Granite Lye LLP - LLP accounts 20.1

REGISTERED NUMBER: OC419298 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Granite Lye LLP

Page

General Information

1

Report of the Members

2

Chartered Certified Accountants' Report

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

7

DESIGNATED MEMBERS:

I D Lipman

K C Owen

REGISTERED OFFICE:

114a Cromwell Road

Kensington

London

SW7 4AG

REGISTERED NUMBER:

OC419298 (England and Wales)

ACCOUNTANTS:

Pabs Consultancy Limited

Argyle House

Joel Street

Northwood Hills

HA6 1NW

The members present their report with the financial statements of the LLP for the year ended 31 March 2021.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of property investment.

DESIGNATED MEMBERS

The designated members during the year under review were:

I D Lipman

K C Owen

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £131,389 (2020 - £341,566 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

I D Lipman - Designated member

19 January 2022

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Granite Lye LLP for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the members of Granite Lye LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Granite Lye LLP and state those matters that we have agreed to state to the members of Granite Lye LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Granite Lye LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Granite Lye LLP. You consider that Granite Lye LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Granite Lye LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Pabs Consultancy Limited

Argyle House

Joel Street

Northwood Hills

HA6 1NW

19 January 2022

TURNOVER

2,489

6,858

Administrative expenses

1,639

3,692

850

3,166

Other operating income

130,539

338,400

OPERATING PROFIT and

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS

131,389

341,566

FIXED ASSETS

Investment property

4

30,000

389,000

CURRENT ASSETS

Debtors

5

20,317

25,934

Prepayments and accrued income

-

2,907

Cash at bank

30,443

24,998

50,760

53,839

CREDITORS

Amounts falling due within one year

6

44,627

25,921

NET CURRENT ASSETS

6,133

27,918

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

36,133

416,918

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

36,133

262,578

MEMBERS' OTHER INTERESTS

Revaluation reserve

-

154,340

36,133

416,918

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

36,133

262,578

Members' other interests

-

154,340

Amounts due from members

5

(168

)

-

35,965

416,918

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 19 January 2022 and were signed by:

I D Lipman - Designated member

K C Owen - Designated member

1.	STATUTORY INFORMATION

Granite Lye 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.

Turnover

Turnover represents rent received, or receivable, exclusive of Value Added Tax.

Investment property

Gains and losses on disposals, or part disposals, are determined by comparing the proceeds with the carrying amount and are recognised within ‘other operating income or losses’ in the Profit and Loss account.

Investment property is carried at fair value determined annually by Members and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

3.	EMPLOYEE INFORMATION

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

389,000

Additions

13,490

Disposals

(372,490

)

At 31 March 2021

30,000

NET BOOK VALUE

At 31 March 2021

30,000

At 31 March 2020

389,000

Fair value at 31 March 2021 is represented by:

£

Valuation in 2021

30,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

Trade debtors

2,874

2,620

Other debtors

17,443

23,314

20,317

25,934

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

Trade creditors

-

2,760

Taxation and social security

28,118

17,371

Other creditors

16,509

5,790

44,627

25,921

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to Members (other than Members capital) rank parri-passu to other debts.