SOUTH EAST PROPERTY INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
South East Property Investments LLP is a Limited Liability Partnership incorporated in England & Wales (registered number: OC363343).
The registered office is 64 New Cavendish Street, London, W1G 8TB.
The financial statements are presented in Sterling, which is the functional currency of the LLP.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The following principal accounting policies have been applied:
In assessing the ability of the LLP to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the LLP.
As at 31 March 2021, the LLP had net liabilities of £1,854. The LLP is dependent on the members for financial support, which the members are confident will continue for a period of at least another 12 months following the approval of these financial statements.
Potential sources of uncertainty noted by the members include the COVID-19 pandemic. However, at the date of this report it is not possible to reliably determine the effects that this will have on the LLP.
Accordingly the members have continued to prepare the financial statements on the going concern basis.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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