Norfolk Lodge Poole LLP
Norfolk Lodge Poole LLP
Registered number: OC317911
Unaudited Financial Statements
For The Year Ended
31 March 2022
Andrew Lillingston Limited
13 Hurlingham Studios
Ranelagh Gardens
London
SW6 3PA
Norfolk Lodge Poole LLP
Unaudited Financial Statements
For The Year Ended
31 March 2022
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Norfolk Lodge Poole LLP
Balance Sheet
As at
31 March 2022
Balance Sheet
Registered number:
OC317911
For the year ending 31 March 2022 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 applicable to LLP's subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
|
|
||
|
|
|
||||
| CURRENT ASSETS | |||||
| Debtors | 4 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 5 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
| Creditors: Amounts Falling Due After More Than One Year | 6 |
( |
( |
||
| NET ASSETS ATTRIBUTABLE TO MEMBERS |
|
|
|||
| REPRESENTED BY: | |||||
| Loans and other debts due to members within one year | |||||
| Other amounts | 1,020,234 | 995,787 | |||
| 1,020,234 | 995,787 | ||||
| Equity | |||||
| Members' other interests | |||||
| Members' capital | 358,502 | 358,502 | |||
| Other reserves | - | 4 | |||
| 358,502 | 358,506 | ||||
| 1,378,736 | 1,354,293 | ||||
| TOTAL MEMBERS' INTEREST | |||||
| Loans and other debts due to members within one year | 1,020,234 | 995,787 | |||
| Members' other interests | 358,502 | 358,506 | |||
| 1,378,736 | 1,354,293 | ||||
Norfolk Lodge Poole LLP
Balance Sheet (continued)
As at
31 March 2022
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
|
Designated Member
|
|
|
The notes on pages 3 to 5 form part of these financial statements.
Norfolk Lodge Poole LLP
Notes to the Financial Statements
For The Year Ended
31 March 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
1.2.
Turnover
Rental Income
Rental income from investment property leased out under operating leases is recognised in the profit and loss account on a straight-line basis over the term of the lease. Rent incentives granted by the LLP to its tenants are recognised as an integral part of the total rental income.
Incentives to enter into rental agreements are spread evenly over the rental term, even if the payments are not made on such a basis. The rental term is the non-cancellable period of the rental agreement, together with any further term for which the tenant has the option to continue the rental agreement, when, at the inception of the rental agreement it is reasonably certain that the tenant will exercise this option.
Premiums received to terminate rental agreement are recognised in the profit and loss account when they arise.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
|
1.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.
Average Number of Employees
Average number of employees, including members, during the year was as follows: NIL (2021: NIL)
3.
Tangible Assets
| Investment Properties | Plant & Machinery | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at
|
|
|
|
| As at
|
|
|
|
| Depreciation | |||
| As at
|
|
|
|
| Provided during the period | - |
|
|
| As at
|
|
|
|
| Net Book Value | |||
| As at
|
|
|
|
| As at
|
|
|
|
The historic cost of the investments was £2,237,002 (2020: £2,237,002).
Norfolk Lodge Poole LLP
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
The analysis of the cost or valuation of the above assets is as follows:
| Investment Properties | Plant & Machinery | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at
|
|||
| At cost | - | 4,853 | 4,853 |
| At valuation | 3,000,000 | - | 3,000,000 |
|
|
|
3,004,853 | |
| As at
|
|||
| At cost | - | 4,853 | 4,853 |
| At valuation | 3,000,000 | - | 3,000,000 |
|
|
|
3,004,853 | |
The properties were last valued on 19 December 2022 by the members on an open market basis.
4.
Debtors
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors |
|
|
|
|
|
|
||
5.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
| VAT |
|
|
|
| Other creditors |
|
|
|
| Accruals and deferred income |
|
|
|
|
|
|
||
6.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
|
|
|
|
|
|
||
7.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts | (3) | - | |
| Bank loans and overdrafts | 1,250,000 | 1,250,000 |
Norfolk Lodge Poole LLP
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
8.
General Information
Norfolk Lodge Poole LLP is a limited liability partnership, incorporated in England & Wales, registered number
OC317911
. The Registered Office is Fulham Park House, 1A Chesilton Road, London, SW6 5AA.