Stormont Property LLP - Accounts to registrar (filleted) - small 18.2
Stormont Property LLP - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 DECEMBER 2019 TO 31 MARCH 2021 |
FOR |
STORMONT PROPERTY LLP |
STORMONT PROPERTY LLP (REGISTERED NUMBER: OC420122) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 DECEMBER 2019 TO 31 MARCH 2021 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
STORMONT PROPERTY LLP |
GENERAL INFORMATION |
FOR THE PERIOD 1 DECEMBER 2019 TO 31 MARCH 2021 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Unit 2.02 |
High Weald House |
Glovers End |
Bexhill |
East Sussex |
TN39 5ES |
STORMONT PROPERTY LLP (REGISTERED NUMBER: OC420122) |
BALANCE SHEET |
31 MARCH 2021 |
2021 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
2,868,339 |
1,800,357 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
33,339 |
33,883 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 2,835,000 | 1,766,474 |
2,868,339 | 1,800,357 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 33,339 | 33,883 |
Members' other interests | 2,835,000 | 1,766,474 |
2,868,339 | 1,800,357 |
STORMONT PROPERTY LLP (REGISTERED NUMBER: OC420122) |
BALANCE SHEET - continued |
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. |
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 |
STORMONT PROPERTY LLP (REGISTERED NUMBER: OC420122) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 DECEMBER 2019 TO 31 MARCH 2021 |
1. | STATUTORY INFORMATION |
Stormont Property 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 |
Significant judgements and estimates |
In preparing the financial statements, the members are required to make estimates and judgements about the carrying amounts of assets and liabilities. The estimates and assumptions are reviewed on an ongoing basis and are based on historical experience and other factors that are considered by the members to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
Financial instruments |
The LLP only has financial assets and financial liabilities of a kind that qualifies as basic financial instruments like trade and other accounts receivable and payable, loans from banks and other third parties. |
Financial assets that are measured at cost and amortized cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognized in profit or loss. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. |
If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
STORMONT PROPERTY LLP (REGISTERED NUMBER: OC420122) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 DECEMBER 2019 TO 31 MARCH 2021 |
3. | EMPLOYEE INFORMATION |
The average number of employees during the period was NIL (2019 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 December 2019 |
and 31 March 2021 |
Net book value |
At 31 March 2021 |
At 30 November 2019 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2019 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2019 |
£ | £ |
Accruals and deferred income |
Deposits Tenants |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2019 |
£ | £ |
Bank loans (see note 8) |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
STORMONT PROPERTY LLP (REGISTERED NUMBER: OC420122) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 DECEMBER 2019 TO 31 MARCH 2021 |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2021 | 2019 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | - | 1,068,526 |
The bank and building society loans are secured on the various properties to which they relate and are repayable on an interest only basis with no fixed date for repayment of the capital. The interest rates charged vary from 2.3% to 3.2% per annum. |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Capital loans and other debts due to members rank behind creditors in accordance with the partnership deed. |