Padfield Estates LLP - Accounts to registrar (filleted) - small 17.3

Padfield Estates LLP - Accounts to registrar (filleted) - small 17.3

PADFIELD ESTATES LLP - Company Information

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REGISTERED NUMBER: OC377766 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 March 2017

for

Padfield Estates LLP
Padfield Estates LLP (Registered number: OC377766)






Contents of the Financial Statements
for the Year Ended 31 March 2017




Page

General Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Padfield Estates LLP

General Information
for the Year Ended 31 March 2017







DESIGNATED MEMBERS: Padfield (Hayleys) Limited
I G Padfield





REGISTERED OFFICE: Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN





REGISTERED NUMBER: OC377766 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN
Page 1
Padfield Estates LLP (Registered number: OC377766)

Abridged Balance Sheet
31 March 2017

31.3.17 31.3.16
Notes £    £    £    £   
FIXED ASSETS
Investment property 3 3,137,483 3,137,483

CURRENT ASSETS
Debtors 8,900 4,800
Cash at bank 128,268 42,118
137,168 46,918
CREDITORS
Amounts falling due within one year 2,620 2,620
NET CURRENT ASSETS 134,548 44,298
TOTAL ASSETS LESS CURRENT
LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS
3,272,031
3,181,781

LOANS AND OTHER DEBTS DUE TO
MEMBERS
4
601,222
510,972

MEMBERS' OTHER INTERESTS
Capital accounts 2,670,809 2,670,809
3,272,031 3,181,781

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 4 601,222 510,972
Members' other interests 2,670,809 2,670,809
3,272,031 3,181,781

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 2017.

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 notes form part of these financial statements

Page 2 continued...
Padfield Estates LLP (Registered number: OC377766)

Abridged Balance Sheet - continued
31 March 2017


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 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 small LLPs.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 on 25 July 2017 and were signed by:




Padfield (Hayleys) Limited - Designated member




I G Padfield - Designated member


The notes form part of these financial statements

Page 3
Padfield Estates LLP (Registered number: OC377766)

Notes to the Financial Statements
for the Year Ended 31 March 2017

1. STATUTORY INFORMATION

Padfield Estates 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Turnover
Turnover represents net invoiced rental income, excluding value added tax.

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. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2016
and 31 March 2017 3,137,483
NET BOOK VALUE
At 31 March 2017 3,137,483
At 31 March 2016 3,137,483

Investment property shown above was valued independently on 17/07/2015. At this point, work in progress was
capitalised as investment property and was valued at £3,137,483. The members are in agreement that the market
value of the investment property has not changed since this date.

The requirement by section 16 of FRS 102 is to show investment property at fair value and not cost less
depreciation in order to reflect a true and fair view of the asset. Any adjustments to the fair value of the asset will
be shown through the income statement.

4. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts to members would rank second to other creditors in the event of the business winding
down.

Page 4