BEHALF OF THE MEMBERS:

I J Harvey - Designated member

23 December 2019

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 Oneedge LLP for the year ended 5 April 2019 which

comprise the Income Statement, Statement of Financial Position 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Oneedge LLP, as a body, in accordance with the terms of our engagement letter dated 16 September 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Oneedge LLP and state those matters that we have agreed to state to the members of Oneedge LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oneedge LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Oneedge 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 profit of Oneedge LLP. You consider that Oneedge 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 Oneedge 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.

Haslehursts Limited

88 Hill Village Road

Sutton Coldfield

West Midlands

B75 5BE

23 December 2019

TURNOVER

195,761

172,567

Administrative expenses

(37,270

)

(38,863

)

OPERATING PROFIT

158,491

133,704

Interest receivable and similar income

25

-

158,516

133,704

Interest payable and similar expenses

(33,323

)

(35,908

)

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

125,193

97,796

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

125,193

97,796

FIXED ASSETS

Tangible assets

4

4,651

4,001

Investment property

5

2,183,218

2,187,869

2,187,219

CURRENT ASSETS

Debtors

6

27,012

24,668

Cash at bank and in hand

32,885

45,961

59,897

70,629

CREDITORS

Amounts falling due within one year

7

(49,486

)

(43,761

)

NET CURRENT ASSETS

10,411

26,868

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,198,280

2,214,087

CREDITORS

Amounts falling due after more than one
year

8

(1,200,000

)

(1,200,000

)

NET ASSETS ATTRIBUTABLE TO
MEMBERS

998,280

1,014,087

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

997,280

1,013,087

MEMBERS' OTHER INTERESTS

Capital accounts

1,000

998,280

1,014,087

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

997,280

1,013,087

Members' other interests

1,000

998,280

1,014,087

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 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 23 December 2019 and were signed
by:

I J Harvey - Designated member

1.	STATUTORY INFORMATION

Oneedge 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is the total amount of rental income receivable for the year exclusive of Value Added Tax.

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

-

20% on reducing balance

Investment property

Investment properties are initially recorded at cost and included in the year end balance sheet at their

open market values. The surplus or deficit on revaluation of such properties is transferred to the

revaluation reserve. Depreciation is not provided in respect of such freehold investment properties.

This policy represents a departure from the Companies Act 2006, which requires depreciation to be

provided on all fixed assets. The members consider that this policy is necessary in order that the

financial statements may give a true and fair view, because current values and changes in current

values are of prime importance rather than the calculation of systematic annual depreciation.

Depreciation is only one of many factors reflected in the valuation. The amount which might otherwise

have been shown cannot be shown separately identified or quantified as it is not material.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Divisible profits and members' remuneration

No remuneration is paid to the members under contractual arrangements, therefore no amounts have

been classified as members remuneration charged as an expense.

Allocation of profits are assessed during the year and after the end of each year.

Taxation

The taxation payable on the LLP's profits is the personal liability of the members and consequently

neither taxation nor related deferred taxation is accounted for in the financial statements. Amounts

retained for tax are treated in the same way as other profits of the LLP and are so included in

"Members' interests" or in "Loans and other debts due to members" depending on whether or not

division of profits has occurred.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in

the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including members' capital) are equivalent

to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial

liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to

financial liabilities are included in the profit and loss account. Finance costs are calculated so as to

produce a constant rate of return on the outstanding liability.

Where the contractual terms of members' capital do not have any terms meeting the definition of a

financial liability then this is classed as an equity instrument. Profit distributions relating to equity

instruments are debited direct to equity.

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 6 April 2018

11,811

Additions

1,814

At 5 April 2019

13,625

DEPRECIATION

At 6 April 2018

7,810

Charge for year

1,164

At 5 April 2019

8,974

NET BOOK VALUE

At 5 April 2019

4,651

At 5 April 2018

4,001

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 6 April 2018

and 5 April 2019

2,183,218

NET BOOK VALUE

At 5 April 2019

2,183,218

At 5 April 2018

2,183,218

The members consider that the open market value of the properties at 5 April 2019 is equal to its

carrying value. The members will reconsider market values on an annual basis.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

Trade debtors

18,081

16,707

Other debtors

8,931

7,961

27,012

24,668

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

Trade creditors

3,902

3,176

Taxation and social security

10,518

5,402

Other creditors

35,066

35,183

49,486

43,761

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2019

2018

£

Bank loans

1,200,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

1,200,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

Bank loans

1,200,000

Bank loans are secured on one of the LLP's investment properties.

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2019

2018

£

Amounts owed to members in respect of profits

997,280

1,013,087

Falling due within one year

997,280

1,013,087

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event

of a winding 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'.