E S Walton (Property) LLP Accounts

E.S. WALTON (PROPERTY) LLP - Company Information






E S Walton (Property) LLP

	Registered No. OC326016
	Information for Filing with the Registrar
		31 March 2022

at	31 March 2022

Registered No.			OC326016	Notes	2022	2021
					£	£
Fixed assets


	Investment property			5	134,272	134,272

					134,272	134,272
Current assets

	Debtors			6	3,000	3,000

	Cash at bank and in hand				35,955	12,974
					38,955	15,974
Creditors: Amounts falling due within one year				7	(85,491)	(73,916)
Net current liabilities					(46,536)	(57,942)
Total assets less current liabilities					87,736	76,330
Creditors: Amounts falling due after more than one year				8	(13,000)	-

Net assets attributable to members					74,736	76,330

Represented by:
	Loans and other debts due to members				24,278	25,872
	Members' other interests
		Members' capital			50,458	50,458


					50,458	50,458

					74,736	76,330



These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

For the year ended 31 March 2022 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit)(Application of Companies Act 2006) Regulations 2008) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the members on 18 August 2022

And signed on its behalf by designated member:
H. Northover
Designated member
18 August 2022

for the year ended 31 March 2022

General information

Its registered number is: OC326016

Its registered office is:

70 Tradewinds

Liberty Place

Liverpool

L1 5BG

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2018.

Accounting policies

Turnover

Turnover is rents receivable in the year on investment properties.

Members' remuneration and division of profits

Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account.

In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense.

Profits are treated as being available for discretionary division only if the the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'.

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

Members' Interests

Members' interests are classified as either equity or debt.

Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves.

Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members.

Taxation

Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.

Retirement benefits of former members

The retirement benefits of former members are determined annually base on a formula directly linked to the profits of the partnership. Provision is made at the date of retirement of the member for the estimated present value of the expected future payments to that member. On initial recognition the estimated current value of the future pension is transferred from members' interests to provisions for liabilities and charges. The unwinding of the discount of the provision to retirement benefits is charged to the profit and loss account and including in interest payable. The liability is reassessed annually and any changes in the estimates are included within the profit and loss account.

3	Information in relation to members
		2022	2021
		Number	Number
	The average number of members during the year :	2	2

		2022	2021
		£	£



	Automatic division of profits	5,806	14,564
		5,806	14,564

4	Employees
		2022	2021
		Number	Number

	The average number of persons employed during the year was:	0	0

5	Investment property
		Freehold Investment Property
		£
	Valuation
	At 1 April 2021	134,272



	At 31 March 2022	134,272

6	Debtors
		2022	2021
		£	£




	Other debtors	3,000	3,000

		3,000	3,000

7	Creditors:
	amounts falling due within one year
		2022	2021
		£	£
	Bank loans and overdrafts	-	3,833
	Other loans	13,035	-




	Other creditors	71,727	68,754
	Accruals and deferred income	729	1,329
		85,491	73,916

8	Creditors:
	amounts falling due after more than one year
		2022	2021
		£	£

	Other loans	13,000	-





		13,000	-

9	Loans and other debts due to members
		2022	2021
		£	£

	Loans from members	(2,445)	(2,445)

	Amounts due to members in respect of profits	26,723	28,317
		24,278	25,872

	Amounts falling due within one year	24,278	-

		24,278	25,872