Red Star Property Rentals LLP - Accounts to registrar (filleted) - small 18.2

Red Star Property Rentals LLP - Accounts to registrar (filleted) - small 18.2

RED STAR PROPERTY RENTALS LLP - Company Information

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REGISTERED NUMBER: SO305432 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2022

for

Red Star Property Rentals LLP
Red Star Property Rentals LLP (Registered number: SO305432)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Red Star Property Rentals LLP

General Information
for the Year Ended 31 March 2022







DESIGNATED MEMBERS: Mrs A Roberts





REGISTERED OFFICE: 6 Lady Wynd
Cupar
Fife
KY15 4DE





REGISTERED NUMBER: SO305432 (Scotland)





ACCOUNTANTS: Fife Business Services Ltd
Suite 3A, Elizabeth House
Barclay Court
Kirkcaldy
Fife
KY1 3WE
Page 1
Red Star Property Rentals LLP (Registered number: SO305432)

Balance Sheet
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 166 382
Investment property 5 1,307,648 1,509,773
1,307,814 1,510,155

CURRENT ASSETS
Debtors 6 1,777 26,098
Cash at bank 1,224 1,049
3,001 27,147
CREDITORS
Amounts falling due within one year 7 64,425 10,712
NET CURRENT (LIABILITIES)/ASSETS (61,424 ) 16,435
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,246,390
1,526,590

CREDITORS
Amounts falling due after more than
one year
8
468,680
623,125
NET ASSETS ATTRIBUTABLE TO
MEMBERS
777,710
903,465

LOANS AND OTHER DEBTS DUE
TO MEMBERS
9
777,710
903,465

TOTAL MEMBERS' INTERESTS
Loans and other debts due to
members
9
777,710
903,465

The notes form part of these financial statements

Page 2 continued...
Red Star Property Rentals LLP (Registered number: SO305432)

Balance Sheet - continued
31 March 2022


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 March 2022.

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 23 December 2022 and were signed by:





Mrs A Roberts - Designated member

The notes form part of these financial statements

Page 3
Red Star Property Rentals LLP (Registered number: SO305432)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Red Star Property Rentals LLP is registered in Scotland. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 33.3%
Computer equipment - 33.3%

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 (2021 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2021
and 31 March 2022 97 551 648
DEPRECIATION
At 1 April 2021 65 201 266
Charge for year 32 184 216
At 31 March 2022 97 385 482
NET BOOK VALUE
At 31 March 2022 - 166 166
At 31 March 2021 32 350 382

Page 4 continued...
Red Star Property Rentals LLP (Registered number: SO305432)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021 1,509,773
Disposals (202,125 )
At 31 March 2022 1,307,648
NET BOOK VALUE
At 31 March 2022 1,307,648
At 31 March 2021 1,509,773

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors - 20,122
Prepayments 1,777 5,976
1,777 26,098

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other creditors 53,456 -
Accruals and deferred income 10,969 10,712
64,425 10,712

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2022 2021
£    £   
Aldermore Commercial 364,373 383,297
Aldermore Residential 104,307 239,828
468,680 623,125

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of winding up.

The amounts due to members of £903,465 relates to accumulated surplus less amounts withdrawn by designated members.

Page 5