Invicta Prop. Part. LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC325428 (England and Wales)

Financial Statements

for the Year Ended 31st March 2018

for

INVICTA PROPERTY PARTNERSHIP LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Members' Responsibilities Statement

7

Independent Chartered Certified Accountants' Review Report

8

DESIGNATED MEMBERS:

S G Simmons

M N J Faulkner

N A Shryane

REGISTERED OFFICE:

Victoria Hse Rural Bus Ctre

The Moor

Hawkhurst

Kent

TN18 4NR

REGISTERED NUMBER:

OC325428 (England and Wales)

ACCOUNTANTS:

Bearing Accountancy

62 Stirrup Close

Chelmsford

Essex

CM1 6ST

FIXED ASSETS

Investment property

3

3,974,119

4,163,821

CURRENT ASSETS

Debtors

4

1,715

4,087

Cash at bank

232,383

249,833

234,098

253,920

CREDITORS

Amounts falling due within one year

5

3,711

12,279

NET CURRENT ASSETS

230,387

241,641

TOTAL ASSETS LESS CURRENT LIABILITIES

4,204,506

4,405,462

CREDITORS

Amounts falling due after more than one year

6

2,647,907

2,780,557

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,556,599

1,624,905

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

48,599

75,905

MEMBERS' OTHER INTERESTS

Capital accounts

1,508,000

1,549,000

1,556,599

1,624,905

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

48,599

75,905

Members' other interests

1,508,000

1,549,000

1,556,599

1,624,905

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 31st March 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 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.

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 3rd October 2018 and were signed by:

M N J Faulkner - Designated member

1.	STATUTORY INFORMATION

Invicta Property Partnership 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents rental income receivable, excluding value added tax.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in market value is transferred to a revaluation reserve.

In accordance with SSAP 19 no depreciation is provided in respect of freehold properties. This

departure from the Companies Act is, in the opinion of the members, necessary for the financial

statements to show a true and fair view in accordance with applicable accounting standards, as

properties are included in the financial statements at their open market value.

The effect of depreciation on value is already reflected in the valuation of properties, and the amount

attributed to this factor cannot reasonably be separately identified or quantified.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2017

4,163,821

Disposals

(189,702

)

At 31st March 2018

3,974,119

NET BOOK VALUE

At 31st March 2018

3,974,119

At 31st March 2017

4,163,821

Investment properties have been valued at 31 March 2009 by Mr S G Simmons, a designated member

of the LLP. The valuation is considered to be current market value for the investment properties

concerned taking into account the current rental status of the properties and the income arising and

the current market conditions.

Fair value at 31st March 2018 is represented by:

£

Valuation in 2009

797

Cost

3,973,322

3,974,119

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

1,715

4,087

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other creditors

3,711

12,279

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

2,647,907

2,780,557

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,647,907

2,780,557

7.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

2,647,907

2,780,557

The bank loans are secured by a fixed charge over the property portfolio.

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

The capital (whether classified as a liability or equity) of the LLP may be reduced by agreement of the

members either by repayment or by the conversion of equity capital into liability capital or other debt. In

the absence of agreement to the contrary, unsecured debt due to members will rank equally with debts

due to other unsecured creditors in a winding up.

9.	RELATED PARTY DISCLOSURES

For the period under review the LLP was controlled by Mr S G Simmons, a designated member of the

LLP.

On 1 March 2007 two properties were introduced into the LLP by Mr S G Simmons at their market

value being £344,000. The market valuation was undertaken by Fell Reynolds in February 2007. The

title to these properties, together with the associated mortgage loans, have been assigned to the LLP

by Mr S G Simmons.

During the year the LLP paid £13,920 (2017 - £13,920) to Swan Property Management Services

Limited for administrative and secretarial services, a company in which Mr S G Simmons is a

shareholder.

The following reproduces the text of the report prepared for the members in respect of the LLP's

annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Members are not required to be filed with the Registrar of

Companies.

We confirm that as members we have met our duty in accordance with the Companies Act 2006 to:

-	ensure that the LLP has kept proper accounting records;

-	prepare financial statements which give a true and fair view of the state of affairs of the LLP as at 31st March 2018 and of its profit for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements.

ON BEHALF OF THE MEMBERS OF THE LLP:

M N J Faulkner - Designated member

3rd October 2018

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of Invicta Property Partnership LLP for the year ended 31st March 2018, which comprise the Income Statement, Balance Sheet and the related notes 1 to 9. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the LLP's members, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the members those matters that we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body for our work, for this report or the conclusions we have formed.

Members' responsibility for the financial statements

As explained more fully in the Members' Responsibilities Statement set out on page five, the members are

responsible for the preparation of the financial statements and for being satisfied that they give a true and fair

view.

Accountants' responsibility

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted

our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised),

'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF

'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to comply

with the ICAEW Code of Ethics.

Scope of the assurance review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement.

We have performed additional procedures to those required under a compilation engagement. These

primarily consist of making enquiries of management and others within the entity, as appropriate, applying

analytical procedures and evaluating the evidence obtained. The procedures performed in a review are

substantially less than those performed in an audit conducted in accordance with International Standards on

Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

-	so as to give a true and fair view of the state of the LLP's affairs as at 31st March 2018 and of its profit for the year then ended;

-	in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	in accordance 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.

Bearing Accountancy

62 Stirrup Close

Chelmsford

Essex

CM1 6ST

29th October 2018