South Estates LLP - Accounts to registrar (filleted) - small 18.2

South Estates LLP - Accounts to registrar (filleted) - small 18.2

SOUTH ESTATES LLP - Company Information

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REGISTERED NUMBER: OC378025 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

FOR

SOUTH ESTATES LLP
SOUTH ESTATES LLP (REGISTERED NUMBER: OC378025)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SOUTH ESTATES LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2021







DESIGNATED MEMBERS: Mr P C Goodsir
Mr R G Kilikita





REGISTERED OFFICE: Solar House
282 Chase Road
London
N14 6NZ





REGISTERED NUMBER: OC378025 (England and Wales)





ACCOUNTANTS: Freemans Partnership LLP
Chartered Certified Accountants
Solar House
282 Chase Road
London
N14 6NZ
Page 1
SOUTH ESTATES LLP (REGISTERED NUMBER: OC378025)

BALANCE SHEET
31 JANUARY 2021

31.1.21 31.1.20
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,630,000 2,630,000

CURRENT ASSETS
Debtors 5 791,684 99,955
Cash at bank 14,360 60,300
806,044 160,255
CREDITORS
Amounts falling due within one year 6 67,932 7,643
NET CURRENT ASSETS 738,112 152,612
TOTAL ASSETS LESS CURRENT
LIABILITIES
3,368,112
2,782,612

CREDITORS
Amounts falling due after more than one year 7 1,960,500 1,375,000
NET ASSETS ATTRIBUTABLE TO
MEMBERS
1,407,612
1,407,612

The notes form part of these financial statements

Page 2 continued...
SOUTH ESTATES LLP (REGISTERED NUMBER: OC378025)

BALANCE SHEET - continued
31 JANUARY 2021

31.1.21 31.1.20
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS
-
-

MEMBERS' OTHER INTERESTS
Fair value reserve 8 1,407,612 1,407,612
1,407,612 1,407,612

TOTAL MEMBERS' INTERESTS
Members' other interests 1,407,612 1,407,612
Amounts due from members 5 (778,654 ) (98,718 )
628,958 1,308,894

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 January 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 25 January 2022 and were signed by:





Mr P C Goodsir - Designated member

The notes form part of these financial statements

Page 3
SOUTH ESTATES LLP (REGISTERED NUMBER: OC378025)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021


1. STATUTORY INFORMATION

South Estates 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.

Turnover
Turnover represents amounts derived from rents charged to tenants during the year, and is recognised at the date the rental period occurred. This is stated after trade discounts and other sales taxes.

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.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2020 - 3 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2020
and 31 January 2021 2,630,000
NET BOOK VALUE
At 31 January 2021 2,630,000
At 31 January 2020 2,630,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.21 31.1.20
£    £   
Trade debtors 9,950 -
Amounts due from members 778,654 98,718
Other debtors - 348
Prepayments and accrued income 3,080 889
791,684 99,955

Page 4 continued...
SOUTH ESTATES LLP (REGISTERED NUMBER: OC378025)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2021


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.21 31.1.20
£    £   
Bank loans and overdrafts 57,000 -
Trade creditors - (200 )
Other creditors 3,392 600
Accruals and deferred income 7,540 7,243
67,932 7,643

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.21 31.1.20
£    £   
Bank loans - 1-2 years 57,000 -
Bank loans - 2-5 years 173,500 -
Bank loans more 5 yr by instal 1,730,000 -
Bank loans more 5 yrs non-inst - 1,375,000
1,960,500 1,375,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst - 1,375,000

Repayable by instalments
Bank loans more 5 yr by instal 1,730,000 -

8. RESERVES
Fair
value
reserve
£   
At 1 February 2020 1,407,612
At 31 January 2021 1,407,612

Page 5