Wallwork Sturmer LLP - LLP accounts 20.1

REGISTERED NUMBER: OC393300 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Wallwork Sturmer LLP

Page

General Information

1

Report of the Members

2

Chartered Accountants' Report

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

7

DESIGNATED MEMBERS:

C Sturmer

N J Wallwork

Deedeedee Ltd

Sturmer Capital Ltd

Wallwork Capital Ltd

Wallmer Asset Management Ltd

REGISTERED OFFICE:

49 London Street

Reading

RG1 4PS

REGISTERED NUMBER:

OC393300 (England and Wales)

ACCOUNTANTS:

Christopher Bailey

Yoden House

30 Yoden Way

Peterlee

Co. Durham

SR8 1AL

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 rental.

DESIGNATED MEMBERS

The designated members during the year under review were:

C Sturmer

N J Wallwork

Deedeedee Ltd

Sturmer Capital Ltd

Wallwork Capital Ltd

Wallmer Asset Management Ltd

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The loss for the year before members' remuneration and profit shares was £50,174 (2019 - £241,366 loss).

MEMBERS' INTERESTS

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares during the year in which it is made, with the balance of profits being distributed after the year end, subject to the cash requirements of the business. Capital is repaid to members on resignation or retirement. Only those members who have contributed capital to the LLP are allocated losses, if the LLP declares a loss in a period.

ON BEHALF OF THE MEMBERS:

N J Wallwork - Designated member

22 November 2020

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 Wallwork Sturmer 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 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 Wallwork Sturmer 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 Wallwork Sturmer LLP and state those matters that we have agreed to state to the members of Wallwork Sturmer 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 Wallwork Sturmer LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Wallwork Sturmer 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 loss of Wallwork Sturmer LLP. You consider that Wallwork Sturmer 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 Wallwork Sturmer 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.

Christopher Bailey

Yoden House

30 Yoden Way

Peterlee

Co. Durham

SR8 1AL

22 November 2020

TURNOVER

854,186

133,042

Cost of sales

(381,602

)

(60,334

)

GROSS PROFIT

472,584

72,708

Administrative expenses

(318,253

)

(44,529

)

OPERATING PROFIT

4

154,331

28,179

Interest payable and similar expenses

(204,505

)

(269,545

)

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

(50,174

)

(241,366

)

FIXED ASSETS

Tangible assets

5

17,730

21,996

Investment property

6

6,308,100

-

6,325,830

21,996

CURRENT ASSETS

Stocks

7

5,027,051

5,015,531

Debtors

8

123,021

293,677

Cash at bank

60,552

177,956

5,210,624

5,487,164

CREDITORS

Amounts falling due within one year

9

(1,615,169

)

(1,004,650

)

NET CURRENT ASSETS

3,595,455

4,482,514

TOTAL ASSETS LESS CURRENT LIABILITIES

9,921,285

4,504,510

CREDITORS

Amounts falling due after more than one year

10

(6,887,781

)

(4,504,510

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

3,033,504

-

LOANS AND OTHER DEBTS DUE TO MEMBERS

11

3,033,504

-

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

3,033,504

-

Amounts due from members

8

-

(286,162

)

3,033,504

(286,162

)

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 22 November 2020 and were signed by:

C Sturmer - Designated member

N J Wallwork - Designated member

1.	STATUTORY INFORMATION

Wallwork Sturmer 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2019 - 2 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.20

31.3.19

£

£

Depreciation - owned assets

4,563

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

21,996

Additions

297

At 31 March 2020

22,293

DEPRECIATION

Charge for year

4,563

At 31 March 2020

4,563

NET BOOK VALUE

At 31 March 2020

17,730

At 31 March 2019

21,996

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

6,308,100

At 31 March 2020

6,308,100

NET BOOK VALUE

At 31 March 2020

6,308,100

7.

STOCKS

31.3.20

31.3.19

£

£

Southern Court

2,031,428

2,031,428

Sherwood House

2,995,623

2,984,103

5,027,051

5,015,531

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

583

262

Amounts due from members

-

286,162

Other debtors

118,949

7,253

VAT

3,489

-

123,021

293,677

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Loans

297,504

-

Trade creditors

4,964

7,789

Other creditors

1,278,768

994,799

Accrued expenses

33,933

2,062

1,615,169

1,004,650

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Loans

6,887,781

4,504,510

11.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Members rank ahead of other creditors in a liquidation.

12.	RELATED PARTY DISCLOSURES

At the year end, Wallwork Sturmer LLP owed £988,465 to related companies. This balance is included within other creditors.

At the year end, Wallwork Sturmer LLP was owed £118,049 by Wallmer Property Ltd. This balance is included within other debtors.