Cowie Properties LLP - Period Ending 2020-05-31

Cowie Properties LLP

Contents

Limited liability partnership information	1
Financial Statements	2 to 7
Balance Sheet	2
Notes to the Financial Statements	4

Cowie Properties LLP

Limited liability partnership information

Designated members

Mr D A Gray (acting in his capacity as a trustee and on behalf of Sir Tom Cowie Family Trust 2006) Mr P R Blackett   (acting in his capacity as a trustee and on behalf of Sir Tom Cowie Family Trust 2006)

Members

Lady Diana Carole Wentworth Cowie

Registered office

The Estate Office Broadwood Hall Lanchester Durham DH7 0TD

Solicitors

BHP Law LLP Westgate House Faverdale Darlington Co Durham DL3 0PZ

Accountants

MHA Tait Walker Chartered Accountants 1 Massey Road Thornaby Stockton-on-Tees TS17 6DY

Cowie Properties LLP

(Registration number: OC328245)
Balance Sheet as at 31 May 2020

	Note	2020  £	2019  £
Fixed assets
Tangible assets	3	1,107,000	1,200,000
Current assets
Debtors		6,593	9,482
Cash and short-term deposits		154,594	18,866
		161,187	28,348
Creditors: Amounts falling due within one year	5	(116,961)	(16,887)
Net current assets		44,226	11,461
Net assets attributable to members		1,151,226	1,211,461
Represented by:
Loans and other debts due to members
Other amounts	6	5,106,999	5,498,050
Members’ other interests
Revaluation reserve		(3,955,773)	(4,286,589)
		1,151,226	1,211,461
Total members' interests
Loans and other debts due to members		5,106,999	5,498,050
Other members' interests		(3,955,773)	(4,286,589)
		1,151,226	1,211,461

For the year ending 31 May 2020 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

Cowie Properties LLP

(Registration number: OC328245)
Balance Sheet as at 31 May 2020 (continued)

The financial statements of Cowie Properties LLP (registered number OC328245) were approved by the Board and authorised for issue on 19 May 2021. They were signed on behalf of the limited liability partnership by:

......................................... Mr D A Gray Designated member (acting in his capacity as a trustee and on behalf of Sir Tom Cowie Family Trust 2006)

Cowie Properties LLP

Notes to the Financial Statements for the Year Ended 31 May 2020

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006, and he requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships " issued in January 2017 (SORP 2017).

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The company meets its day to day working capital requirements through cash generated from operations and shareholding funding. The directors have assessed the potential impact of the COVID-19 virus and the financial impact on the company and have developed a business continuity plan should the impact of the pandemic widen.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Revenue is recognised to the extent that the LLP obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Cowie Properties LLP

Notes to the Financial Statements for the Year Ended 31 May 2020 (continued)

1	Accounting policies (continued)

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.

other taxes policy

Tangible fixed assets

Individual fixed assets costing £250 or more are initially recorded at cost.

Investment properties and land

Investment properties and land were revalued on 1 October 2017 and are shown at fair value on this date. The surplus or deficit arising from the revaluation is transferred to the revaluation reserve.The members have not allocated this revaluation reserve and in accordance with the LLP SORP where a loss is not allocated to the members, the amount is deducted from "other reserves".

In accordance with FRS 102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for investment and rental income purposes and not for occupation by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the LLP will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2019 - 0).

Cowie Properties LLP

Notes to the Financial Statements for the Year Ended 31 May 2020 (continued)

3	Tangible fixed assets

	Freehold land and buildings £
Cost
At 1 June 2019	5,486,589
Disposals	(423,816)
At 31 May 2020	5,062,773
Depreciation
At 1 June 2019	4,286,589
Eliminated on disposals	(330,816)
At 31 May 2020	3,955,773
Net book value
At 31 May 2020	1,107,000
At 31 May 2019	1,200,000

Freehold land and buildings are held as investment property in accordance with the accounting policy.
 

Revaluation

The fair value of the limited liability partnership's freehold land and buildings was revalued on 1 October 2017 by an independent valuer, Stephen A Smith BSc MRICS, for and on behalf of Ashley Smith Chartered Surveyors.

 

	Aggregate cost £	Aggregate accumulated depreciation £	Aggregate carrying amount £
Revalued assets for the year ended 31 May 2020
Freehold land and buildings	5,486,589	3,995,773	1,107,000
	5,486,589	3,995,773	1,107,000

 

Cowie Properties LLP

Notes to the Financial Statements for the Year Ended 31 May 2020 (continued)

3	Tangible fixed assets (continued)

	Aggregate cost £	Aggregate accumulated depreciation £	Aggregate carrying amount £
Revalued assets for the year ended 31 May 2019
Freehold land and buildings	5,486,589	(4,286,589)	1,200,000
	5,486,589	(4,286,589)	1,200,000

4

Debtors

	2020  £	2019  £
Trade debtors	4,200	8,512
Prepayments and accrued income	2,393	970
Total current trade and other debtors	6,593	9,482

5	Creditors: Amounts falling due within one year

	2020  £	2019  £
Trade creditors	211	9,825
Other creditors	7,274	4,052
Accruals and deferred income	6,536	2,850
Taxation and social security	102,940	160
	116,961	16,887

6	Analysis of other amounts

	2020  £	2019  £
Money advanced to the LLP by the members by way of loan	5,498,050	5,538,890
Money owed to members by the LLP in respect of profits	(391,051)	(40,840)
	5,106,999	5,498,050

7

Control

The members are the controlling party by virtue of their controlling interest in the LLP. The ultimate controlling party is the members as a body.