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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31 MARCH 2019 |
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PREMIER QUALITY LETTINGS LLP |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31 MARCH 2019 |
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FOR |
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PREMIER QUALITY LETTINGS LLP |
PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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General Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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PREMIER QUALITY LETTINGS LLP |
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GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Pharmacy Chambers |
High Street |
Wadhurst |
East Sussex |
TN5 6AP |
PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324) |
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BALANCE SHEET |
31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
271,061 |
28,700 |
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LOANS AND OTHER DEBTS DUE
TO MEMBERS |
8 |
241,761 |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 29,300 | 28,700 |
271,061 | 28,700 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to
members |
8 |
241,761 |
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Members' other interests | 29,300 | 28,700 |
Amounts due from members | 6 | - | (28,715 | ) |
271,061 | (15 | ) |
PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324) |
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BALANCE SHEET - continued |
31 MARCH 2019 |
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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 |
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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. |
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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 Profit and loss account has not been delivered. |
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The financial statements were approved by the members of the LLP on
were signed by: |
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PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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Premier Quality Lettings LLP is registered in England and Wales. The LLP's registered |
number and registered office address can be found on the General Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable. Turnover |
represents the value of property management fees charged for services provided during the |
year. |
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Tangible fixed assets |
All fixed assets are initially recorded at cost. |
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Investment property |
Investment property is shown at the market value at the balance sheet date. Any aggregate |
surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Division of profits |
Profits are treated as being available for discretionary division only if the LLP has an |
unconditional right to refuse payment of the profits of a particular year unless and until |
members agree to divide them. Profits are otherwise automatically divided and included |
under Members' remuneration charged as an expense in the profit and loss account. |
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Debtors |
Short term debtors are measured at transaction price (which is usually the invoice price), |
less any impairment losses for bad and doubtful debts. Loans receivable and other financial |
assets are initially measured at transaction price excluding any transaction costs, and are |
measured subsequently at amortised cost using the effective interest method, less any |
impairment for bad and doubtful debts. |
PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Creditors |
Short term trade creditors are measured at the transaction price (which is usually the invoice |
price). Loans and other financial liabilities, including bank loans, are measured initially at |
transaction price, net of transaction costs, and are measured subsequently at amortised cost |
using the effective interest method. |
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Provisions |
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an |
obligation at the reporting date as a result of a past event, it is probable that economic |
benefit will be transferred to settle the obligation and the amount of the obligation can be |
estimated reliably. |
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Members' capital |
Members' capital is classified as debt and not equity if there is a contractual obligation for |
the LLP to repay the capital to members, even if that obligation is conditional. |
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Taxation |
Tax to be paid on the profits arising in the LLP are a personal tax liability of the members of |
the LLP and therefore are not included as a tax charge or provision within these financial |
statements. |
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4. | TANGIBLE FIXED ASSETS |
Office |
equipment |
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COST |
At 1 April 2018 |
and 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
and 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
Additions |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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The property was purchased on 18th September 2018 and the directors have agreed that |
the valuation of the property remains the same at the year ended 31 March 2019. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts due from members | - | 28,715 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Accruals and deferred income |
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8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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Loans and other debts due to members rand equally with debts due to ordinary creditors in a |
winding up. |
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9. | RELATED PARTY DISCLOSURES |
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During the year, the LLP received management fees charged at a market rate from the |
members (and their associates), totalling £3,872 (2018: £7,892). |