Living Smart Partners LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC372057 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 FEBRUARY 2021

FOR

LIVING SMART PARTNERS LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

B Thorns

T Thorns

REGISTERED OFFICE:

26 Regent Road

Altrincham

WA14 1RP

REGISTERED NUMBER:

OC372057 (England and Wales)

ACCOUNTANTS:

d&t

Chartered Accountants

Swatton Barn

Badbury

Swindon

Wiltshire

SN4 0EU

FIXED ASSETS

Tangible assets

4

2,797

5,515

Investment property

5

1,030,000

1,030,000

1,032,797

1,035,515

CURRENT ASSETS

Debtors

6

21,182

1,255

Cash at bank

3,926

1,858

25,108

3,113

CREDITORS

Amounts falling due within one year

7

3,143

1,464

NET CURRENT ASSETS

21,965

1,649

TOTAL ASSETS LESS CURRENT LIABILITIES

1,054,762

1,037,164

CREDITORS

Amounts falling due after more than one year

8

887,150

871,972

NET ASSETS ATTRIBUTABLE TO MEMBERS

167,612

165,192

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

167,612

165,192

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

167,612

165,192

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 28 February 2021.

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 and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 11 June 2021 and were signed by:

T Thorns - Designated member

1.	STATUTORY INFORMATION

Living Smart Partners LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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

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.

Plant and machinery etc

-

25% on reducing balance and 20% straight line basis

GOVERNMENT GRANTS

The LLP have accounted for government grants due to them at the reporting date, as a result of the

country going into lockdown due to Covid-19 in late March 2020. The funds due to the LLP have

been accounted for on an accruals basis.

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.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2020

and 28 February 2021

34,586

DEPRECIATION

At 1 March 2020

29,071

Charge for year

2,718

At 28 February 2021

31,789

NET BOOK VALUE

At 28 February 2021

2,797

At 29 February 2020

5,515

5.	INVESTMENT PROPERTY

The investment properties were valued on an open market basis on 28 February 2021 by the designated members.

Cost or valuation at 28 February 2021 is represented by:

£

Valuation in 2017

263,397

Valuation in 2018

90,000

Valuation in 2019

14,340

Valuation in 2020

22,983

Cost

639,280

1,030,000

If Investment property had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

639,280

639,280

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

21,182

1,255

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

3,107

-

Other creditors

36

1,464

3,143

1,464

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

16,543

-

Other creditors

870,607

871,972

887,150

871,972

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Other Creditors

770,607

771,972

The loans included within other creditors are secured by way of the following:

A fixed and floating charge over the land, buildings, fixtures and fittings of 39 Talbot Road, Fallowfield, Manchester, M14 6TA, dated 20th September 2016.

A fixed and floating charge over the buildings, fixtures and fittings of 97 Old Moat Lane, Manchester, M20 3EJ, dated 3rd September 2015.

A fixed and floating charge over the buildings, fixtures and fittings of 58 Ashford Road, Manchester, M20 3EH, dated 15th October 2014.

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2021

2020

£

£

Amounts owed to members in respect of profits

167,612

165,192

Falling due within one year

167,612

165,192

Amounts due to members rank equally alongside the other unsecured creditors.

11.	RELATED PARTY DISCLOSURES

Unless otherwise disclosed, all related party transactions have been conducted under normal market

conditions, including dividend payments to it's shareholders.