Fromeforde Partners LLP - LLP accounts 20.1

REGISTERED NUMBER: OC322968 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

FROMEFORDE PARTNERS LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

Mrs C B Walker

D J Ballard

Mrs A C A Ballard

REGISTERED OFFICE:

Edward House

North Mersey Business Centre

Knowsley Industrial Park

Liverpool

Merseyside

L33 7UY

REGISTERED NUMBER:

OC322968 (England and Wales)

ACCOUNTANTS:

Musker & Garrett Limited

Chartered Accountants

Edward House

North Mersey Business Centre

Knowsley Industrial Park

Liverpool

Merseyside

L33 7UY

SOLICITORS:

Bartons Solicitors

30 Queen Charlotte Street

Bristol

BS1 4HJ

The members present their report with the financial statements of the LLP for the year ended 31 March 2021.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of rental of commercial property.

DESIGNATED MEMBERS

The designated members during the year under review were:

D P Walker

Mrs C B Walker

D J Ballard

Mrs A C A Ballard

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £22,568 (2020 - £45,522 profit).

MEMBERS' INTERESTS

This represents members’ balances with the LLP and is stated as loans and debts due to the members. All members' interests are divisible equally between the members' during the year.

ON BEHALF OF THE MEMBERS:

D J Ballard - Designated member

6 August 2021

TURNOVER

137,049

150,996

Administrative expenses

(92,010

)

(76,233

)

OPERATING PROFIT

4

45,039

74,763

Interest payable and similar expenses

(22,471

)

(29,241

)

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES

22,568

45,522

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES

22,568

45,522

Members' remuneration charged as an expense

5

(22,568

)

(45,522

)

PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

-

-

FIXED ASSETS

Tangible assets

6

67,118

83,898

Investment property

7

1,657,028

1,657,028

1,724,146

1,740,926

CURRENT ASSETS

Debtors

8

841

761

Cash at bank

77,422

88,302

78,263

89,063

CREDITORS

Amounts falling due within one year

9

105,597

96,775

NET CURRENT LIABILITIES

(27,334

)

(7,712

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,696,812

1,733,214

CREDITORS

Amounts falling due after more than one year

10

742,500

802,974

NET ASSETS ATTRIBUTABLE TO MEMBERS

954,312

930,240

LOANS AND OTHER DEBTS DUE TO MEMBERS

12

826,794

802,722

MEMBERS' OTHER INTERESTS

Fair value reserve

13

127,518

127,518

954,312

930,240

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

12

826,794

802,722

Members' other interests

127,518

127,518

954,312

930,240

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 2021.

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 6 August 2021 and were signed by:

D J Ballard - Designated member

1.	STATUTORY INFORMATION

Fromeforde Partners LLP is registered in England and Wales. 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration of rents received or receivable, excluding discounts, rebates and any 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.

Plant and machinery etc

-

20% on reducing balance

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 NIL (2020 - NIL).

4.	OPERATING PROFIT

The operating profit is stated after charging:

2021

2020

£

£

Depreciation - owned assets

16,780

20,974

5.	INFORMATION IN RELATION TO MEMBERS

2021

2020

£

£

Members' remuneration charged as an expense

Automatic division of profit

22,568

45,522

2021

2020

The average number of members during the year was

2

2

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

and 31 March 2021

500,066

DEPRECIATION

At 1 April 2020

416,168

Charge for year

16,780

At 31 March 2021

432,948

NET BOOK VALUE

At 31 March 2021

67,118

At 31 March 2020

83,898

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

and 31 March 2021

1,657,028

NET BOOK VALUE

At 31 March 2021

1,657,028

At 31 March 2020

1,657,028

Fair value at 31 March 2021 is represented by:

£

Valuation in 2019

127,518

Cost

1,529,510

1,657,028

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

841

761

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

60,492

60,200

Other creditors

45,105

36,575

105,597

96,775

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

742,500

802,974

11.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

802,992

863,174

12.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members’ rank pari passu in relation to other creditors who are unsecured in the event of a winding up. There are no restrictions on the ability of the members to reduce the amount of ‘Members’ other interests’.

13.

RESERVES

Fair

value

reserve

£

At 1 April 2020

and 31 March 2021

127,518