Granite Lye LLP - LLP accounts 20.1

REGISTERED NUMBER: OC419298 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Granite Lye LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

I D Lipman

K C Owen

REGISTERED OFFICE:

114a Cromwell Road

Kensington

London

SW7 4AG

REGISTERED NUMBER:

OC419298 (England and Wales)

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:

I D Lipman

K C Owen

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £341,565 (2019 - £345,176 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

I D Lipman - Designated member

19 November 2020

TURNOVER

6,858

46,473

Administrative expenses

3,693

23,907

3,165

22,566

Other operating income

338,400

322,610

OPERATING PROFIT and

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

341,565

345,176

FIXED ASSETS

Investment property

4

389,000

2,151,000

CURRENT ASSETS

Debtors

5

25,934

50,149

Prepayments and accrued income

2,907

16,000

Cash at bank

24,998

354,652

53,839

420,801

CREDITORS

Amounts falling due within one year

6

25,922

38,305

NET CURRENT ASSETS

27,917

382,496

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

416,917

2,533,496

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

262,577

345,176

MEMBERS' OTHER INTERESTS

Capital accounts

-

1,500,003

Revaluation reserve

8

154,340

688,317

416,917

2,533,496

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

262,577

345,176

Members' other interests

154,340

2,188,320

416,917

2,533,496

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 2020.

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 and authorised for issue on 19 November 2020 and were signed by:

I D Lipman - Designated member

K C Owen - Designated member

1.	STATUTORY INFORMATION

Granite Lye 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents rent received, or receivable, exclusive of Value Added Tax.

Investment property

Gains and losses on disposals, or part disposals, are determined by comparing the proceeds with the carrying amount and are recognised within ‘other operating income or losses’ in the Profit and Loss account.

Investment property is carried at fair value determined annually by Members and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2019 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

2,151,000

Disposals

(1,762,000

)

At 31 March 2020

389,000

NET BOOK VALUE

At 31 March 2020

389,000

At 31 March 2019

2,151,000

Fair value at 31 March 2020 is represented by:

£

Valuation in 2020

389,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

2,620

-

Other debtors

23,314

50,149

25,934

50,149

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

2,759

-

Taxation and social security

17,373

22,700

Other creditors

5,790

15,605

25,922

38,305

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to Members (other than Members capital) rank parri-passu to other debts.

8.

RESERVES

Revaluation

reserve

£

At 1 April 2019

688,317

Revaluation Reserve

(533,977

)

At 31 March 2020

154,340