Cowie Properties LLP - Period Ending 2021-05-31

COWIE PROPERTIES LLP - Company Information

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Registration number: OC328245

Cowie Properties LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2021

Cowie Properties LLP

Contents

Limited liability partnership information	1
Members' Report	2
Financial Statements	3 to 13
Profit and Loss Account	3
Balance Sheet	4
Statement of Changes in Members’ Interests	6
Notes to the Financial Statements	8

Cowie Properties LLP

Limited liability partnership information

Designated members

Mr D A Gray (acting in his capacity as a trustee and on behalf of Sir Tom Cowie Family Trust 2006)

Members

Lady Diana Carole Wentworth Cowie

Registered office

The Estate Office
Broadwood Hall
Lanchester
Durham
DH7 0TD

Solicitors

BHP Law LLP
Westgate House
Faverdale
Darlington
Co Durham
DL3 0PZ

Accountants

MHA Tait Walker
Chartered Accountants
1 Massey Road
Thornaby
Stockton-on-Tees
TS17 6DY

Cowie Properties LLP

Members' Report for the Year Ended 31 May 2021

The members present their report and the unaudited financial statements for the year ended 31 May 2021.

Firm structure

Cowie Properties LLP is a limited liability partnership registered in England & Wales.

Principal activity

The principal activity of the LLP is that of holding rental properties.

Designated members

The members who held office during the year were as follows:

Mr D A Gray (acting in his capacity as a trustee and on behalf of Sir Tom Cowie Family Trust 2006)

Members' drawings and the subscription and repayment of members' capital

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

Future Developments

As COVID-19 continues to impact the population, the members will adhere to government guidance and will review the needs of all stakeholders.

Small companies' provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006, as applied to limited liability partnerships.

Approved by the Board on 30 November 2021 and signed on its behalf by:

.........................................
Mr D A Gray
Designated member (acting in his capacity as a trustee and on behalf of Sir Tom Cowie Family Trust 2006)

Cowie Properties LLP

Profit and Loss Account for the Year Ended 31 May 2021

	Note	2021 £	2020 £
Turnover		83,755	194,298
Cost of sales		-	(7,525)
Gross profit		83,755	186,773
Administrative expenses		(43,488)	(90,403)
Other operating income		-	248,241
Operating profit		40,267	344,611
Other interest receivable and similar income		75	154
Profit for the year before members' remuneration and profit shares		40,342	344,765
Members' remuneration charged as an expense		(40,342)	(344,765)
Profit/(loss) for the year available for discretionary division among members		-	-

Turnover and operating profit derive wholly from continuing operations.

The LLP has no recognised gains or losses for the year other than the results above.

Cowie Properties LLP

(Registration number: OC328245)
Balance Sheet as at 31 May 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	3	1,107,000	1,107,000
Current assets
Debtors		71,334	6,593
Cash and short-term deposits		58,702	154,594
		130,036	161,187
Creditors: Amounts falling due within one year	5	(125,620)	(116,961)
Net current assets		4,416	44,226
Net assets attributable to members		1,111,416	1,151,226
Represented by:
Loans and other debts due to members
Other amounts	6	5,067,189	5,106,999
Members’ other interests
Revaluation reserve		(3,955,773)	(3,955,773)
		1,111,416	1,151,226
Total members' interests
Loans and other debts due to members		5,067,189	5,106,999
Equity		(3,955,773)	(3,955,773)
		1,111,416	1,151,226

For the year ending 31 May 2021 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

Cowie Properties LLP

(Registration number: OC328245)
Balance Sheet as at 31 May 2021 (continued)

The financial statements of Cowie Properties LLP (registered number OC328245) were approved by the Board and authorised for issue on 30 November 2021. They were signed on behalf of the limited liability partnership by:

.........................................
Mr D A Gray
Designated member (acting in his capacity as a trustee and on behalf of Sir Tom Cowie Family Trust 2006)

Cowie Properties LLP

Statement of Changes in Members’ Interests
At 31 May 2021

	Equity			Loans and other debts due to/(from) members
	Revaluation reserve £	Other reserves £	Total £	Members' capital classified as a liability £	Total 2020 £
Members' interest at 1 June 2019	(4,286,589)	-	(4,286,589)	5,498,050	1,211,461
Profit for the financial year available for discretionary division among members	-	344,765	344,765	-	344,765
Members' interests after loss for the year	(4,286,589)	344,765	(3,941,824)	5,498,050	1,556,226
Gains arising on revaluation of tangible fixed assets	330,816	-	330,816	(330,816)	-
Members' interests after total comprehensive income	(3,955,773)	344,765	(3,611,008)	5,167,234	1,556,226
Allocated (losses)/profits in respect of the year	-	(344,765)	(344,765)	344,765	-
Drawings (including tax payments)	-	-	-	(405,000)	(405,000)
At 31 May 2020	(3,955,773)	-	(3,955,773)	5,106,999	1,151,226

