Terry Adams Residential LLP - Accounts to registrar (filleted) - small 18.2

TERRY ADAMS RESIDENTIAL LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

T C Adams

Mrs E A Adams

REGISTERED OFFICE:

Greendale Court

Clyst St Mary

Exeter

Devon

EX5 1AW

REGISTERED NUMBER:

OC347417 (England and Wales)

ACCOUNTANTS:

Barretts

Chartered Accountants &

Chartered Tax Advisers

22 Union Street

Newton Abbot

Devon

TQ12 2JS

FIXED ASSETS

Tangible assets

4

1,239

4,959

Investment property

5

7,310,000

7,025,000

7,311,239

7,029,959

CURRENT ASSETS

Debtors

6

5,439

6,950

Cash at bank

509,847

293,124

515,286

300,074

CREDITORS

Amounts falling due within one year

7

18,183

20,938

NET CURRENT ASSETS

497,103

279,136

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

7,808,342

7,309,095

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

7,807,342

7,308,095

MEMBERS' OTHER INTERESTS

Capital accounts

1,000

1,000

7,808,342

7,309,095

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

7,807,342

7,308,095

Members' other interests

1,000

1,000

7,808,342

7,309,095

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 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:

T C Adams - Designated member

1.	STATUTORY INFORMATION

Terry Adams Residential 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.

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

-

25% 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.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

and 31 March 2021

32,575

DEPRECIATION

At 1 April 2020

27,616

Charge for year

3,720

At 31 March 2021

31,336

NET BOOK VALUE

At 31 March 2021

1,239

At 31 March 2020

4,959

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

7,025,000

Additions

35,200

Revaluations

249,800

At 31 March 2021

7,310,000

NET BOOK VALUE

At 31 March 2021

7,310,000

At 31 March 2020

7,025,000

Fair value at 31 March 2021 is represented by:

£

Valuation in 2021

1,554,561

Cost

5,755,439

7,310,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

550

2,200

Other debtors

4,889

4,750

5,439

6,950

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other creditors

18,183

20,938

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

The loans are unsecured. It is the members' intention to repay other creditors in priority to any repayment of their own loans.