Fairmead Chingford LLP - LLP accounts 20.1

REGISTERED NUMBER: OC393677 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

FOR

FAIRMEAD CHINGFORD LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

Mr J J Devereux

Mrs E Devereux

Mr G King

REGISTERED OFFICE:

Solar House

282 Chase Road

London

N14 6NZ

REGISTERED NUMBER:

OC393677 (England and Wales)

ACCOUNTANTS:

Freemans Partnership LLP

Chartered Certified Accountants

Solar House

282 Chase Road

London

N14 6NZ

The members present their report with the financial statements of the LLP for the year ended 30 June 2022.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of investment in properties.

DESIGNATED MEMBERS

The designated members during the year under review were:

Mr J J Devereux

Mrs E Devereux

Mr G King

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £133,342 (2021 - £86,319 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

Mr J J Devereux - Designated member

1 August 2022

TURNOVER

-

-

Administrative expenses

50,830

42,075

(50,830

)

(42,075

)

Other operating income

31,603

43,690

OPERATING (LOSS)/PROFIT

(19,227

)

1,615

Profit/loss on sale

of property

4

152,569

84,704

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

133,342

86,319

FIXED ASSETS

Investment property

6

144,703

434,107

CURRENT ASSETS

Debtors

7

6,100

12,100

Cash at bank

46,554

31,228

52,654

43,328

CREDITORS

Amounts falling due within one year

8

4,200

180,375

NET CURRENT ASSETS/(LIABILITIES)

48,454

(137,047

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

193,157

297,060

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

193,157

297,060

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

193,157

297,060

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 30 June 2022.

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 1 August 2022 and were signed by:

Mr J J Devereux - Designated member

1.	STATUTORY INFORMATION

Fairmead Chingford 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.

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 (2021 - NIL).

4.	EXCEPTIONAL ITEMS

30.6.22

30.6.21

£

£

Profit/loss on sale

of property

152,569

84,704

5.	INFORMATION IN RELATION TO MEMBERS

30.6.22

30.6.21

The average number of members during the year was

3

3

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2021

434,107

Disposals

(289,404

)

At 30 June 2022

144,703

NET BOOK VALUE

At 30 June 2022

144,703

At 30 June 2021

434,107

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Trade debtors

6,100

12,100

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Trade creditors

-

1,475

Loan from related company

-

175,000

Accrued expenses

4,200

3,900

4,200

180,375

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

30.6.22

30.6.21

£

£

Amounts owed to members in respect of profits

193,157

297,060

Falling due within one year

193,157

297,060