Granite Property Partners LLP - LLP accounts 20.1

REGISTERED NUMBER: OC300257 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Granite Property Partners 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:

K C Owen

I D Lipman

REGISTERED OFFICE:

114a Cromwell Road

Kensington

London

SW7 4AG

REGISTERED NUMBER:

OC300257 (England and Wales)

ACCOUNTANTS:

Pabs Consultancy Limited

Argyle House

Joel Street

Northwood Hills

Middlesex

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 the provision of property consultancy services and property management, development and investment.

DESIGNATED MEMBERS

The designated members during the year under review were:

K C Owen

I D Lipman

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £23,053 (2020 - £41,219 loss).

MEMBERS' INTERESTS

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

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 Property Partners 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 Property Partners 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 Property Partners LLP and state those matters that we have agreed to state to the members of Granite Property Partners 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 Property Partners 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 Property Partners LLP. You consider that Granite Property Partners 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 Property Partners 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

Middlesex

HA6 1NW

19 January 2022

TURNOVER

-

12,000

Administrative expenses

33,121

53,222

(33,121

)

(41,222

)

Other operating income

10,000

-

OPERATING LOSS

(23,121

)

(41,222

)

Income from shares in group undertakings

46,173

-

Interest receivable and similar income

1

3

46,174

3

PROFIT/(LOSS) FOR THE FINANCIAL
YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT
SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS

23,053

(41,219

)

FIXED ASSETS

Investments

4

-

140

CURRENT ASSETS

Debtors

5

4,972

112,983

Cash at bank

22,069

2,274

27,041

115,257

CREDITORS

Amounts falling due within one year

6

-

7,191

NET CURRENT ASSETS

27,041

108,066

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

27,041

108,206

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

27,041

108,206

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

27,041

108,206

Amounts due from members

5

-

(111,124

)

27,041

(2,918

)

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 Property Partners 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.

Consolidation

The LLP and its subsidiary undertakings comprise a small group. The LLP has taken advantage of the exemption provided by Section 405 of the Companies Act 1985 not to prepare group accounts.

Turnover

Turnover represents the value of services supplied during the year, excluding 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.

Fixtures and Fittings - 25% per annum on a straight-line basis.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

3.	EMPLOYEE INFORMATION

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

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2020

140

Impairments

(140

)

At 31 March 2021

-

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

140

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

Other debtors

4,972

112,983

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

Trade creditors

-

4,851

Other creditors

-

2,340

-

7,191

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

Within one year

-

4,550

Between one and five years

-

3,033

-

7,583

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loan and other debts due to Members rank parri-passu to other creditors.