Illiad International LLP - Accounts to registrar (filleted) - small 18.2

Illiad International LLP - Accounts to registrar (filleted) - small 18.2

ILLIAD INTERNATIONAL LLP - Company Information

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REGISTERED NUMBER: SO301530 (Scotland)

















Unaudited Financial Statements

for the Year Ended 30 March 2021

for

Illiad International LLP
Gibson McKerrell Brown LLP
Chartered Accountants
14 Rutland Square
Edinburgh
Midlothian
EH1 2BD








Illiad International LLP (Registered number: SO301530)






Contents of the Financial Statements
for the Year Ended 30 March 2021




Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Illiad International LLP

General Information
for the Year Ended 30 March 2021







DESIGNATED MEMBERS: K McDonald
ALM Properties Limited



REGISTERED OFFICE: City Point, Third Floor
65 Haymarket Terrace
Edinburgh
EH3 5HD



REGISTERED NUMBER: SO301530 (Scotland)



ACCOUNTANTS: Gibson McKerrell Brown LLP
Chartered Accountants
14 Rutland Square
Edinburgh
Midlothian
EH1 2BD



BANKERS: Santander UK PLC
Bootle
Merseyside
L30 4GB
Page 1
Illiad International LLP (Registered number: SO301530)

Statement of Financial Position
30 March 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,234 4,245
Investments 5 40,000 40,000
Investment property 6 1,742,134 1,394,306
1,788,368 1,438,551

CURRENT ASSETS
Debtors 7 523 3
Cash at bank 13,114 61,591
13,637 61,594
CREDITORS
Amounts falling due within one year 8 51,729 43,876
NET CURRENT (LIABILITIES)/ASSETS (38,092 ) 17,718
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO MEMBERS 1,750,276 1,456,269

LOANS AND OTHER DEBTS DUE TO
MEMBERS
9
1,750,276
1,456,269

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 1,750,276 1,456,269

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 March 2021.

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 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 18 June 2021 and were signed by:





K McDonald - Designated member

The notes form part of these financial statements

Page 2
Illiad International LLP (Registered number: SO301530)

Notes to the Financial Statements
for the Year Ended 30 March 2021

1. STATUTORY INFORMATION

Illiad International LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is attributable to the limited liability partnership's principal activity of rental, management and development of property.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investments
Investment properties are properties held to earn rentals and/or for capital appreciation.

Investment properties are initially measured at cost, including transaction costs. Subsequently, investment properties whose fair value can be measured reliably without undue cost or effort, on an on-going basis, are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the income statement loss in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort, on an on-going basis, are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

Fixed asset investments are items of an antique nature held for long term capital appreciation. They are carried at fair value. and the members are of the opinion that the cost of the assets represents their fair value.

Financial instruments
The limited liability partnership only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
No provision for taxation has been made as the individual members are responsible for settling their own tax liabilities.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2020 - NIL).

Page 3 continued...
Illiad International LLP (Registered number: SO301530)

Notes to the Financial Statements - continued
for the Year Ended 30 March 2021

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 31 March 2020 4,457
Additions 3,822
At 30 March 2021 8,279
DEPRECIATION
At 31 March 2020 212
Charge for year 1,833
At 30 March 2021 2,045
NET BOOK VALUE
At 30 March 2021 6,234
At 30 March 2020 4,245

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 31 March 2020
and 30 March 2021 40,000
NET BOOK VALUE
At 30 March 2021 40,000
At 30 March 2020 40,000

Fixed asset investments are being carried at fair value and the members are of the opinion that cost represents a fair value of the assets.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 31 March 2020 1,394,306
Additions 347,828
At 30 March 2021 1,742,134
NET BOOK VALUE
At 30 March 2021 1,742,134
At 30 March 2020 1,394,306

Fair value at 30 March 2021 is represented by:
£   
Valuation in 2019 198,680
Cost 1,543,454
1,742,134

Page 4 continued...
Illiad International LLP (Registered number: SO301530)

Notes to the Financial Statements - continued
for the Year Ended 30 March 2021

6. INVESTMENT PROPERTY - continued

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

2021 2020
£    £   
Cost 1,195,626 1,195,626

Investment property was valued on an open market basis on 14 March 2019 by the members .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Other debtors 523 3

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 20,000 -
Taxation and social security - 230
Other creditors 31,729 43,646
51,729 43,876

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.

10. RELATED PARTY DISCLOSURES

A member Mr K McDonald holds a floating charge over all the assets of the LLP.

Page 5