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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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Redfern Investments LLP |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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for |
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Redfern Investments LLP |
Redfern Investments LLP (Registered number: OC360094) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Page |
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General Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Redfern Investments LLP |
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General Information |
for the Year Ended 31 March 2020 |
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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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The Old Grange |
Warren Estate |
Lordship Road |
Writtle |
Essex |
CM1 3WT |
Redfern Investments LLP (Registered number: OC360094) |
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Statement of Financial Position |
31 March 2020 |
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2020 | 2019 |
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 ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
1,273,404 |
653,708 |
Redfern Investments LLP (Registered number: OC360094) |
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Statement of Financial Position - continued |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO
MEMBERS |
9 |
729,868 |
653,708 |
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MEMBERS' OTHER INTERESTS |
Fair value reserve | 10 |
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1,273,404 | 653,708 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 729,868 | 653,708 |
Members' other interests | 543,536 | - |
1,273,404 | 653,708 |
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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 |
(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. |
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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 Income Statement has not been delivered. |
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The financial statements were approved by the members of the LLP and authorised for issue on
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Redfern Investments LLP (Registered number: OC360094) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Redfern Investments 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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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents rents received net of value added tax. |
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Tangible fixed assets |
In the current year, the company's freehold property has been transferred to investment property. |
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Investment property |
The investment property is included at fair value. Gains are recognised in the income statement and subsequently transferred to the fair value reserve. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
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COST |
At 1 April 2019 |
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Reclassification/transfer | ( |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year | ( |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Redfern Investments LLP (Registered number: OC360094) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Revaluations | 543,536 |
Reclassification/transfer | 1,106,464 |
At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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During the year, the property was reclassified as an investment property in accordance with FRS 102 (Section 1A). |
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Fair value at 31 March 2020 is represented by: |
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Valuation in 2020 | 543,537 |
Cost | 1,106,463 |
1,650,000 |
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If the investment property had not been revalued it would have been included at the following historical cost: |
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2020 | 2019 |
£ | £ |
Cost | 1,106,463 | - |
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6. | DEBTORS |
2020 | 2019 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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Redfern Investments LLP (Registered number: OC360094) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Other creditors |
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9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2020 | 2019 |
£ | £ |
Loans from members | 199,899 | 213,367 |
Amounts owed to members in respect of profits | 529,969 | 440,341 |
729,868 | 653,708 |
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Falling due within one year | 529,969 | 440,341 |
Falling due after more than one year | 199,899 | 213,367 |
729,868 | 653,708 |
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In the event of the Limited Liability Partnership being wound up, all unsecured creditors would rank equally. There is no provision for specific legal enforceable protection afforded to creditors in such an event. There are no restrictions or limitations that exist on the members to reduce the 'Members other interest'. |
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10. | RESERVES |
Fair |
value |
reserve |
£ |
Transfer between reserves | 543,536 |
At 31 March 2020 |
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11. | ULTIMATE CONTROLLING PARTY |
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The controlling party is C M Pharaoh. |