48 - 50 Wells Street LLP - LLP accounts 20.1

REGISTERED NUMBER: OC427725 (England and Wales)

REPORT OF THE MEMBERS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

48 - 50 WELLS STREET LLP

Page

General Information

1

Report of the Members

2

Chartered Accountants' Report

3

Income Statement

4

Statement of Financial Position

5

Notes to the Financial Statements

7

DESIGNATED MEMBERS:

Mr G J Polycarpou

Mrs M Z Polycarpou

REGISTERED OFFICE:

1 Kings Avenue

London

N21 3NA

REGISTERED NUMBER:

OC427725 (England and Wales)

ACCOUNTANTS:

AGK Partners

Chartered Accountants

1 Kings Avenue

London

N21 3NA

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 and lettings.

DESIGNATED MEMBERS

The designated members during the year under review were:

Mr G J Polycarpou

Mrs M Z Polycarpou

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £418,506 (2020 - £NIL profit).

MEMBERS' INTERESTS

The report of the members have been prepared in accordance with the special provisions of the Companies Act 2006 ((as applied by the LLP) (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008) applicable to the LLPs subject to the small LLPs regime.

The members' subscription to capital is as determined by the members from time to time having regard to the short, medium and long term needs of the business. The level of capital contribution depends on the member's number of profit sharing units.

On retirement, capital is repaid to the members.

Details of changes in members' capital in the period ended 31 March 2021 are set out in the financial statements.

Members are remunerated from the profits of the LLP. Profits are allocated and divided between members as agreed by the members from time to time.

Members draw a proportion of their profit share monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.

Unrealised fair value adjustments are not shared among the members.

Losses are not shared among the members in accordance with the limited liability partnership agreement.

ON BEHALF OF THE MEMBERS:

Mr G J Polycarpou - Designated member

10 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 48 - 50 Wells Street LLP for the year ended 31 March 2021 which comprise the Income Statement, Statement of Financial Position 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of 48 - 50 Wells Street 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 48 - 50 Wells Street LLP and state those matters that we have agreed to state to the members of 48 - 50 Wells Street LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 48 - 50 Wells Street LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that 48 - 50 Wells Street 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 48 - 50 Wells Street LLP. You consider that 48 - 50 Wells Street 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 48 - 50 Wells Street 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.

AGK Partners

Chartered Accountants

1 Kings Avenue

London

N21 3NA

10 January 2022

REVENUE

84,690

-

Administrative expenses

17,290

-

OPERATING PROFIT

67,400

-

Gain/loss on revaluation of investment property

378,492

-

445,892

-

Interest payable and similar expenses

27,386

-

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

418,506

-

FIXED ASSETS

Investment property

4

2,530,000

-

CURRENT ASSETS

Debtors

5

19,820

-

Cash at bank

737

-

20,557

-

CREDITORS

Amounts falling due within one year

6

44,920

-

NET CURRENT LIABILITIES

(24,363

)

-

TOTAL ASSETS LESS CURRENT LIABILITIES

2,505,637

-

CREDITORS

Amounts falling due after more than one year

7

634,167

-

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,871,470

-

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

1,492,978

-

MEMBERS' OTHER INTERESTS

Fair value reserve

10

378,492

-

1,871,470

-

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

1,492,978

-

Members' other interests

378,492

-

1,871,470

-

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 10 January 2022 and were signed by:

Mr G J Polycarpou - Designated member

1.	STATUTORY INFORMATION

48 - 50 Wells Street LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue

Revenue represents the value of rental income chargeable in respect of the company's investment property.

Revenue is recognised evenly over the period of the rental agreement.

Investment property

Cash and cash equivalent

3.	EMPLOYEE INFORMATION

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

2,151,508

Revaluations

378,492

At 31 March 2021

2,530,000

NET BOOK VALUE

At 31 March 2021

2,530,000

Fair value at 31 March 2021 is represented by:

£

Valuation in 2021

378,492

Cost

2,151,508

2,530,000

If investment property had not been revalued it would have been included at the following historical cost:

2021

2020

£

£

Cost

2,151,508

-

Investment property was valued on an open market basis on 31 March 2021 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

6,330

-

Other debtors

13,490

-

19,820

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

26,139

-

Taxation and social security

1,055

-

Other creditors

17,726

-

44,920

-

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

634,167

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

660,306

-

The bank loan is secured by way of fixed charge on the property of the company and contains a negative pledge.

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2021

2020

£

£

Amounts owed to members in respect of profits

1,492,978

-

Falling due within one year

1,492,978

-

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.

10.

RESERVES

Fair

value

reserve

£

Movement during the year

378,492

At 31 March 2021

378,492

11.	RELATED PARTY DISCLOSURES

Included in other debtors is an amount of £500 receivable from a connected company, under common shareholding. The loan is interest-free and repayable on demand.