Martinhal LLP Filleted accounts for Companies House (small and micro)

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REGISTERED NUMBER: OC316319

Martinhal LLP

Filleted unaudited financial statements

31 March 2018

Martinhal LLP

Statement of financial position

31 March 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	5		1,175,257		1,171,737

Current assets

Debtors	6	14,909	261
Cash at bank and in hand		–	15,441
		-------	-------
		14,909	15,702

Creditors: amounts falling due within one year	7	( 68,584)		( 71,017)
		-------		-------
Net current liabilities			( 53,675)		( 55,315)
			-----------		-----------
Total assets less current liabilities			1,121,582		1,116,422

Creditors: amounts falling due after more than one year	8	( 524,794)	( 562,897)
		-----------	-----------
Net assets		( 596,788)	( 553,525)
		-----------	-----------

Represented by:

Loans and other debts due to members

Members' capital classified as a liability	9	250,002	250,002
Other amounts	9	346,786	303,523
		---------	---------
		596,788	553,525
		---------	---------

Members' other interests

Other reserves	–	–
	---------	---------
	596,788	553,525
	---------	---------

Total members' interests

Loans and other debts due to members	9	596,788	553,525
Members' other interests		–	–
		---------	---------
		596,788	553,525
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the year ending 31st March 2018 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

Martinhal LLP

Statement of financial position (continued)

31 March 2018

These financial statements were approved by the members and authorised for issue on 13 December 2018 , and are signed on their behalf by:

Mr S R Williams	Mr P Tomalin
Designated Member	Designated Member

Registered number: OC316319

Martinhal LLP

Notes to the financial statements

year ended 31st March 2018

1.	General information

The principle activity of the company is that of property rental and development . The company is a limited liability partnership, which is incorporated in England and Wales (no oc316319). The address of the registered office is Gresham House, 5-7 St Pauls Street, Leeds, LS1 2JG.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in January 2017 (SORP 2017).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4.	Employee numbers

The average number of persons employed by the company during the year, including members, amounted to 4 (2017: 4).

5.	Tangible assets

	Land and buildings
	£

Cost
At 1st April 2017	1,171,737
Additions	3,520
	-----------
At 31st March 2018	1,175,257
	-----------
Depreciation
At 1st April 2017 and 31st March 2018	–
	-----------
Carrying amount
At 31st March 2018	1,175,257
	-----------
At 31st March 2017	1,171,737
	-----------

The directors consider the value of the freehold properties at the year end to be £1,175,257 (2017 - £1,171,737).

6.	Debtors

	2018	2017
	£	£

Trade debtors	2,819	126
Prepayments and accrued income	9,578	–
Other debtors	2,512	135
	-------	----
	14,909	261
	-------	----

7. Creditors: amounts falling due within one year

	2018	2017
	£	£

Bank loans and overdrafts	43,894	42,211
Trade creditors	3,319	241
Accruals and deferred income	6,100	9,026
Social security and other taxes	1,707	2,975
Other creditors	13,564	16,564
	-------	-------
	68,584	71,017
	-------	-------

The bank loan is secured by way of a fixed and floating charge over the property and assets of the company dated 8th June 2016 with Lloyds Bank.

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£

Bank loans and overdrafts	524,794	562,897
	---------	---------

See note 7 for details of security.

9.	Loans and other debts due to members

	2018	2017
	£	£

Amounts owed to members in respect of profits	346,786	303,523
Other amounts	250,002	250,002
	---------	---------
	596,788	553,525
	---------	---------