Cover Drive Investments LLP - LLP accounts 20.1

REGISTERED NUMBER: OC356224 (England and Wales)

Report of the Members and

Unaudited Financial Statements

for the Year Ended 5 April 2022

for

Cover Drive Investments LLP

Page

General Information

1

Report of the Members

2

Chartered Accountants' Report

3

Income Statement

4

Balance Sheet

5

Reconciliation of Members' Interests

7

Notes to the Financial Statements

9

DESIGNATED MEMBERS:

J H Hoffman

Mrs G L Hoffman

N Agran

E Azouz

V U Haq

Mrs W L Haq

P D Morris

Mrs M Morris

P R H Barrett

Ms P M Walker

REGISTERED OFFICE:

16 Dalkeith Grove

Stanmore

Middlesex

HA7 4SG

REGISTERED NUMBER:

OC356224 (England and Wales)

ACCOUNTANTS:

Caerwyn Jones

Chartered Accountants

Emstrey House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG

The members present their report with the financial statements of the LLP for the year ended 5 April 2022.

PRINCIPAL ACTIVITY

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

DESIGNATED MEMBERS

The designated members during the year under review were:

J H Hoffman

Mrs G L Hoffman

N Agran

E Azouz

V U Haq

Mrs W L Haq

P D Morris

Mrs M Morris

P R H Barrett

Ms P M Walker

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £110,318 (2021 - £28 profit).

MEMBERS' INTERESTS

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which are determined by the performance and seniority of those members. On retirement, capital is repaid to members.

During the year £Nil (2019 - £Nil) was transferred from members equity interests to debts due to members.

ON BEHALF OF THE MEMBERS:

J H Hoffman - Designated member

26 October 2022

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 Cover Drive Investments LLP for the year ended 5 April 2022 which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests 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 Cover Drive Investments 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 Cover Drive Investments LLP and state those matters that we have agreed to state to the members of Cover Drive Investments 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 Cover Drive Investments LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Cover Drive Investments 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 Cover Drive Investments LLP. You consider that Cover Drive Investments 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 Cover Drive Investments 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.

Caerwyn Jones

Chartered Accountants

Emstrey House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG

26 October 2022

REVENUE

1,651

818

Administrative expenses

916

791

735

27

Other operating income

109,583

-

OPERATING PROFIT

110,318

27

Interest receivable and similar income

-

1

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

110,318

28

FIXED ASSETS

Property, plant and equipment

4

915,797

981,584

CURRENT ASSETS

Debtors

5

1,500

1,818

Cash at bank

2,208

1,154

3,708

2,972

CREDITORS

Amounts falling due within one year

6

781

780

NET CURRENT ASSETS

2,927

2,192

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

918,724

983,776

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

3,764

3,029

MEMBERS' OTHER INTERESTS

Capital accounts

914,960

980,747

918,724

983,776

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

3,764

3,029

Members' other interests

914,960

980,747

918,724

983,776

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 5 April 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 26 October 2022 and were signed by:

J H Hoffman - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

Balance at 6 April 2021

980,747

-

980,747

Profit for the financial year available for
discretionary division among members

-

110,318

Members' interests after profit for the year

980,747

110,318

1,091,065

Other divisions of profit

-

(110,318

)

(110,318

)

Introduced by members

-

Repayments of capital

(65,787

)

-

(65,787

)

Drawings

-

Balance at 5 April 2022

914,960

-

914,960

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

Amount due to members

3,029

Amount due from members

-

Balance at 6 April 2021

3,029

983,776

Profit for the financial year available for
discretionary division among members

-

110,318

Members' interests after profit for the year

3,029

1,094,094

Other divisions of profit

110,318

-

Introduced by members

65,787

Repayments of capital

-

(65,787

)

Drawings

(175,370

)

(175,370

)

Amount due to members

3,764

Amount due from members

-

Balance at 5 April 2022

3,764

918,724

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

Balance at 6 April 2020

980,747

-

980,747

Profit for the financial year available for
discretionary division among members

-

28

Members' interests after profit for the year

980,747

28

980,775

Other divisions of profit

-

(28

)

(28

)

Drawings

-

Balance at 5 April 2021

980,747

-

980,747

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

Amount due to members

5,495

Amount due from members

-

Balance at 6 April 2020

5,495

986,242

Profit for the financial year available for
discretionary division among members

-

28

Members' interests after profit for the year

5,495

986,270

Other divisions of profit

28

-

Drawings

(2,494

)

(2,494

)

Amount due to members

3,029

Amount due from members

-

Balance at 5 April 2021

3,029

983,776

1.	STATUTORY INFORMATION

Cover Drive Investments 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.

Turnover

Revenue 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

All fixed assets are initially recorded at cost.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2021 - NIL).

4.	PROPERTY, PLANT AND EQUIPMENT

Land and

buildings

£

COST

At 6 April 2021

981,584

Disposals

(65,787

)

At 5 April 2022

915,797

NET BOOK VALUE

At 5 April 2022

915,797

At 5 April 2021

981,584

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Other debtors

1,500

1,818

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Other creditors

781

780

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the income statement and are equity appropriations in the Statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

8.	CONTROLLING PARTY

The Limited Liability Partnership is not under control of any one individual party.