Oneedge LLP - Accounts to registrar (filleted) - small 18.2

Oneedge LLP - Accounts to registrar (filleted) - small 18.2

ONEEDGE LLP - Company Information

Print Friendly Version

IRIS Accounts Production v21.4.0.171 OC350424 designated member 6.4.20 5.4.21 5.4.21 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureOC3504242020-04-05OC3504242021-04-05OC3504242020-04-062021-04-05OC3504242019-04-05OC3504242019-04-062020-04-05OC3504242020-04-05OC350424ns16:EnglandWales2020-04-062021-04-05OC350424ns15:PoundSterling2020-04-062021-04-05OC350424ns11:Director12020-04-062021-04-05OC350424ns11:LimitedLiabilityPartnershipLLP2020-04-062021-04-05OC350424ns11:SmallEntities2020-04-062021-04-05OC350424ns11:AuditExempt-NoAccountantsReport2020-04-062021-04-05OC350424ns11:SmallCompaniesRegimeForAccounts2020-04-062021-04-05OC350424ns11:LimitedLiabilityPartnershipsSORP2020-04-062021-04-05OC350424ns11:FullAccounts2020-04-062021-04-05OC350424ns11:RegisteredOffice2020-04-062021-04-05OC350424ns6:CurrentFinancialInstruments2021-04-05OC350424ns6:CurrentFinancialInstruments2020-04-05OC350424ns6:Non-currentFinancialInstruments2021-04-05OC350424ns6:Non-currentFinancialInstruments2020-04-05OC350424ns6:PlantMachinery2020-04-062021-04-05OC350424ns6:PlantMachinery2020-04-05OC350424ns6:PlantMachinery2021-04-05OC350424ns6:PlantMachinery2020-04-05OC350424ns6:CurrentFinancialInstrumentsns6:WithinOneYear2021-04-05OC350424ns6:CurrentFinancialInstrumentsns6:WithinOneYear2020-04-05OC350424ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2021-04-05OC350424ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2020-04-05OC350424ns6:Secured2021-04-05OC350424ns6:Secured2020-04-05


















ONEEDGE LLP

Unaudited Financial Statements for the Year Ended 5 April 2021






ONEEDGE LLP (REGISTERED NUMBER: OC350424)

Contents of the Financial Statements
for the Year Ended 5 April 2021










Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ONEEDGE LLP

General Information
for the Year Ended 5 April 2021







DESIGNATED MEMBERS: I J Harvey
Mrs A Harvey



REGISTERED OFFICE: 88 Hill Village Road
Sutton Coldfield
West Midlands
B75 5BE



REGISTERED NUMBER: OC350424 (England and Wales)



ACCOUNTANTS: Haslehursts Limited
88 Hill Village Road
Sutton Coldfield
West Midlands
B75 5BE



SOLICITORS: Hammonds LLP
Rutland house
148 Edmund Street
Birmingham
B3 2JR
Page 1
ONEEDGE LLP (REGISTERED NUMBER: OC350424)

Statement of Financial Position
5 April 2021

2021 2020
Notes £    £   
FIXED ASSETS
Tangible assets 5 3,719 3,720
Investment property 6 1,092,780 1,092,780
1,096,499 1,096,500

CURRENT ASSETS
Debtors 7 32,275 30,654
Cash at bank and in hand 31,036 23,026
63,311 53,680
CREDITORS
Amounts falling due within one year 8 (38,800 ) (23,261 )
NET CURRENT ASSETS 24,511 30,419
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,121,010
1,126,919

CREDITORS
Amounts falling due after more than one
year
9
(100,000
)
(100,000
)
NET ASSETS ATTRIBUTABLE TO
MEMBERS
1,021,010
1,026,919

The notes form part of these financial statements

Page 2 continued...
ONEEDGE LLP (REGISTERED NUMBER: OC350424)

Statement of Financial Position - continued
5 April 2021

2021 2020
Notes £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS
11
1,020,010
1,025,919

MEMBERS' OTHER INTERESTS
Capital accounts 1,000 1,000
1,021,010 1,026,919

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 1,020,010 1,025,919
Members' other interests 1,000 1,000
1,021,010 1,026,919

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 5 April 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 and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

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 22 December 2021 and were signed by:





I J Harvey - Designated member

The notes form part of these financial statements

Page 3
ONEEDGE LLP (REGISTERED NUMBER: OC350424)

Notes to the Financial Statements
for the Year Ended 5 April 2021


1. STATUTORY INFORMATION

Oneedge 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is the total amount of rental income receivable for the year exclusive of Value Added Tax.

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 and F & F 20% reducing balance

Investment property
Investment properties are initially recorded at cost and included in the year end balance sheet at their open market values. The surplus or deficit on revaluation of such properties is transferred to the revaluation reserve. Depreciation is not provided in respect of such freehold investment properties.

This policy represents a departure from the Companies Act 2006, which requires depreciation to be provided on all fixed assets. The members consider that this policy is necessary in order that the financial statements may give a true and fair view, because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation. The amount which might otherwise have been shown cannot be shown separately identified or quantified as it is not material.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Divisible profits and members' remuneration
No remuneration is paid to the members under contractual arrangements, therefore no amounts have been classified as members remuneration charged as an expense.

Allocation of profits are assessed during the year and after the end of each year.

Taxation
The taxation payable on the LLP's profits is the personal liability of the members and consequently neither taxation nor related deferred taxation is accounted for in the financial statements. Amounts retained for tax are treated in the same way as other profits of the LLP and are so included in "Members' interests" or in "Loans and other debts due to members" depending on whether or not division of profits has occurred.

Page 4 continued...
ONEEDGE LLP (REGISTERED NUMBER: OC350424)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2021


3. ACCOUNTING POLICIES - continued

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including members' capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of members' capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Profit distributions relating to equity instruments are debited direct to equity.

4. EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2020 - 2 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 6 April 2020 13,625
Additions 930
At 5 April 2021 14,555
DEPRECIATION
At 6 April 2020 9,905
Charge for year 931
At 5 April 2021 10,836
NET BOOK VALUE
At 5 April 2021 3,719
At 5 April 2020 3,720

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 6 April 2020
and 5 April 2021 1,092,780
NET BOOK VALUE
At 5 April 2021 1,092,780
At 5 April 2020 1,092,780

Page 5 continued...
ONEEDGE LLP (REGISTERED NUMBER: OC350424)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2021


6. INVESTMENT PROPERTY - continued

The members consider that the open market value of the properties at 5 April 2021 is equal to its carrying value. The members will reconsider market values on an annual basis.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 24,357 22,886
Other debtors 7,918 7,768
32,275 30,654

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 8,523 8,159
Taxation and social security 4,993 3,810
Other creditors 25,284 11,292
38,800 23,261

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans 100,000 100,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 100,000 100,000

10. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans 100,000 100,000

Bank loans are secured on the LLP's investment property.

11. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to 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'.

Page 6