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Report of the Members and |
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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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Kepler Properties LLP |
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REGISTERED NUMBER:
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Report of the Members and |
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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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for |
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Kepler Properties LLP |
Kepler Properties LLP (Registered number: OC389714) |
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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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Report of the Members | 2 |
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Income Statement | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 6 |
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Kepler Properties 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 |
St Denys House |
22 East Hill |
St Austell |
Cornwall |
PL25 4TR |
Kepler Properties LLP (Registered number: OC389714) |
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Report of the Members |
for the Year Ended 31 March 2020 |
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The members present their report with the financial statements of the LLP for the year ended 31 March 2020. |
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Principal activity |
The principal activity of the LLP in the year under review was that of Property Ownership and |
Letting. |
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Designated members |
The designated members during the year under review were: |
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Results for the year and allocation to members |
The profit for the year before members' remuneration and profit shares was £153,281 (2019 - |
£271,946 profit). |
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Members' interests |
Members are permitted to make drawings in anticipation of profits which will be allocated to them. |
The amount of such drawings is set at the beginning of each financial year, taking into account the |
anticipated cash needs of the LLP. |
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New members are required to subscribe a minimum level of capital and in subsequent years |
members are invited to subscribe for further capital, the amounts of which is determined by the |
performance and seniority of those members. |
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On retirement, capital is repaid to members. |
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On behalf of the members: |
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Kepler Properties LLP (Registered number: OC389714) |
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Income Statement |
for the Year Ended 31 March 2020 |
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31/3/20 | 31/3/19 |
Notes | £ | £ |
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Turnover |
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Administrative expenses | ( |
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(170,147 | ) | (67,803 | ) |
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Other operating income |
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Operating profit and |
Profit for the financial year before
members' remuneration and profit shares |
153,281 |
271,946 |
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Profit for the financial year before
members' remuneration and profit shares |
153,281 |
271,946 |
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Members' remuneration charged as
an expense |
3 |
(153,281 |
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(271,946 |
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Profit for the financial year
available for discretionary division among members |
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Kepler Properties LLP (Registered number: OC389714) |
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Balance Sheet |
31 March 2020 |
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31/3/20 | 31/3/19 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Debtors |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 5 |
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Net current assets |
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Total assets less current liabilities |
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Net assets attributable to members | 6,782,781 | 6,782,554 |
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Loans and other debts due to
members |
6 |
6,782,781 |
6,782,554 |
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Total members' interests |
Loans and other debts due to
members |
6 |
6,782,781 |
6,782,554 |
Amounts due from members | - | (3,054 | ) |
6,782,781 | 6,779,500 |
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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 |
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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. |
Kepler Properties LLP (Registered number: OC389714) |
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Balance Sheet - continued |
31 March 2020 |
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The financial statements were approved by the members of the LLP and authorised for issue on
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Kepler Properties LLP (Registered number: OC389714) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | Accounting policies |
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Basis of preparing the financial statements |
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Tangible fixed assets held for investment |
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Freehold property | - |
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All fixed assets are initially recorded at cost. |
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Investment properties, which comprise properties held for rental, are revalued annually and |
the aggregate surplus or deficit transferred to the revaluation reserve except where any |
deficit is deemed permanent when it is taken to the Profit and Loss Account. No provision is |
made for depreciation of investment properties. This departure from the requirements of the |
Companies Act 2006, which require all properties to be depreciated is, in the opinion of the |
Members, necessary for the Annual Accounts to show a true and fair view in accordance |
with applicable accounting standards. The depreciation charge is only one of the factors |
reflected in the annual valuation and therefore the effect of the departure cannot be readily |
quantified. |
Kepler Properties LLP (Registered number: OC389714) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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1. | Accounting policies - continued |
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Members' participation rights |
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 member's |
participation right results in a liability unless the right to any payment is discretionary on the |
part of the LLP. |
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Amounts 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 period 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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2. | Employee information |
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The average number of employees during the year was NIL (2019 - NIL). |
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3. | Information in relation to members |
31/3/20 | 31/3/19 |
£ | £ |
Members' remuneration charged as an expense |
Automatic division of profit | 153,281 | 271,946 |
Kepler Properties LLP (Registered number: OC389714) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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4. | Tangible fixed assets |
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All fixed assets are initially recorded at cost. |
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5. | Creditors: amounts falling due within one year |
31/3/20 | 31/3/19 |
£ | £ |
Other creditors |
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6. | Loans and other debts due to members |
31/3/20 | 31/3/19 |
£ | £ |
Amounts owed to members in respect of profits | 3,281 | - |
Capital account | 6,779,500 | 6,782,554 |
6,782,781 | 6,782,554 |
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Falling due within one year | 6,782,781 | 6,782,554 |
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Loans and Other Debts due to members will rank ‘pari passu’ with other unsecured creditors |
of the LLP. |
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7. | Ultimate controlling party |
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In the opinion of the members there is no controlling party as defined by financial reporting |
Standard No 8 "Related party disclosures". |