Granite Lye LLP - LLP accounts 20.1

REGISTERED NUMBER: OC419298 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Granite Lye LLP

Page

General Information

1

Report of the Members

2

Chartered Certified Accountants' Report

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

7

DESIGNATED MEMBERS:

I D Lipman

K C Owen

REGISTERED OFFICE:

114a Cromwell Road

Kensington

London

SW7 4AG

REGISTERED NUMBER:

OC419298 (England and Wales)

ACCOUNTANTS:

Pabs Consultancy Limited

39a Joel Street

Northwood Hills

HA6 1NZ

The members present their report with the financial statements of the LLP for the year ended 31 March 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:

I D Lipman

K C Owen

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £2,547 (2021 - £131,387 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

I D Lipman - Designated member

9 December 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 Granite Lye LLP for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the members of Granite Lye 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 Granite Lye LLP and state those matters that we have agreed to state to the members of Granite Lye LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Granite Lye 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 Granite Lye LLP. You consider that Granite Lye 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 Granite Lye 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.

Pabs Consultancy Limited

39a Joel Street

Northwood Hills

HA6 1NZ

9 December 2022

TURNOVER

2,717

2,489

Administrative expenses

170

1,641

2,547

848

Other operating income

-

130,539

OPERATING PROFIT and

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

2,547

131,387

FIXED ASSETS

Investment property

4

30,000

CURRENT ASSETS

Debtors

5

13,051

20,317

Cash at bank

7,086

30,443

20,137

50,760

CREDITORS

Amounts falling due within one year

6

11,627

44,629

NET CURRENT ASSETS

8,510

6,131

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

38,510

36,131

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

38,510

36,131

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

38,510

36,131

Amounts due from members

5

-

(168

)

38,510

35,963

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 31 March 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 9 December 2022 and were signed by:

I D Lipman - Designated member

K C Owen - Designated member

1.	STATUTORY INFORMATION

Granite Lye 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents rent received, or receivable, exclusive of Value Added Tax.

Investment property

Gains and losses on disposals, or part disposals, are determined by comparing the proceeds with the carrying amount and are recognised within ‘other operating income or losses’ in the Profit and Loss account.

Investment property is carried at fair value determined annually by Members and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

3.	EMPLOYEE INFORMATION

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

and 31 March 2022

30,000

NET BOOK VALUE

At 31 March 2022

30,000

At 31 March 2021

30,000

Fair value at 31 March 2022 is represented by:

£

Valuation in 2022

30,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Trade debtors

-

2,874

Other debtors

13,051

17,443

13,051

20,317

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Taxation and social security

1

28,120

Other creditors

11,626

16,509

11,627

44,629

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to Members (other than Members capital) rank parri-passu to other debts.