Roundhouse Property South Rings LLP Filleted accounts for Companies House (small and micro)
Roundhouse Property South Rings LLP Filleted accounts for Companies House (small and micro)
REGISTERED NUMBER:
OC352135
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For the year ended |
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Statement of Financial Position |
2020 |
2019 |
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Note |
£ |
£ |
£ |
Fixed assets
Investments |
5 |
– |
|
|
Current assets
Debtors |
6 |
|
|
|
Cash at bank and in hand |
|
|
||
------------- |
--------- |
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|
|
|||
Creditors: Amounts falling due within one year |
7 |
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------------- |
------------- |
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Net current assets/(liabilities) |
|
(
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||
------------- |
------------- |
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Total assets less current liabilities |
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|
||
------------- |
---------- |
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Net assets |
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------------- |
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Represented by:
Loans and other debts due to members
Other amounts |
8 |
1,145,072 |
309,558 |
|
Members' other interests
Members' capital classified as equity |
4 |
4 |
|
Other reserves |
– |
– |
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------------- |
---------- |
||
1,145,076 |
309,562 |
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------------- |
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Total members' interests
Amounts due from members |
(1,151,737) |
– |
||
Loans and other debts due to members |
8 |
1,145,072 |
309,558 |
|
Members' other interests |
4 |
4 |
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------------- |
---------- |
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(6,661) |
309,562 |
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------------- |
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In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
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Statement of Financial Position (continued) |
These financial statements were approved by the
members
and authorised for issue on
30 December 2020
, and are signed on their behalf by:
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Designated Member |
Designated Member |
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|
Designated Member |
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Registered number:
OC352135
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Notes to the Financial Statements |
Year ended 31 March 2020
1. |
General information |
The LLP is registered in England and Wales. The address of the registered office is 3 Roundhouse Court, South Rings Office Village, Bamber Bridge, Preston, PR5 6DA.
2. |
Statement of compliance |
3. |
Accounting policies |
3.1
Basis of preparation
3.2
Revenue recognition
3.3
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'.
3.4
Tangible assets
3.5
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings |
- |
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Equipment |
- |
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3.6
Investment property
Investment property is included at fair value and any changes in fair value are recognised in income statement.
3.7
Financial instruments
4. |
Tangible assets |
Fixtures and fittings |
Equipment |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 April 2019 |
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Additions |
– |
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Disposals |
(
|
(
|
(
|
--------- |
------- |
--------- |
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At 31 March 2020 |
– |
– |
– |
--------- |
------- |
--------- |
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Depreciation |
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At 1 April 2019 |
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|
|
Charge for the year |
– |
|
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Disposals |
(
|
(
|
(
|
--------- |
------- |
--------- |
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At 31 March 2020 |
– |
– |
– |
--------- |
------- |
--------- |
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Carrying amount |
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At 31 March 2020 |
– |
– |
– |
--------- |
------- |
--------- |
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At 31 March 2019 |
– |
– |
– |
--------- |
------- |
--------- |
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5. |
Investments |
Investment property |
|
£ |
|
Fair value |
|
At 1 April 2019 |
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Disposals |
(
|
------------- |
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At 31 March 2020 |
– |
------------- |
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Impairment |
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At 1 April 2019 and 31 March 2020 |
– |
------------- |
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Carrying amount |
|
At 31 March 2020 |
– |
------------- |
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At 31 March 2019 |
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------------- |
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At 31st March 2020 the members assessed the fair value of investment properties based on rental yields.
6. |
Debtors |
2020 |
2019 |
|
£ |
£ |
|
Trade debtors |
– |
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Other debtors |
|
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------------- |
--------- |
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7.
Creditors:
amounts falling due within one year
2020 |
2019 |
|
£ |
£ |
|
Social security and other taxes |
|
|
Other creditors |
|
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--------- |
------------- |
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--------- |
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8. |
Loans and other debts due to members |
2020 |
2019 |
|
£ |
£ |
|
Loans from members |
– |
262,153 |
Amounts owed to members in respect of profits |
1,145,072 |
47,405 |
------------- |
---------- |
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1,145,072 |
309,558 |
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