Danelaw Partners LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC390398 (England and Wales)

Danelaw Partners LLP

Financial Statements for the Year Ended 31st December 2019

Page

General information

1

Abridged balance sheet

2

Notes to the financial statements

4

Designated members:

RXCA Properties Ltd

Wilby Homes Limited

Registered office:

Blisworth House

Church Lane

Blisworth

Northampton

NN7 3BX

Registered number:

OC390398 (England and Wales)

Accountants:

A.J. Lewis

Chartered Accountant

Lewis & Son Accountants Limited

37 Stoke Road

Blisworth

Northampton

NN7 3BZ

Current assets

Stocks

3,385,633

5,477,475

Debtors

10,504

48,402

Cash at bank

528,449

314,828

3,924,586

5,840,705

Creditors

Amounts falling due within one year

2,411,445

4,136,718

Net current assets

1,513,141

1,703,987

Total assets less current liabilities

and

Net assets attributable to members

1,513,141

1,703,987

Loans and other debts due to members

4

1,513,141

1,703,987

Total members' interests

Loans and other debts due to members

4

1,513,141

1,703,987

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 31st December 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 applicable to LLPs subject to the small LLPs regime.

All the members have consented to the preparation of an abridged Balance sheet for the year ended 31st December 2019 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 and loss account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 28th May 2020 and were signed by:

Wilby Homes Limited - Designated member

RXCA Properties Ltd - Designated member

1.	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.

Revenue recognition

Revenue is recognised on exchange of contract for the sale of the property.

Stock and work in progress

Stock and work in progress is stated at the lower of cost and net realisable value. Cost includes direct

materials, direct labour and the appropriate proportion of overheads, where applicable.

Taxation

The tax payable on profits is the personal liabilty of the members.

2.	Employee information

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

3.	Secured debts

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

-

1,713,095

4.

Loans and other debts due to members

Loans and other debts due to members (other than members' capital classified as debt) would rank first

in relation to other creditors.

5.	Related party disclosures

Loans from related parties.

At the start of the year the company owed £2,408,921 (2018 £2,543,890) to a related party. During the

year repayments were made totalling £NIL (2018 £334,969). There was also a further advance of £NIL

(2018 £200,000). The balance owing to related parties at the year end was £2,408,921 (2018

£2,408,921). The loan is interest free and repayable on demand.

Transactions with members

During the year the company received building materials totalling £629,686 (2018: £402,246) from a

related party at cost.