TTM Partnership LLP - LLP accounts 20.1

REGISTERED NUMBER: OC338919 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR

TTM PARTNERSHIP LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

Mrs Z Smith

R N Smith

P F Smyth

REGISTERED OFFICE:

Cambridge House

27 Cambridge Park

Wanstead

London

E11 2PU

REGISTERED NUMBER:

OC338919 (England and Wales)

ACCOUNTANTS:

Tish Press & Company

Cambridge House

27 Cambridge Park

Wanstead

London

E11 2PU

The members present their report with the financial statements of the LLP for the year ended 30 September 2021.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of a hotel.

DESIGNATED MEMBERS

The designated members during the year under review were:

Mrs Z Smith

R N Smith

P F Smyth

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £391,654 (2020 - £184,630 loss).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

R N Smith - Designated member

21 April 2022

TURNOVER

457,169

714,244

Cost of sales

54,204

98,818

GROSS PROFIT

402,965

615,426

Administrative expenses

155,814

820,752

247,151

(205,326

)

Other operating income

172,564

119,569

OPERATING PROFIT/(LOSS)

4

419,715

(85,757

)

Interest receivable and similar income

-

341

419,715

(85,416

)

Interest payable and similar expenses

28,061

99,214

PROFIT/(LOSS) FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

391,654

(184,630

)

FIXED ASSETS

Tangible assets

5

2,015,926

1,632,482

CURRENT ASSETS

Stocks

8,650

19,650

Debtors

6

283,284

544,619

Cash at bank and in hand

15,166

53,601

307,100

617,870

CREDITORS

Amounts falling due within one year

7

372,726

362,749

NET CURRENT (LIABILITIES)/ASSETS

(65,626

)

255,121

TOTAL ASSETS LESS CURRENT LIABILITIES

1,950,300

1,887,603

CREDITORS

Amounts falling due after more than one year

8

1,120,000

1,120,000

NET ASSETS ATTRIBUTABLE TO MEMBERS

830,300

767,603

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

62,697

-

MEMBERS' OTHER INTERESTS

Capital accounts

965,733

965,733

Other reserves

(198,130

)

(198,130

)

830,300

767,603

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

62,697

-

Members' other interests

767,603

767,603

Amounts due from members

6

(87,343

)

(371,693

)

742,957

395,910

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 September 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 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 21 April 2022 and were signed by:

R N Smith - Designated member

1.	STATUTORY INFORMATION

TTM Partnership 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 net amounts charged in respect of goods and services, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

at varying rates on cost

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 20 (2020 - 37 ) .

4.	OPERATING PROFIT/(LOSS)

The operating profit (2020 - operating loss) is stated after charging:

2021

2020

£

£

Depreciation - owned assets

50,582

53,063

5.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Motor

leasehold

fittings

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 October 2020

1,082,849

1,021,612

83,509

2,187,970

Additions

-

16,515

-

16,515

Revaluations

417,511

-

-

417,511

At 30 September 2021

1,500,360

1,038,127

83,509

2,621,996

DEPRECIATION

At 1 October 2020

-

496,187

59,301

555,488

Charge for year

-

44,530

6,052

50,582

At 30 September 2021

-

540,717

65,353

606,070

NET BOOK VALUE

At 30 September 2021

1,500,360

497,410

18,156

2,015,926

At 30 September 2020

1,082,849

525,425

24,208

1,632,482

Cost or valuation at 30 September 2021 is represented by:

Fixtures

Long

and

Motor

leasehold

fittings

vehicles

Totals

£

£

£

£

Valuation in 2015

161,505

-

-

161,505

Valuation in 2018

73,000

-

-

73,000

Valuation in 2021

417,511

-

-

417,511

Cost

848,344

1,038,127

83,509

1,969,980

1,500,360

1,038,127

83,509

2,621,996

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

4,510

5,717

Amounts due from members

87,343

371,693

Other debtors

4,000

5,000

Prepayments and accrued income

187,431

162,209

283,284

544,619

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts

69,804

76,284

Trade creditors

77,148

66,855

Amounts owed to group undertakings

24,437

-

Social security and other taxes

19,943

18,397

VAT

25,632

35,662

Other creditors

63,960

122,040

Net wages

23,983

-

Accruals and deferred income

67,819

43,511

372,726

362,749

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Atom loan

1,120,000

1,120,000

Amounts falling due in more than five years:

Repayable by instalments

Atom loan

1,120,000

1,120,000

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'.