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Unaudited Financial Statements for the Year Ended 30 April 2018 |
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SORIANO PROPERTY INVESTMENTS LLP |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 April 2018 |
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for |
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SORIANO PROPERTY INVESTMENTS LLP |
SORIANO PROPERTY INVESTMENTS LLP (REGISTERED NUMBER: OC379566) |
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Contents of the Financial Statements |
for the Year Ended 30 April 2018 |
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Page |
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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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SORIANO PROPERTY INVESTMENTS LLP |
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General Information |
for the Year Ended 30 April 2018 |
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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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Rosemount House |
Rosemount Avenue |
West Byfleet |
Surrey |
KT14 6LB |
SORIANO PROPERTY INVESTMENTS LLP (REGISTERED NUMBER: OC379566) |
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Balance Sheet |
30 April 2018 |
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30.4.18 | 30.4.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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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 |
9 |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
725,843 |
727,825 |
SORIANO PROPERTY INVESTMENTS LLP (REGISTERED NUMBER: OC379566) |
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Balance Sheet - continued |
30 April 2018 |
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30.4.18 | 30.4.17 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO
MEMBERS |
11 |
373,050 |
375,032 |
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MEMBERS' OTHER INTERESTS |
Other reserves |
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725,843 | 727,825 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 11 | 373,050 | 375,032 |
Members' other interests | 352,793 | 352,793 |
725,843 | 727,825 |
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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 on
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SORIANO PROPERTY INVESTMENTS LLP (REGISTERED NUMBER: OC379566) |
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Notes to the Financial Statements |
for the Year Ended 30 April 2018 |
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1. | STATUTORY INFORMATION |
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Soriano Property 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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The financial statements are rounded to the nearest £1. |
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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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Related party exemption |
The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Significant judgements and estimates |
The key assumption resulting in estimation uncertainty at the reporting date is the future LIBOR interest |
rates. |
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Bank loans are stated at amortised cost. After an initial fixed period, the loan interest is rate is variable. It |
has been assumed that the LIBOR rate will not vary significantly throughout the loan term. |
If there was a significant variation in the LIBOR rate there could be a significant impact on the interest |
recognised using the effective interest method and the carrying value of the loan on amortised cost |
basis. |
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The investment property is stated at open market value. The estimated open market value has been |
provided by an estate agent based on comparable property sales and current market trend and is |
considered to be a reasonable approximation of the value as at the balance sheet date. |
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Estimates and judgements are continually evaluated and are based on historical experience, independent |
forecasts and other factors that are believed to be reasonable under the circumstances. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investment property |
The investment property is included at fair value based on the open market value. Changes in fair value |
are recognised in the profit and loss account. |
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Financial instruments |
Debt instruments, other than those wholly repayable within one year, are initially measured at |
transaction price including transaction costs and subsequently at amortised cost using the effective |
interest rate method. |
SORIANO PROPERTY INVESTMENTS LLP (REGISTERED NUMBER: OC379566) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2018 |
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4. | EMPLOYEE INFORMATION |
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The average number of employees during the year was NIL (2017 - NIL). |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2017 |
and 30 April 2018 |
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DEPRECIATION |
At 1 May 2017 |
and 30 April 2018 |
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NET BOOK VALUE |
At 30 April 2018 |
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6. | INVESTMENT PROPERTY |
Total |
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COST |
At 1 May 2017 |
and 30 April 2018 |
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NET BOOK VALUE |
At 30 April 2018 |
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At 30 April 2017 |
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The investment property is stated at fair value based on the open market value of the property. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.18 | 30.4.17 |
£ | £ |
Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.18 | 30.4.17 |
£ | £ |
Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.18 | 30.4.17 |
£ | £ |
Bank loans |
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The amount due for repayment after more than five years is £1,121,573 (2017 £1,120,174). |
SORIANO PROPERTY INVESTMENTS LLP (REGISTERED NUMBER: OC379566) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2018 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.4.18 | 30.4.17 |
£ | £ |
Bank loans |
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The loans are secured on the underlying asset. |
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Mr and Mrs Magee have provided personal guarantees on all current bank borrowings. |
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11. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a |
winding up. |
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There are no restrictions or limitations on the ability of members to reduce the amount of 'members' |
other interests'. |