|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED |
|
31 MARCH 2020 |
|
FOR |
|
PREMIER QUALITY LETTINGS LLP |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED |
|
31 MARCH 2020 |
|
FOR |
|
PREMIER QUALITY LETTINGS LLP |
PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
|
|
|
|
|
|
|
|
|
Page |
|
General Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
PREMIER QUALITY LETTINGS LLP |
|
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
|
|
|
|
|
|
DESIGNATED MEMBERS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
Pharmacy Chambers |
High Street |
Wadhurst |
East Sussex |
TN5 6AP |
PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324) |
|
BALANCE SHEET |
31 MARCH 2020 |
|
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
|
|
Investment property | 6 |
|
|
|
|
|
CURRENT ASSETS |
Cash at bank |
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
|
( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO
MEMBERS |
345,801 |
271,061 |
|
LOANS AND OTHER DEBTS DUE
TO MEMBERS |
8 |
247,665 |
241,761 |
|
MEMBERS' OTHER INTERESTS |
Capital accounts | 36,759 | 29,300 |
Non distributable reserve | 9 |
|
|
345,801 | 271,061 |
|
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to
members |
8 |
247,665 |
241,761 |
Members' other interests | 98,136 | 29,300 |
345,801 | 271,061 |
PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324) |
|
BALANCE SHEET - continued |
31 MARCH 2020 |
|
|
|
|
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. |
|
|
|
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. |
|
The financial statements were approved by the members of the LLP and authorised for issue on
|
|
|
|
|
|
|
PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
|
1. | STATUTORY INFORMATION |
|
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. |
|
2. | STATEMENT OF COMPLIANCE |
|
|
|
3. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
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. |
|
Tangible fixed assets |
|
Office equipment | - |
|
|
All fixed assets are initially recorded at cost. |
|
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. |
|
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. |
|
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) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
|
3. | ACCOUNTING POLICIES - continued |
|
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. |
|
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. |
|
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. |
|
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. |
|
4. | EMPLOYEE INFORMATION |
|
The average number of employees during the year was
|
|
5. | TANGIBLE FIXED ASSETS |
Office |
equipment |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
|
DEPRECIATION |
At 1 April 2019 |
and 31 March 2020 |
|
NET BOOK VALUE |
At 31 March 2020 |
|
At 31 March 2019 |
|
PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
|
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2019 |
|
Additions |
|
Fair value adjustment | 61,377 |
At 31 March 2020 |
|
NET BOOK VALUE |
At 31 March 2020 |
|
At 31 March 2019 |
|
|
The property was purchased on 18th September 2018 and the Members have adjusted the fair value of the property as at 31 March 2020 using an online valuation. |
|
Fair value at 31 March 2020 is represented by: |
|
£ |
Valuation in 2020 | 342,000 |
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
|
|
Accruals and deferred income |
|
|
|
|
|
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
|
Loans and other debts due to Members rank equally with debts due to ordinary creditors in a winding up. |
|
9. | RESERVES |
Non |
distributable |
reserve |
£ |
Fair value transfer | 61,377 |
At 31 March 2020 |
|
PREMIER QUALITY LETTINGS LLP (REGISTERED NUMBER: OC349324) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
|
|
10. | RELATED PARTY DISCLOSURES |
|
During the year, the LLP received management fees charged at a market rate from the Members (and their associates), totalling £Nil (2019: £3,872). |