Cowie Properties LLP

Statement of Changes in Members’ Interests
At 31 May 2021 (continued)

	Equity			Loans and other debts due to/(from) members
	Revaluation reserve £	Other reserves £	Total £	Members' capital classified as a liability £	Members' other amounts £	Total 2021 £
Members' interest at 1 June 2020	(3,955,773)	-	(3,955,773)	5,106,999	-	1,151,226
Profit for the financial year available for discretionary division among members	-	40,342	40,342	-	-	40,342
Members' interests after total comprehensive income	(3,955,773)	40,342	(3,915,431)	5,106,999	-	1,191,568
Allocated (losses)/profits in respect of the year	-	(40,342)	(40,342)	40,342	-	-
Drawings (including tax payments)	-	-	-	-	(80,152)	(80,152)
At 31 May 2021	(3,955,773)	-	(3,955,773)	5,147,341	(80,152)	1,111,416

Cowie Properties LLP

Notes to the Financial Statements for the Year Ended 31 May 2021

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in January 2017.

General information and basis of accounting

The LLP is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the LLP information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The LLP meets its day to day working capital requirements through cash generated from operations. The members have assessed the potential impact of the COVID-19 virus and the financial impact on the LLP and have implemented a business continuity plan to mitigate against this.

The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Revenue is recognised to the extent that the LLP obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Cowie Properties LLP

Notes to the Financial Statements for the Year Ended 31 May 2021 (continued)

1	Accounting policies (continued)

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.

other taxes policy

Tangible fixed assets

Individual fixed assets costing £250 or more are initially recorded at cost.

Investment properties and land

Investment properties and land were revalued on 1 October 2017 and are shown at fair value on this date. The surplus or deficit arising from the revaluation is transferred to the revaluation reserve.The members have not allocated this revaluation reserve and in accordance with the LLP SORP where a loss is not allocated to the members, the amount is deducted from "other reserves".

In accordance with FRS 102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for investment and rental income purposes and not for occupation by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the LLP will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Cowie Properties LLP

Notes to the Financial Statements for the Year Ended 31 May 2021 (continued)

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2020 - 0).

Cowie Properties LLP

Notes to the Financial Statements for the Year Ended 31 May 2021 (continued)

3	Tangible fixed assets

	Freehold land and buildings £	Total £
Cost
At 1 June 2020	5,062,773	5,062,773
At 31 May 2021	5,062,773	5,062,773
Depreciation
At 1 June 2020	3,955,773	3,955,773
At 31 May 2021	3,955,773	3,955,773
Net book value
At 31 May 2021	1,107,000	1,107,000
At 31 May 2020	1,107,000	1,107,000

Freehold land and buildings are treated as investment property in line with the accounting policy.

Cowie Properties LLP

Notes to the Financial Statements for the Year Ended 31 May 2021 (continued)

3	Tangible fixed assets (continued)

Revaluation

The fair value of the LLP's freehold land and buildings was revalued on 1 October 2017 by an independent valuer, Stephen A Smith BSc MRICS, for and on behalf of Ashley Smith Chartered Surveyors.

	Aggregate cost £	Aggregate accumulated impairment losses £	Aggregate carrying amount £
Revalued assets for the year ended 31 May 2021
Freehold land and buildings	5,062,773	(3,955,773)	1,107,000
	5,062,773	(3,955,773)	1,107,000

	Aggregate cost £	Aggregate accumulated impairment losses £	Aggregate carrying amount £
Revalued assets for the year ended 31 May 2020
Freehold land and buildings	5,062,773	(3,955,773)	1,107,000
	5,062,773	(3,955,773)	1,107,000

Cowie Properties LLP

Notes to the Financial Statements for the Year Ended 31 May 2021 (continued)

Debtors

	2021 £	2020 £
Trade debtors	-	4,200
Prepayments and accrued income	71,334	2,393
Total current trade and other debtors	71,334	6,593

5	Creditors: Amounts falling due within one year

	2021 £	2020 £
Trade creditors	8,056	211
Other creditors	7,273	7,274
Accruals and deferred income	7,609	6,536
Taxation and social security	102,682	102,940
	125,620	116,961

6	Analysis of other amounts

	2021 £	2020 £
Money owed to members by the LLP in respect of profits	5,067,189	5,106,999

Control

The members are the controlling party by virtue of their controlling interest in the LLP. The ultimate controlling party is the members as a body.