ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

AULA PROPERTY PARTNERSHIP LLP - Company Information

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Caseware UK (AP4) 2020.0.247 2020.0.247 2020-06-302020-06-30falseThe principal activity of the LLP in the year under review was that of investment property.false2019-07-0100trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC416506 2019-07-01 2020-06-30 OC416506 2018-07-01 2019-06-30 OC416506 2020-06-30 OC416506 2019-06-30 OC416506 c:FreeholdInvestmentProperty 2019-07-01 2020-06-30 OC416506 c:FreeholdInvestmentProperty 2020-06-30 OC416506 c:FreeholdInvestmentProperty 2019-06-30 OC416506 c:FreeholdInvestmentProperty 2 2019-07-01 2020-06-30 OC416506 c:CurrentFinancialInstruments 2020-06-30 OC416506 c:CurrentFinancialInstruments 2019-06-30 OC416506 c:CurrentFinancialInstruments c:WithinOneYear 2020-06-30 OC416506 c:CurrentFinancialInstruments c:WithinOneYear 2019-06-30 OC416506 e:FRS102 2019-07-01 2020-06-30 OC416506 e:Audited 2019-07-01 2020-06-30 OC416506 e:FullAccounts 2019-07-01 2020-06-30 OC416506 e:LimitedLiabilityPartnershipLLP 2019-07-01 2020-06-30 OC416506 e:SmallCompaniesRegimeForAccounts 2019-07-01 2020-06-30 OC416506 e:PartnerLLP1 2019-07-01 2020-06-30 iso4217:GBP xbrli:pure

Registered number: OC416506









AULA PROPERTY PARTNERSHIP LLP









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2020
 
AULA PROPERTY PARTNERSHIP LLP
REGISTERED NUMBER: OC416506

BALANCE SHEET
AS AT 30 JUNE 2020

2020
2019
Note
£
£

FIXED ASSETS
  

Investment property
 4 
10,930,000
8,697,000

  
10,930,000
8,697,000

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
227,283
99,344

Cash at bank and in hand
  
336,282
232,182

  
563,565
331,526

Creditors: amounts falling due within one year
 6 
(407,205)
(49,518)

NET CURRENT ASSETS
  
 
 
156,360
 
 
282,008

TOTAL ASSETS LESS CURRENT LIABILITIES
  
11,086,360
8,979,008

  

NET ASSETS
  
11,086,360
8,979,008

REPRESENTED BY:
  

  


TOTAL MEMBERS' INTERESTS
  

Loans and other debts due to members
  
11,086,360
8,979,008


The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

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AULA PROPERTY PARTNERSHIP LLP
REGISTERED NUMBER: OC416506
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2020

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 


Christopher Bartram on behalf of Tramco Cambridge Limited
Designated member

Date: 21 June 2021

The notes on pages 3 to 5 form part of these financial statements.

Aula Property Partnership LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

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AULA PROPERTY PARTNERSHIP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

1.


GENERAL INFORMATION

Aula Property Partnership LLP is registered in England and Wales. The LLP's registered office is Trinity Hall, Cambridge, CB2 1TJ. The presentation currency of the financial statements is the Pound Sterling (£).

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The global health crisis caused by COVID-19 has had a significant impact on all businesses. The members have assessed the potential impact of this uncertain situation on the LLP. The LLP is an property investment LLP therefore is not directly affected by the crisis but may be impacted by a downfall in future property markets. Accordingly the members continue to adopt the going concern basis of accounting in preparing these financial statements.

 
2.3

TURNOVER

Turnover comprises the recognition of rental and service charge income during the year exclusive of Value Added Tax. The income is measured as the fair value of the consideration recieved or receivable.

 
2.4

INVESTMENT PROPERTY

Properties are revalued to their fair value at the reporting date by professional valuers. The valuation is based on the assumptions and judgements which are impacted by a variety of factors including market and other economic conditions. Due to the pandemic, the valuers felt they could attach less weight to previous market evidence for comparison purposes, to inform opinions of value. Due to the unprecedented circumstances, the valuation is reported on the basis of ‘material valuation uncertainty’ as per VPS 3 and VPGA 10 of the RICS Red Book Global. A higher degree of caution is therefore attached to the valuations provided and the valuers recommended the valuations are kept under frequent review. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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AULA PROPERTY PARTNERSHIP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

FINANCIAL INSTRUMENTS

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


EMPLOYEES

The entity has no employees.


4.


INVESTMENT PROPERTY


Investment property

£



VALUATION


At 1 July 2019
8,697,000


Additions at cost
2,769,546


Surplus on revaluation
(536,546)



AT 30 JUNE 2020
10,930,000

The 2020 valuations were made by Savills and Carter Jonas, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2020
2019
£
£


Historic cost
10,997,914
8,228,368

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AULA PROPERTY PARTNERSHIP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

5.


DEBTORS

2020
2019
£
£


Trade debtors
218,767
99,344

Prepayments and accrued income
8,516
-



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020
2019
£
£

Trade creditors
11,693
4,679

VAT
37,975
31,591

Other creditors
357,537
13,248

407,205
49,518



7.


LOANS AND OTHER DEBTS DUE TO MEMBERS

Members capital is subscribed to on a basis of the profit sharing percentage of each member. The capital will be repaid by the LLP on the departure of a member from the LLP. Profits for the year are allocated to members automatically in accordance with the profit sharind percentage of each member. It is the policy of the LLP to only allow members to withdraw profits to the extent that the LLP retains sufficient working capital to finance its ongoing operation.


8.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 30 June 2020 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

EMPHASIS OF MATTER - MATERIAL UNCERTAINTY OVER INVESTMENT PROPERTY VALUATIONS
We draw your attention to note 2.4 of the financial statements, which describes the material uncertainty that the professional valuers have placed over their valuation of the investment property of the LLP. Our opinion is not modified in respect of this matter.
OTHER MATTERS - COMPARATIVES
The financial statements of Aula Property Partnership were unaudited for the year ended 30 June 2019. Accordingly the comparative information has not been subject to audit.

The audit report was signed on 29 June 2021 by Jayne Rowe (Senior Statutory Auditor) on behalf of Peters Elworthy & Moore.

 
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