International Property Law Centre LLP Filleted accounts for Companies House (small and micro)

THE INTERNATIONAL PROPERTY LAW CENTRE LLP - Company Information

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REGISTERED NUMBER: OC337700

International Property Law Centre LLP

Filleted Unaudited Financial Statements

30 November 2019

International Property Law Centre LLP

Financial Statements

Year ended 30 November 2019

Contents	Page

Designated members and professional advisers	1

Members' report	2

Chartered accountants report to the members on the preparation of the unaudited statutory financial statements	3

Statement of financial position	4

Notes to the financial statements	5

International Property Law Centre LLP

Designated Members and Professional Advisers

Designated members	Mr S Lucatello
	Mr M Gold

Registered office	14 Scale Lane
	Hull
	HU1 1LA

Accountants	Parsons
	Chartered Accountants
	No 2 Silkwood Office Park
	Fryers Way
	Wakefield
	West Yorkshire
	WF5 9TJ

International Property Law Centre LLP

Members' Report

Year ended 30 November 2019

The members present their report and the unaudited financial statements of the LLP for the year ended 30 November 2019 .

Principal activities

The principal activity of the LLP during the year was winding down of a ceased solicitors practice.

Designated members

The designated members who served the LLP during the year were as follows:

Mr S Lucatello
Mr M Gold

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

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.

This report was approved by the members on 17 November 2020 and signed on behalf of the members by:

Mr S Lucatello

Designated Member

Registered office:

14 Scale Lane

Hull

HU1 1LA

International Property Law Centre LLP

Chartered Accountants Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of International Property Law Centre LLP

Year ended 30 November 2019

As described on the statement of financial position, the members of the LLP are responsible for the preparation of the financial statements for the year ended 30 November 2019, which comprise the statement of financial position and the related notes. You consider that the LLP is exempt from an audit under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Parsons Chartered Accountants

No 2 Silkwood Office Park Fryers Way Wakefield West Yorkshire WF5 9TJ

17 November 2020

International Property Law Centre LLP

Statement of Financial Position

30 November 2019

		2019	2018
Note		£	£
Creditors: amounts falling due within one year	4	509,936	509,936
		---------	---------
Net current liabilities		509,936	509,936
		---------	---------
Total assets less current liabilities		( 509,936)	( 509,936)
		---------	---------
Net liabilities		( 509,936)	( 509,936)
		---------	---------

Represented by:

Loans and other debts due to members

Other amounts	5	52	52

Members' other interests

Other reserves	(509,988)	(509,988)
	---------	---------
	(509,936)	(509,936)
	---------	---------

Total members' interests

Loans and other debts due to members	5	52	52
Members' other interests		(509,988)	(509,988)
		---------	---------
		(509,936)	(509,936)
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the year ending 30 November 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 Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the members and authorised for issue on 17 November 2020 , and are signed on their behalf by:

Mr S Lucatello

Designated Member

Registered number: OC337700

International Property Law Centre LLP

Notes to the Financial Statements

Year ended 30 November 2019

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 14 Scale Lane, Hull, HU1 1LA.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in January 2017 (SORP 2017).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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 Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. 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 statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

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 statement of comprehensive income and are equity appropriations in the statement of financial position.

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 statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	11,299	11,299
Social security and other taxes	481,111	481,111
Other creditors	17,526	17,526
	---------	---------
	509,936	509,936
	---------	---------

5.	Loans and other debts due to members

	2019	2018
	£	£
Amounts owed to members in respect of profits	52	52
	----	----