Lower Clapton LLP - Accounts to registrar (filleted) - small 22.3

Lower Clapton LLP - Accounts to registrar (filleted) - small 22.3

LOWER CLAPTON LLP - Company Information

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REGISTERED NUMBER: OC316817 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 March 2022

for

LOWER CLAPTON LLP
LOWER CLAPTON LLP (REGISTERED NUMBER: OC316817)

Contents of the Financial Statements
for the year ended 31 March 2022










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOWER CLAPTON LLP

General Information
for the year ended 31 March 2022







Designated members: J T Woolstencroft
Mrs R V Woolstencroft





Registered office: 3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ





Registered number: OC316817 (England and Wales)





Accountants: Haines Watts
Chartered Accountants
3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ
Page 1
LOWER CLAPTON LLP (REGISTERED NUMBER: OC316817)

Balance Sheet
31 March 2022

2022 2021
Notes £    £    £    £   
Fixed assets
Investment property 4 1,130,000 1,130,000

Current assets
Debtors 5 115,624 148,968
Cash at bank 53,800 15,585
169,424 164,553
Creditors
Amounts falling due within one year 6 38,581 38,811
Net current assets 130,843 125,742
Total assets less current liabilities 1,260,843 1,255,742

Creditors
Amounts falling due after more than one
year
7
322,417
344,906
Net assets attributable to members 938,426 910,836

Loans and other debts due to members 9 249,879 222,289

Members' other interests
Revaluation reserve 10 688,547 688,547
938,426 910,836

Total members' interests
Loans and other debts due to members 9 249,879 222,289
Members' other interests 688,547 688,547
938,426 910,836

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 notes form part of these financial statements

Page 2
LOWER CLAPTON LLP (REGISTERED NUMBER: OC316817)

Balance Sheet - continued
31 March 2022


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 20 July 2022 and were signed by:





J T Woolstencroft - Designated member

The notes form part of these financial statements

Page 3
LOWER CLAPTON LLP (REGISTERED NUMBER: OC316817)

Notes to the Financial Statements
for the year ended 31 March 2022


1. Statutory information

Lower Clapton 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 rents received excluding value added tax.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 1,130,000
Net book value
At 31 March 2022 1,130,000
At 31 March 2021 1,130,000

Fair value at 31 March 2022 is represented by:
£   
Valuation in 2011 211,453
Valuation in 2011 688,547
Valuation in 2019 (15,000 )
Valuation in 2021 245,000
1,130,000

If investment property had not been revalued it would have been included at the following historical cost:

2022 2021
£    £   
Cost 211,453 211,453

Investment property was valued on an open market basis on 31 March 2021 by Allsop LLP .

Page 4
LOWER CLAPTON LLP (REGISTERED NUMBER: OC316817)

Notes to the Financial Statements - continued
for the year ended 31 March 2022


5. Debtors: amounts falling due within one year
2022 2021
£    £   
Other debtors 115,624 148,968

6. Creditors: amounts falling due within one year
2022 2021
£    £   
Bank loans and overdrafts 23,338 23,569
Other creditors 15,243 15,242
38,581 38,811

7. Creditors: amounts falling due after more than one year
2022 2021
£    £   
Bank loans 322,417 344,906

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 229,067 247,387

8. Secured debts

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 345,755 368,475

A bank loan is secured by way of the following:

- A first legal charge over the leasehold Ground floor Unit, 144-146 Lower Clapton Road, London, E5 0QJ.
- A guarantee from John Woolstencroft for the amount of £100,000.
- A guarantee from The Holsworthy Square LLP for the amount of £500,000.

9. Loans and other debts due to members

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up. There is no provision for specific legally enforceable protection afforded to creditors in such an event. There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members' other interests'.

10. Reserves
Revaluation
reserve
£   
At 1 April 2021
and 31 March 2022 688,547

11. Related party disclosures

At the balance sheet date, the company was due £3,000 from Dicecrown Limited (2021: £6,000) and £100,000 (2021: £129,000) from The Holsworthy Square LLP, companies controlled by Mr J T Woolstencroft.

Page 5