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

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

QUARTIUM ESTATES LLP - Company Information

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REGISTERED NUMBER: OC316740 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

FOR

QUARTIUM ESTATES LLP
QUARTIUM ESTATES LLP (REGISTERED NUMBER: OC316740)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2020










Page

Balance Sheet 1

Notes to the Financial Statements 2


QUARTIUM ESTATES LLP (REGISTERED NUMBER: OC316740)

BALANCE SHEET
31ST DECEMBER 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,253,127 1,253,127

CURRENT ASSETS
Debtors 5 25,459 9,324
Cash at bank 241,165 240,979
266,624 250,303
CREDITORS
Amounts falling due within one year 6 71,548 94,764
NET CURRENT ASSETS 195,076 155,539
TOTAL ASSETS LESS CURRENT LIABILITIES 1,448,203 1,408,666

CREDITORS
Amounts falling due after more than one year 7 516,131 544,450
NET ASSETS ATTRIBUTABLE TO MEMBERS 932,072 864,216

LOANS AND OTHER DEBTS DUE TO MEMBERS 9 932,072 864,216

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 932,072 864,216

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 31st December 2020.

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 24th September 2021 and were signed by:



V H Javed - Designated member

The notes form part of these financial statements

Page 1
QUARTIUM ESTATES LLP (REGISTERED NUMBER: OC316740)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2020


1. STATUTORY INFORMATION

Quartium Estates LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC316740

Registered office: First Floor
43 Park Place
Leeds
West Yorkshire
LS1 2RY

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.

These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders and the bank will continue to financially support the company.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Investment property
The partnership's investment property is included in the Balance Sheet at its open market value. The surpluses or deficits on revaluation of such property are transferred to the investment property revaluation reserve. Depreciation is not provided in respect of the investment property.
The policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The members consider that this policy is necessary in order that the financial statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

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.

Taxation
The taxation payable on profits is the personal liability of the members during the year. Consequently taxation arising in respect of Quartium Estates LLP is not accounted for in these financial statements. Amounts retained for tax are treated in the same way as other profits of the partnership and so are included in " Loans and other debts due to members ".

Allocation of profits and drawings
Profits are allocated between the members as agreed at the commencement of each financial year.
The members may from time to time receive drawings and additional profit distributions. Both the drawings and profit distributions are deducted from allocated profits.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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QUARTIUM ESTATES LLP (REGISTERED NUMBER: OC316740)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2020


3. EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2019 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st January 2020
and 31st December 2020 1,253,127
NET BOOK VALUE
At 31st December 2020 1,253,127
At 31st December 2019 1,253,127

The Investment property is included in the financial statements at a cost of £1,253,127 which, in the opinion of the Members, fairly represents the open market value at the balance sheet date.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 25,459 7,973
Other debtors - 1,351
25,459 9,324

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Bank loans and overdrafts 58,344 55,446
Taxation and social security 5,666 -
Other creditors 7,538 39,318
71,548 94,764

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2020 2019
£    £   
Bank loans 486,106 544,450
Other creditors 30,025 -
516,131 544,450

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
repayable by instalments 221,664 292,770
221,664 292,770

Page 3 continued...
QUARTIUM ESTATES LLP (REGISTERED NUMBER: OC316740)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2020


8. SECURED DEBTS

The following secured debts are included within creditors:

2020 2019
£    £   
Bank loans 544,450 599,896

The loan is secured on the partnership's investment property.

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
2020 2019
£    £   
Loans from members 69,725 69,725
Amounts owed to members in respect of profits 862,347 794,491
932,072 864,216

Falling due within one year 932,072 864,216

In the event of a winding up, amounts in ' Loans and other debts due to members ' ( other than members' capital classified as debt ) would rank subject to the provisions of the Insolvency Act 1986 as amended by the Act and the Regulations. As to the payment of preferential and other debts ( including advances ), any surplus remaining shall be distributed among the Members rateably in the proportions in which they shared profits immediately prior to the commencement of the winding up.

For the avoidance of doubt, no Member has agreed with other Members or with the LLP that they shall , in the event of winding up the LLP , contribute in any way to the assets of the LLP in accordance with Section 74 of the Insolvency Act.

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