KMSS Investments LLP - Accounts to registrar (filleted) - small 18.2

KMSS Investments LLP - Accounts to registrar (filleted) - small 18.2

KMSS INVESTMENTS LLP - Company Information

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IRIS Accounts Production v20.3.4.1 OC380565 designated member designated member 1.4.19 31.3.20 31.3.20 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureOC3805652019-03-31OC3805652020-03-31OC3805652019-04-012020-03-31OC3805652018-03-31OC3805652018-04-012019-03-31OC3805652019-03-31OC380565ns16:EnglandWales2019-04-012020-03-31OC380565ns15:PoundSterling2019-04-012020-03-31OC380565ns11:Director12019-04-012020-03-31OC380565ns11:Director22019-04-012020-03-31OC380565ns11:LimitedLiabilityPartnershipLLP2019-04-012020-03-31OC380565ns11:SmallEntities2019-04-012020-03-31OC380565ns11:AuditExempt-NoAccountantsReport2019-04-012020-03-31OC380565ns11:SmallCompaniesRegimeForAccounts2019-04-012020-03-31OC380565ns11:LimitedLiabilityPartnershipsSORP2019-04-012020-03-31OC380565ns11:AbridgedAccounts2019-04-012020-03-31OC380565ns6:CurrentFinancialInstruments2020-03-31OC380565ns6:CurrentFinancialInstruments2019-03-31OC380565ns6:Non-currentFinancialInstruments2020-03-31OC380565ns6:Non-currentFinancialInstruments2019-03-31OC380565ns6:MotorVehicles2019-04-012020-03-31OC380565ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2020-03-31OC380565ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2019-03-31


REGISTERED NUMBER: OC380565 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31st March 2020

for

KMSS Investments LLP
KMSS Investments LLP (Registered number: OC380565)






Contents of the Financial Statements
for the Year Ended 31st March 2020




Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


KMSS Investments LLP (Registered number: OC380565)

Abridged Balance Sheet
31st March 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 69,634 59,848
Investment property 6 2,030,000 759,201
2,099,634 819,049

CURRENT ASSETS
Debtors 1,300 1,300
Cash at bank 141,510 59,391
142,810 60,691
CREDITORS
Amounts falling due within one year 9,804 8,113
NET CURRENT ASSETS 133,006 52,578
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,232,640
871,627

CREDITORS
Amounts falling due after more than one year 7 912,805 602,746
NET ASSETS ATTRIBUTABLE TO
MEMBERS
1,319,835
268,881

LOANS AND OTHER DEBTS DUE TO
MEMBERS
8
1,319,835
268,881

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 1,319,835 268,881

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 31st 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 notes form part of these financial statements

Page 1 continued...
KMSS Investments LLP (Registered number: OC380565)

Abridged Balance Sheet - continued
31st March 2020


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st March 2020 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and loss account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 27th January 2021 and were signed by:




Mrs M Sheth - Designated member




Mr K Sheth - Designated member


The notes form part of these financial statements

Page 2
KMSS Investments LLP (Registered number: OC380565)

Notes to the Financial Statements
for the Year Ended 31st March 2020

1. STATUTORY INFORMATION

KMSS Investments LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC380565

Registered office: Kings Lodge
London Road
West Kingsdown
Sevenoaks
Kent
TN15 6AR

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Rental income
Sales comprise the fair value of the consideration received or receivable for the sale of rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows:

Rental income from operating leases (net of any incentives given to the lessees) is recognised when the right to receive payment is established.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 25% on cost

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

4. EMPLOYEE INFORMATION

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

Page 3 continued...
KMSS Investments LLP (Registered number: OC380565)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2020

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st April 2019 76,240
Additions 70,241
Disposals (47,329 )
At 31st March 2020 99,152
DEPRECIATION
At 1st April 2019 16,392
Charge for year 28,344
Eliminated on disposal (15,218 )
At 31st March 2020 29,518
NET BOOK VALUE
At 31st March 2020 69,634
At 31st March 2019 59,848

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1st April 2019 71,240
Additions 70,241
Disposals (47,329 )
At 31st March 2020 94,152
DEPRECIATION
At 1st April 2019 16,392
Charge for year 28,344
Eliminated on disposal (15,218 )
At 31st March 2020 29,518
NET BOOK VALUE
At 31st March 2020 64,634
At 31st March 2019 54,848

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2019 759,201
Additions 664,231
Revaluations 606,568
At 31st March 2020 2,030,000
NET BOOK VALUE
At 31st March 2020 2,030,000
At 31st March 2019 759,201

Page 4 continued...
KMSS Investments LLP (Registered number: OC380565)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2020

6. INVESTMENT PROPERTY - continued

Fair value at 31st March 2020 is represented by:

£   
Valuation in 2020 606,568
Cost 1,423,432
2,030,000

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2020 2019
£    £   
Repayable otherwise than by instalments
Mortgage 852,923 554,970

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

The balances shown above would rank below unsecured creditors from the proceeds of a winding-up of the LLP.

9. CAPITAL COMMITMENTS

At the year end, the company had capital commitments contracted for but not provided in these financial statements of £8,453 (2019: £6,714) due within one year, £59,882 (2019: £47,776) due within 2 to 5 years.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr K Sheth and Mrs M Sheth by virtue of their control over the designated members.

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