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Unaudited Financial Statements |
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for the Year Ended 31 March 2020 |
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Anstey Estate LLP |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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Anstey Estate LLP |
Anstey Estate LLP (Registered number: OC379185) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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General Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Anstey Estate 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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Chartered Accountants |
69 High Street |
Bideford |
Devon |
EX39 2AT |
Anstey Estate LLP (Registered number: OC379185) |
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Abridged Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
617,478 |
617,478 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
- |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 617,478 | 617,478 |
617,478 | 617,478 |
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TOTAL MEMBERS' INTERESTS |
Members' other interests | 617,478 | 617,478 |
Amounts due from members | (426,381 | ) | (366,744 | ) |
191,097 | 250,734 |
Anstey Estate LLP (Registered number: OC379185) |
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Abridged Balance Sheet - continued |
31 March 2020 |
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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 Statement of Comprehensive Income 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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Anstey Estate LLP (Registered number: OC379185) |
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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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Anstey Estate 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. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Long leasehold | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties. |
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Financial instruments |
Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. |
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Going concern |
Having regard to the LLP's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the members consider that it is appropriate to prepare the financial statements on the going concern basis. |
Anstey Estate LLP (Registered number: OC379185) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits). |
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Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A Members' participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. |
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Accounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. |
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Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet. |
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Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet. |
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Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. |
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All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'. |
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4. | EMPLOYEE INFORMATION |
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The average number of employees during the year was
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Anstey Estate LLP (Registered number: OC379185) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2019 |
and 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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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2019 |
and 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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The historical cost of investment property at 31 March 2020 was £433,427 (2019 - £433,427). |
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The freehold investment property was valued on an open market basis at the balance sheet date. |
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The investment property is accounted for at fair value on an on-going basis. |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS |
2020 | 2019 |
£ | £ |
Repayable by instalments |
Bank loans due after 5 years |
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Anstey Estate LLP (Registered number: OC379185) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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8. | LEASING AGREEMENTS |
During an earlier period the LLP accepted the assignments of an existing lease from the beneficiaries of Anstey Estate Trust at peppercorn rentals (if demanded). |
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At 31 March 2020 the LLP still had in place the existing lease from the beneficiaries of Anstey Estate Trust relating to Sages. |
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The original lease relating to Pewson was partially surrendered during an earlier year and a new overriding lease for this property was assigned by the same beneficiaries. All leases are held under peppercorn rentals (if demanded). |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank loans |
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Bank loans and overdrafts are secured by fixed and floating charges over the company's assets. |
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10. | RELATED PARTY DISCLOSURES |
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Included in creditors is a loan repayable on demand of £252,123 (2019 - £255,116) from Anstey Estate Trust, a trust controlled by Mr R T A Hadden and Mrs H J Hadden. |
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11. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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Loans and other debts due to members rank pari passu with unsecured creditors. The legal opinion given in an appendix to the SORP, Accounting by Limited Liability Partnerships, is that members' other interests, represented above by other reserves, rank after unsecured creditors. |