Metropole Investment LLP - LLP accounts 20.1
Metropole Investment LLP - LLP accounts 20.1
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 March 2020 |
for |
Metropole Investment LLP |
Metropole Investment LLP (Registered number: OC333047) |
Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
Page |
General Information | 1 |
Report of the Members | 2 |
Chartered Certified Accountants' Report | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 7 |
Metropole Investment LLP |
General Information |
for the Year Ended 31 March 2020 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Argyle House |
Joel Street |
Northwood Hills |
HA6 1NW |
Metropole Investment LLP (Registered number: OC333047) |
Report of the Members |
for the Year Ended 31 March 2020 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2020. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of property investment. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £77,011 (2019 - £50,808 profit). |
MEMBERS' INTERESTS |
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such |
drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP. |
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to |
subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On |
retirement, capital is repaid to members. |
ON BEHALF OF THE MEMBERS: |
Chartered Certified Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Metropole Investment LLP |
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 Metropole Investment LLP for the year ended 31 March 2020 which comprise the |
Income Statement, Balance Sheet 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 Metropole Investment 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 Metropole Investment LLP and state those matters that we have agreed to state to the members of Metropole Investment 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 Metropole Investment 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 Metropole Investment LLP. You consider that Metropole Investment 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 Metropole Investment 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. |
Argyle House |
Joel Street |
Northwood Hills |
HA6 1NW |
Metropole Investment LLP (Registered number: OC333047) |
Income Statement |
for the Year Ended 31 March 2020 |
2020 | 2019 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING PROFIT |
Interest receivable and similar income |
99,675 | 80,596 |
Interest payable and similar expenses |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Metropole Investment LLP (Registered number: OC333047) |
Balance Sheet |
31 March 2020 |
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
1,425,757 |
1,445,549 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
1,590,774 |
1,610,566 |
MEMBERS' OTHER INTERESTS |
Revaluation reserve | 11 | ( |
) | ( |
) |
1,425,757 | 1,445,549 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 1,590,774 | 1,610,566 |
Members' other interests | (165,017 | ) | (165,017 | ) |
1,425,757 | 1,445,549 |
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. |
Metropole Investment LLP (Registered number: OC333047) |
Balance Sheet - continued |
31 March 2020 |
The financial statements were approved by the members of the LLP and authorised for issue on were signed by: |
Metropole Investment LLP (Registered number: OC333047) |
Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
1. | STATUTORY INFORMATION |
Metropole Investment 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 |
Turnover |
The turnover represents rent receivable during the year, exclusive of Value Added Tax. |
Investment properties |
Investment properties are shown at their fair value. The surplus or deficit arising from the annual revaluation is |
transferred to the profit and loss account. |
Investment properties are held for their investment potential and not for use by the LLP and so their current value |
is of prime importance. |
Members' participation rights |
Members' participation rights are the rights of a member against the LLP that arise under the members' |
agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits). |
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the |
LLP's perspective, either a financial liability or equity, in accordance with FRS25 (IAS 32) Financial |
Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and |
similar instruments. A member's participation right results in a liability unless the right to any payment is |
discretionary on the part of the LLP. |
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if |
the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an |
unconditional right, such amounts are classified as liabilities. |
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse |
payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as |
an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year |
end, they are shown as liabilities in the Balance Sheet. |
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has |
an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an |
expense. They are therefore shown as a residual amount available for discretionary division among members in |
the Profit and Loss Account and are equity appropriations in the Balance Sheet. |
Other amounts applied to members, for example remuneration paid under an employment contract and interest |
on capital balances, are treated in the same way as all other divisions of profits, as described above, according to |
whether the LLP has, in each case, an unconditional right to refuse payment. |
All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and |
other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration |
charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet |
within 'Members' other interests'. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2019 - NIL). |
Metropole Investment LLP (Registered number: OC333047) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
4. | INFORMATION IN RELATION TO MEMBERS |
2020 | 2019 |
The average number of members during the year was | 2 | 2 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2019 |
and 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
Investment properties owned by the LLP have been valued at £2,050,000 by the Members on an open market |
value basis. The historical cost of these properties is £2,215,017. |
Fair value at 31 March 2020 is represented by: |
£ |
Valuation in 2020 | 2,050,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
Metropole Investment LLP (Registered number: OC333047) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2020 | 2019 |
£ | £ |
Bank loans |
10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to Members (other than Members capital) will rank parri-passu with other creditors. |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2019 |
and 31 March 2020 | ( |
) |
12. | ULTIMATE CONTROLLING PARTY |
The limited liability partnership is controlled by the Designated Members, Ian Lipman and Susan Lipman. |