Aula Property Partnership LLP - LLP accounts 18.2

Aula Property Partnership LLP - LLP accounts 18.2

AULA PROPERTY PARTNERSHIP LLP - Company Information

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REGISTERED NUMBER: OC416506 (England and Wales)















Report of the Members and

Unaudited Financial Statements

for the Period 22 March 2017 to 30 June 2018

for

AULA PROPERTY PARTNERSHIP LLP
AULA PROPERTY PARTNERSHIP LLP (REGISTERED NUMBER: OC416506)

Contents of the Financial Statements
for the period 22 March 2017 to 30 June 2018










Page

Report of the Members 1

Income Statement 2

Statement of Financial Position 3

Notes to the Financial Statements 5


AULA PROPERTY PARTNERSHIP LLP (REGISTERED NUMBER: OC416506)

Report of the Members
for the period 22 March 2017 to 30 June 2018


The members present their report with the financial statements of the LLP for the period 22 March 2017 to 30 June 2018.

Incorporation
The LLP was incorporated on 22 March 2017 and commenced trading on 16 August 2017.

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

Designated members
The designated members during the period under review were:

Tramco Cambridge Limited (from 22/3/2017)
The Master Fellows And Scholars Of The College or Hall of the Holy Trinity in the University of Cambridge (from 22/3/2017)

Results for the period and allocation to members
The profit for the period before members' remuneration and profit shares was £1,176,187.

Members' interests
Tramco Cambridge Limited

During the period, the LLP paid Tramco Cambridge Limited £96,000 for management fees.

The Master Fellows and Scholars of The College or Hall of the Holy Trinity in the University of Cambridge

During the period, Trinity Hall paid expenses on behalf of the LLP totalling £16,896 of which £14,396 was repaid before the
period end. At 30 June 2018 the LLP owed Trinity Hall £2,500.

On behalf of the members:





Tramco Cambridge Limited - Designated member


21 September 2018

Page 1
AULA PROPERTY PARTNERSHIP LLP (REGISTERED NUMBER: OC416506)

Income Statement
for the period 22 March 2017 to 30 June 2018

Notes £

Revenue 626,683

Administrative expenses (193,817 )
Operating profit 432,866

Gain/loss on revaluation of investments 743,321
Profit for the financial period before members'
remuneration and profit shares available for
discretionary division among members

1,176,187

The notes form part of these financial statements

Page 2
AULA PROPERTY PARTNERSHIP LLP (REGISTERED NUMBER: OC416506)

Statement of Financial Position
30 June 2018

Notes £ £
Fixed assets
Investment property 3 7,580,000

Current assets
Debtors 4 48,347
Cash at bank 256,875
305,222
Creditors
Amounts falling due within one year 5 30,382
Net current assets 274,840
Total assets less current liabilities
and
Net assets attributable to members 7,854,840

Loans and other debts due to members 6 7,854,840

Total members' interests
Loans and other debts due to members 6 7,854,840

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 period ended 30 June 2018.

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 3
AULA PROPERTY PARTNERSHIP LLP (REGISTERED NUMBER: OC416506)

Statement of Financial Position - continued
30 June 2018


The financial statements have been prepared 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.

The financial statements were approved by the members of the LLP on 21 September 2018 and were signed by:





Tramco Cambridge Limited - Designated member

The notes form part of these financial statements

Page 4
AULA PROPERTY PARTNERSHIP LLP (REGISTERED NUMBER: OC416506)

Notes to the Financial Statements
for the period 22 March 2017 to 30 June 2018


1. Statutory information

Aula Property Partnership LLP is registered in England and Wales. The LLP's registered number and registered office
address are as below:

Registered number: OC416506

Registered office: Trinity Hall
Cambridge
CB2 1TJ

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 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 as modified by the revaluation of certain assets.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value
added tax and other sales taxes.

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
Additions 6,836,679
Revaluations 743,321
At 30 June 2018 7,580,000
Net book value
At 30 June 2018 7,580,000

Page 5
AULA PROPERTY PARTNERSHIP LLP (REGISTERED NUMBER: OC416506)

Notes to the Financial Statements - continued
for the period 22 March 2017 to 30 June 2018


3. Investment property - continued

Fair value at 30 June 2018 is represented by:

£
Valuation in 2018 743,321
Cost 6,836,679
7,580,000

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

£
Cost 6,836,679

Investment property was valued on an open market basis on 30 June 2018 by Savills .

4. Debtors: amounts falling due within one year
£
Trade debtors 48,347

5. Creditors: amounts falling due within one year
£
Trade creditors 2,841
Taxation and social security 18,089
Other creditors 9,452
30,382

6. Loans and other debts due to members

Members capital is subscribed to on the basis of the profit sharing percentage of each member. The capital will be
repaid by the LLP on the departure of a member from the LLP. Profits for the year are allocated to members
automatically in accordance with the profit sharing percentage of each member. It is the policy of the LLP to only allow
members to withdraw profits to the extent that the LLP retains sufficient working capital to finance its ongoing
operation.

The LLP intends to make a further investment in the coming year, requiring additional funding from its members. As
part of this further investment, the capital introduced by each member will be reviewed to ensure it is in line with the
overall LLP agreement.

Page 6