GRACEWOOD GROUP LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
Limited Liability Partnership Registration No. OC343900 (England and Wales)
GRACEWOOD GROUP LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
GRACEWOOD GROUP LLP
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
61,729
122,984
Investment properties
5
9,667,012
9,441,875
Investments
6
5,461,825
5,461,825
15,190,566
15,026,684
Current assets
Debtors
7
10,970,153
12,522,609
Investments
8
1,081,392
997,721
Cash at bank and in hand
2,860,933
2,644,594
14,912,478
16,164,924
Creditors: amounts falling due within one year
9
(2,472,461)
(2,966,983)
Net current assets
12,440,017
13,197,941
Total assets less current liabilities
27,630,583
28,224,625
Creditors: amounts falling due after more than one year
10
(10,280,000)
(10,309,378)
Net assets attributable to members
17,350,583
17,915,247
Represented by:
Loans and other debts due to members within one year
11
Amounts due in respect of profits
233,872
3,661,547
Other amounts
13,468,173
10,642,004
13,702,045
14,303,551
Members' other interests
11
Other reserves classified as equity
3,648,538
3,611,696
17,350,583
17,915,247
Total members' interests
11
Loans and other debts due to members
13,702,045
14,303,551
Members' other interests
3,648,538
3,611,696
17,350,583
17,915,247
T
he members of the
limited liability partnership
have elected not to include a copy of the profit and loss account within the financial statements.
GRACEWOOD GROUP LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2021
31 March 2021
- 2 -
For the financial year ended 31 March 2021 the
limited liability partnership
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 limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
The financial statements were approved by the members and authorised for issue on 31 May 2022 and are signed on their behalf by:
31 May 2022
Michael Docker
Designated member
Limited Liability Partnership Registration No. OC343900
GRACEWOOD GROUP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Limited liability partnership information
Gracewood Group LLP is a limited liability partnership incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the limited liability partnership.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rents receivable during the year.
1.3
Tangible fixed assets
Tangible fixed assets
are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the
profit and loss account
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in
profit or loss
.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
a
ny impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
GRACEWOOD GROUP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are measured at transaction price including transaction costs.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss
.
Basic financial liabilities
Basic financial liabilities, including
creditors and
bank loans, are
recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was 0
(2020: 0).
3
Information in relation to members
2021
2020
Number
Number
Average number of members during the year
5
5
GRACEWOOD GROUP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020 and 31 March 2021
316,566
Depreciation and impairment
At 1 April 2020
193,582
Depreciation charged in the year
61,255
At 31 March 2021
254,837
Carrying amount
At 31 March 2021
61,729
At 31 March 2020
122,984
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts:
2021
2020
£
£
Motor vehicles
11,092
22,185
Depreciation charged for the period in respect of leased assets
11,093
27,814
5
Investment property
2021
£
Fair value
At 1 April 2020
9,441,875
Additions through external acquisition
225,137
At 31 March 2021
9,667,012
In the opinion of the members, the fair value of the investment properties are not materially different to the carrying value in the accounts as at the balance sheet date.
The historical cost of the investment properties in the valuation above is £6,030,784 (2020: £5,805,647).
GRACEWOOD GROUP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
6
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
2,200,980
2,200,980
Other investments other than loans
3,260,845
3,260,845
5,461,825
5,461,825
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
10,970,153
12,522,609
8
Current asset investments
2021
2020
£
£
Other investments
1,081,392
997,721
The above investments are measured at fair value.
9
Creditors: amounts falling due within one year
2021
2020
as restated
£
£
Bank loans and overdrafts
4
11
Trade creditors
5,375
234,431
Other creditors
2,467,082
2,732,541
2,472,461
2,966,983
10
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
10,280,000
10,280,000
Other creditors
-
29,378
10,280,000
10,309,378
GRACEWOOD GROUP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
10
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
The bank loans are secured on some of the company's investment properties, properties held by Michael and Michele Docker personally and also properties held by Sotherby LLP, a limited liability partnership in which Michael and Michele Docker are members.
11
Reconciliation of Members' Interests (as restated)
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2021
£
£
£
£
Members' interests at 1 April 2020 as restated
3,611,696
14,303,551
14,303,551
17,915,247
Profit for the financial year available for discretionary division among members
270,714
-
-
270,714
Members' interests after profit for the year
3,882,410
14,303,551
14,303,551
18,185,961
Allocation of profit for the financial year
(233,872)
233,872
233,872
-
Introduced by members
-
33,103
33,103
33,103
Repayment of debt (including members' capital classified as a liability)
-
(868,481)
(868,481)
(868,481)
Members' interests at 31 March 2021
3,648,538
13,702,045
13,702,045
17,350,583
12
Related party transactions
Included within debtors are amounts totalling
£1,356,128 (2020:
£
1,390,674)
due from companies in which Gracewood Group LLP holds a participating interest.
Included within debtors are amounts totalling
£822,742 (2020:
£
2,548,735)
due from companies in which Mr and Mrs Docker have a participating interest.
Included within debtors are amounts totalling
£8,677,494 (2020:
£
8,514,050)
due from limited liability partnerships in which Mr and Mrs Docker are members.
Included within creditors are amounts totalling £
1,904,221 (2020; £2,099,718)
due to companies in which Gracewood Group LLP holds a participating interest.
Included within creditors are amounts totalling
£479,677 (2020:
£
479,677)
due to limited liability partnerships in which Mr and Mrs Docker are members.
The investment properties are managed by a managing agent company which is controlled by Mr and Mrs Docker. During the year this company charged £
34,370 (2020: £43,304)
to Gracewood Group LLP in respect of letting and management fees in the normal course of its trade.
GRACEWOOD GROUP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
13
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2019
2020
Notes
£
£
Adjustments to prior year
Prior period adjustment
(a)
-
(96,000)
Equity as previously reported
13,684,098
18,011,247
Equity as adjusted
13,684,098
17,915,247
Analysis of the effect upon equity
Amounts due in respect of profits
-
(96,000)
Reconciliation of changes in profit for the previous financial period
2020
Notes
£
Adjustments to prior year
Prior period adjustment
(a)
(96,000)
Profit as previously reported
3,589,634
Profit as adjusted
3,493,634
Notes to reconciliation
(a) - Prior period adjustment
In the previous year's financial statements creditors and expenditure were understated. A prior period adjustment has been made to recognise the liability and expenditure.