Lainston High Street LLP
Lainston High Street LLP
Registered number: OC375461
Financial Statements
For The Year Ended
31 March 2020
Argo Business Compliance
Chartered Accountants
The Old Station Master's House
Station Road, Stoke D'Abernon
Cobham
Surrey
KT11 3BW
Lainston High Street LLP
Financial Statements
For The Year Ended
31 March 2020
Financial Statements
| Contents | |
| Page | |
|---|---|
| LLP Information | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—5 |
Lainston High Street LLP
LLP Information
For The Year Ended
31 March 2020
LLP Information
| Designated Members |
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| LLP Registration Number |
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| Registered Office | First Floor, Oxford House |
| 14-18 College Street | |
| Southampton | |
| Hampshire | |
| SO14 3EJ | |
| Accountants |
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| Chartered Accountants | |
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| Station Road, Stoke D'Abernon | |
| Cobham | |
| Surrey | |
| KT11 3BW | |
Page 1
Lainston High Street LLP
Balance Sheet
As at
31 March 2020
Balance Sheet
Registered number:
OC375461
For the year ending 31 March 2020 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.)
| 2020 | 2019 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS ATTRIBUTABLE TO MEMBERS |
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| REPRESENTED BY: | |||||
| Loans and other debts due to members within one year | |||||
| Other amounts | 156,056 | 160,041 | |||
| 156,056 | 160,041 | ||||
| Equity | |||||
| Members' other interests | |||||
| Revaluation reserve | 99,626 | 99,626 | |||
| 99,626 | 99,626 | ||||
| 255,682 | 259,667 | ||||
| TOTAL MEMBERS' INTEREST | |||||
| Loans and other debts due to members within one year | 156,056 | 160,041 | |||
| Members' other interests | 99,626 | 99,626 | |||
| 255,682 | 259,667 | ||||
Page 2
Lainston High Street LLP
Balance Sheet (continued)
As at
31 March 2020
Member's responsibilities:
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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. - 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
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Designated Member
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The notes on pages 4 to 5 form part of these financial statements.
Page 3
Lainston High Street LLP
Notes to the Financial Statements
For The Year Ended
31 March 2020
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
Turnover represents rents received.
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:
1.4.
Investment Properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from the changes in fair value is recognised in the income statement.
The investment property is included in the balance sheet at open market value at the balance sheet date on the basis of a
valuation by the members. Any surplus or deficit arising on revaluation is recognised through the income statement.
No depreciation is provided in respect of the investment property, this is contrary to the requirements of the Companies Act 2006 to depreciate all properties. The designated members' consider that to depreciate the property would be inappropriate as it is held for investment rather than consumption and that a true and fair view is reflected in accordance with FRS 102 requirements.
2.
Average Number of Employees
Average number of employees, including members, during the year was as follows: NIL (2019: NIL)
3.
Tangible Assets
| Investment Properties | |
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| £ | |
| Cost or Valuation | |
| As at
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| Additions | 165,413 |
| As at
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| Net Book Value | |
| As at
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| As at
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Investment property was valued on an open market basis on 31 March 2020 by the Designated Members.
Fair value at 31 March 2020 is represented by:
£63,636 surplus on valuation in 2016
£35,990 surplus on valuation in 2017
£900,224 cost
Page 4
Lainston High Street LLP
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
4.
Debtors
| 2020 | 2019 | ||
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| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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| Other debtors |
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5.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Trade creditors |
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| Other creditors |
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Included in other creditors is a loan of £679,175 (2019 - £485,200) that is secured by way of a legal charge over the investment property.
6.
Loans and other debts due to members
Loans and other debts due to members rank equally with debts due to other unsecured creditors in the event of a winding up. There is no provision for specific legally enforceable protection afforded to creditors in such an event. There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members' other interests'.
7.
General Information
Lainston High Street LLP is a limited liability partnership, incorporated in England & Wales, registered number
OC375461
. The Registered Office is First Floor, Oxford House, 14-18 College Street, Southampton, Hampshire, SO14 3EJ.
Page 5