Simpson Family Partnership LLP - LLP accounts 20.1

REGISTERED NUMBER: OC422903 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Simpson Family Partnership 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

6

DESIGNATED MEMBERS:

D Simpson

Mrs A Simpson

Simpson Family Holdings Ltd

REGISTERED OFFICE:

Yoden House

30 Yoden Way

Peterlee

SR8 1AL

REGISTERED NUMBER:

OC422903 (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:

D Simpson

Mrs A Simpson

Simpson Family Holdings Ltd

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £4,421 (2019 - £61,256 profit).

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:

D Simpson - Designated member

12 January 2021

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

It is your duty to ensure that Simpson Family Partnership 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 profit of Simpson Family Partnership LLP. You consider that Simpson Family Partnership 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 Simpson Family Partnership 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

12 January 2021

TURNOVER

64,048

49,318

Administrative expenses

(14,041

)

(13,452

)

50,007

35,866

Other operating income

(45,586

)

25,390

OPERATING PROFIT and

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

4,421

61,256

FIXED ASSETS

Tangible assets

4

1,570,000

1,590,000

CURRENT ASSETS

Debtors

5

(221

)

27,490

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,569,779

1,617,490

LOANS AND OTHER DEBTS DUE TO MEMBERS

6

1,569,779

1,617,490

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

6

1,569,779

1,617,490

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 12 January 2021 and were signed by:

D Simpson - Designated member

1.	STATUTORY INFORMATION

Simpson Family Partnership 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

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

1,590,000

Revaluations

(20,000

)

At 31 March 2020

1,570,000

NET BOOK VALUE

At 31 March 2020

1,570,000

At 31 March 2019

1,590,000

Cost or valuation at 31 March 2020 is represented by:

Land and

buildings

£

Valuation in 2020

(20,000

)

Cost

1,590,000

1,570,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Other debtors

(221

)

27,490

6.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Members rank ahead of all other creditors in a liquidation.