Via Coldstores (Property) LLP Filleted accounts for Companies House (small and micro)

VIA COLDSTORES (PROPERTY) LLP - Company Information

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REGISTERED NUMBER: OC369283

VIA COLDSTORES (PROPERTY) LLP

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2018

VIA COLDSTORES (PROPERTY) LLP

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 March 2018

	2018		2017
Note	£	£	£

FIXED ASSETS

Tangible assets	4		4,175,091	4,175,091

CURRENT ASSETS

Debtors	2,580,193	2,601,455
Cash at bank and in hand	42,278	42,574
	------------	------------
	2,622,471	2,644,029

CREDITORS: amounts falling due within one year	1,219,134		1,612,452
	------------		------------
NET CURRENT ASSETS		1,403,337	1,031,577
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		5,578,428	5,206,668

CREDITORS: amounts falling due after more than one year	5,578,428	5,206,668
	------------	------------
NET LIABILITIES	–	–
	------------	------------

REPRESENTED BY:

LOANS AND OTHER DEBTS DUE TO MEMBERS

Other amounts	–	–
	----	----

MEMBERS' OTHER INTERESTS

Other reserves	–	–
	----	----
	–	–
	----	----

TOTAL MEMBERS' INTERESTS

Amounts due from members	(1,603,382)	(1,503,443)
Loans and other debts due to members	–	–
Members' other interests	–	–
	------------	------------
	(1,603,382)	(1,503,443)
	------------	------------

These abridged 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 abridged statement of comprehensive income has not been delivered.

For the year ending 31 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability

VIA COLDSTORES (PROPERTY) LLP

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 March 2018 Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

These abridged financial statements were approved by the members and authorised for issue on 20 December 2018 , and are signed on their behalf by:

Beta (International) Limited

Designated Member

Registered number: OC369283

VIA COLDSTORES (PROPERTY) LLP

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2018

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Magnavale House, Park Road, Holmewood Industrial Park, Chesterfield, Derbyshire, S42 5UY.

2.	Statement of compliance

These abridged 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. Going Concern Having considered the future financial performance of the LLP, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. THe LLP therefore continues to adopt the going concern basis in preparing its financial statements.

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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. " Significant judgements No critical judgements were required in order to apply the company's accounting policies. Key sources of estimation uncertainty. " Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Investment property valuations The carrying value of investment properties are considered at each balance sheet date by the members based on their sector knowledge. Revaluations are accounted for as required.

Revenue recognition

Turnover during the period represents rental income and other associated income, exclusive of Value Added Tax. Rental income, net of any incentives given to lessees, is accounted for on a straight line basis over the lease term.

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 abridged 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 abridged 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 abridged statement of comprehensive income and are equity appropriations in the abridged 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 abridged statement of financial position within 'Loans and other debts due to members' and are charged to the abridged statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the abridged 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

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. " Financial assets Basic financial assets, including trade and other receivables, cash and bank balances, loans to associated entities and investments 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 receipts discounted at a market rate of interest for a similar debt instrument. Such assets are subsequently carried at amortised cost, using the effective interest method. 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. " Financial liabilities Basic financial liabilities, including trade and other payables, bank loans and loans from associated entities are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument 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, using the effective interest method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

4.	Tangible assets

	£
Cost
At 1 April 2017 and 31 March 2018	4,175,091
	------------
Depreciation
At 1 April 2017 and 31 March 2018	–
	------------
Carrying amount
At 31 March 2018	4,175,091
	------------
At 31 March 2017	4,175,091
	------------

5.	Related party transactions

	2018	2017
	£	£
Sales to associates	487,080	483,154
Purchases from associates	8,149	16,662
Loans due to associates	807,027	248,603
Loans due from associates	467,258	866,438
Trade debtors due from associates	27,381	172,228
Trade creditors due to associates	9,779	39,994