K L Invest LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC396951 (England and Wales)

Unaudited Financial Statements

for the Year Ended 5 April 2021

for

K L Invest LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

R Dhir

R Dhir

REGISTERED OFFICE:

44 The Pantiles

Tunbridge Wells

Kent

TN2 5TN

REGISTERED NUMBER:

OC396951 (England and Wales)

ACCOUNTANTS:

APT

44 The Pantiles

Tunbridge Wells

Kent

TN2 5TN

FIXED ASSETS

Investment property

4

8,700,000

7,290,000

CURRENT ASSETS

Debtors

5

12,523

15,659

Cash at bank

47,539

29,693

60,062

45,352

CREDITORS

Amounts falling due within one year

6

(520,055

)

(294,769

)

NET CURRENT LIABILITIES

(459,993

)

(249,417

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,240,007

7,040,583

CREDITORS

Amounts falling due after more than one year

7

(922,296

)

(1,312,708

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

7,317,711

5,727,875

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

7,317,711

5,727,875

7,317,711

5,727,875

TOTAL MEMBERS' INTERESTS

Members' other interests

7,317,711

5,727,875

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 24 January 2022 and were signed by:

R Dhir - Designated member

R Dhir - Designated member

1.	STATUTORY INFORMATION

K L Invest 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.

The functional and presentational currency of the LLP is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern

Current liabilities exceed current assets, however, after reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of rents received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Other income

Government grants are recognised on an accruals basis in accordance with the substance of the relevant agreement.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Provision for liabilities

Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEE INFORMATION

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 6 April 2020

7,290,000

Additions

67,132

Disposals

(160,000

)

Revaluations

1,502,868

At 5 April 2021

8,700,000

NET BOOK VALUE

At 5 April 2021

8,700,000

At 5 April 2020

7,290,000

Investment property is shown at most recent fair value as determined by the designated members who are experienced in the property market.

Fair value at 5 April 2021 is represented by:

£

Valuation in 2019

1,205,000

Valuation in 2021

1,502,868

Cost

5,992,132

8,700,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.4.21

5.4.20

£

£

Trade debtors

8,246

13,004

Other debtors

4,277

2,655

12,523

15,659

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.4.21

5.4.20

£

£

Bank loans and overdrafts

513,172

287,436

Taxation and social security

825

1,333

Other creditors

6,058

6,000

520,055

294,769

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

5.4.21

5.4.20

£

£

Bank loans

922,296

1,312,708

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

430,533

503,926

Repayable by instalments

Bank loans more 5 yr by instal

238,551

411,523

8.	SECURED DEBTS

The following secured debts are included within creditors:

5.4.21

5.4.20

£

£

Bank loans

1,378,047

1,600,144

Security is provided by way of fixed charges against investment property.

9.	RELATED PARTY DISCLOSURES