Padfield Estates LLP - Accounts to registrar (filleted) - small 18.2

Padfield Estates LLP - Accounts to registrar (filleted) - small 18.2

PADFIELD ESTATES LLP - Company Information

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REGISTERED NUMBER: OC377766 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 March 2021

for

Padfield Estates LLP
Padfield Estates LLP (Registered number: OC377766)






Contents of the Financial Statements
for the Year Ended 31 March 2021




Page

General Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Padfield Estates LLP

General Information
for the Year Ended 31 March 2021







DESIGNATED MEMBERS: I G Padfield
Hayleys Property Limited





REGISTERED OFFICE: Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN





REGISTERED NUMBER: OC377766 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN
Page 1
Padfield Estates LLP (Registered number: OC377766)

Abridged Balance Sheet
31 March 2021

31.3.21 31.3.20
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 3,137,483 3,137,483

CURRENT ASSETS
Debtors 10,405 11,631
Cash at bank 265,037 418,991
275,442 430,622
CREDITORS
Amounts falling due within one year 13,782 14,841
NET CURRENT ASSETS 261,660 415,781
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS
3,399,143
3,553,264

LOANS AND OTHER DEBTS DUE TO
MEMBERS
5
728,334
882,455

MEMBERS' OTHER INTERESTS
Capital accounts 2,670,809 2,670,809
3,399,143 3,553,264

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 5 728,334 882,455
Members' other interests 2,670,809 2,670,809
3,399,143 3,553,264

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 notes form part of these financial statements

Page 2 continued...
Padfield Estates LLP (Registered number: OC377766)

Abridged Balance Sheet - continued
31 March 2021


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 2 December 2021 and were signed by:




Hayleys Property Limited - Designated member




I G Padfield - Designated member


The notes form part of these financial statements

Page 3
Padfield Estates LLP (Registered number: OC377766)

Notes to the Financial Statements
for the Year Ended 31 March 2021

1. STATUTORY INFORMATION

Padfield Estates 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.

Turnover
Turnover represents net invoiced rental income, excluding value added tax.

Investment property
Investment property is detailed in note 4 below. Any aggregate surplus or deficit arising from changes in fair value is recognised through the income statement.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 1 (2020 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2020
and 31 March 2021 3,137,483
NET BOOK VALUE
At 31 March 2021 3,137,483
At 31 March 2020 3,137,483

Investment property shown above was valued independently on 17/07/2015. At this point, work in progress was capitalised as investment property and was valued at £3,137,483. The members are in agreement that the market value of the investment property has not changed since this date.

The requirement by section 16 of FRS 102 is to show investment property at fair value and rather than cost less depreciation in order to reflect a true and fair view of the asset. Any adjustments to the fair value of the asset will be shown through the income statement.

5. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts to members would rank second to other creditors in the event of the business winding down.

Page 4