Shared Pads Renting LLP - LLP accounts 20.1

REGISTERED NUMBER: OC416663 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Shared Pads Renting LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

C Bovill

Max Carre Awx Plat Ltd

SharedPads Ltd

REGISTERED OFFICE:

63a Swinburne Road

London

SW15 5EQ

REGISTERED NUMBER:

OC416663 (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 letting.

DESIGNATED MEMBERS

The designated members during the year under review were:

C Bovill

Max Carre Awx Plat Ltd

SharedPads Ltd

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £7,320,300 (2019 - £4,872,167 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:

C Bovill - Designated member

24 January 2021

TURNOVER

897,031

914,295

Cost of sales

(3,967

)

(5,697

)

GROSS PROFIT

893,064

908,598

Administrative expenses

(442,242

)

(460,669

)

450,822

447,929

Other operating income

4,050

-

Gain/loss on revaluation of tangible assets

7,251,586

(4,904,962

)

OPERATING PROFIT/(LOSS)

7,706,458

(4,457,033

)

Interest receivable and similar income

21

-

7,706,479

(4,457,033

)

Interest payable and similar expenses

(386,179

)

(415,134

)

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

7,320,300

(4,872,167

)

FIXED ASSETS

Tangible assets

4

19,039,586

11,788,000

TOTAL ASSETS LESS CURRENT
LIABILITIES

19,039,586

11,788,000

CREDITORS

Amounts falling due after more than one
year

5

(11,119,719

)

(10,982,841

)

NET ASSETS ATTRIBUTABLE TO
MEMBERS

7,919,867

805,159

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

7,919,867

805,159

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

7,919,867

805,159

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 24 January 2021 and were signed by:

C Bovill - Designated member

1.	STATUTORY INFORMATION

Shared Pads Renting 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 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.

Land and buildings

-

not provided

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEE INFORMATION

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

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST OR VALUATION

At 1 April 2019

11,788,000

Revaluations

7,251,586

At 31 March 2020

19,039,586

NET BOOK VALUE

At 31 March 2020

19,039,586

At 31 March 2019

11,788,000

Cost or valuation at 31 March 2020 is represented by:

Land and

buildings

£

Valuation in 2019

(4,904,962

)

Valuation in 2020

7,251,586

Cost

16,692,962

19,039,586

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.3.20

31.3.19

£

Other creditors

11,119,719

10,982,841

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

Mortgages

11,119,719

10,982,841

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Members rank ahead of other creditors in a liquidation.