Limited Liability Partnership Registration No. OC391503 (England and Wales)
ISFIELD INVESTMENTS LLP
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
ISFIELD INVESTMENTS LLP
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 6
ISFIELD INVESTMENTS LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ISFIELD INVESTMENTS LLP FOR THE YEAR ENDED 31 MARCH 2021
- 1 -
In order to assist you to fulfill your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Isfield Investments LLP for the year ended 31 March 2021 which comprise and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the limited liability partnership's members
of Isfield Investments LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Isfield Investments LLP and state those matters that we have agreed to state to the limited liability partnership's members
of Isfield Investments LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Isfield Investments LLP and its members
as a body, for our work or for this report.
It is your duty to ensure that Isfield Investments LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Isfield Investments LLP. You consider that Isfield Investments LLP is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Isfield Investments LLP. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
Date:
09 December 2021
ISFIELD INVESTMENTS LLP
Limited Liability Partnership Registration No. OC391503
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
4
-
481,966
Current assets
Debtors
6
-
404
Cash at bank and in hand
-
15,455
-
15,859
Creditors: amounts falling due within one year
7
-
(124,603)
Net current liabilities
-
(108,744)
Total assets less current liabilities
-
373,222
Represented by:
Members' other interests
8
Members' capital classified as equity
-
373,222
-
373,222
Total members' interests
8
Members' other interests
-
373,222
For the financial year ended 31 March 2021 the P
artnership
was entitled to exemption from audit under section 477 of the Companies Act 2006
(as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008)
relating to small limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
The financial statements were approved by the members and authorised for issue on 8 December 2021 and are signed on their behalf by:
08 December 2021
S Vardigans
Designated member
ISFIELD INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Limited liability partnership information
Isfield Investments LLP is a limited liability partnership incorporated in England and Wales. The registered office is 8 Lichfield Road, Kew, Surrey, TW9 3JR.
The
P
artnership's principal activities are disclosed in the Members' Report
.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
The financial statements are prepared in
sterling
, which is the functional currency of the Partnership.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value.
The Partnership is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the
Partnership as an individual undertaking and not about its group.
1.2
Going concern
The members have decided to cease trading as at 31 March 2021. Thus, the members did not adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for
consultancy
services
supplied
net of VAT.
Income is recognised in the year in which the service was supplied.
1.4
Members' participating interests
Members' participation rights are the rights of a member against the Partnership that arise under the
m
embers' agreement (for example, in respect of amounts subscribed or otherwise contributed,
remuneration and profits).
Members' participation rights in the earnings or assets of the Partnership are analysed between those that
are, from the Partnership's perspective, either a financial liability or equity, in accordance with section 22 of
FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by
members, for example members' capital, are classed as liabilities unless the Partnership has an
unconditional right to refuse payment to members, in which case they are classified as equity.
Where there exists an asset and liability component in respect of an individual member’s participation
rights, they are presented on a gross basis unless the Partnership has both a legally enforceable right to set
off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these
amounts simultaneously, in which case they are presented net.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
a
ny impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the P
artnership. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
Quoted
and unquoted
investments are shown at fair value.
ISFIELD INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include
debtors,
cash
and
bank balances, are measured at transaction price
.
Basic financial liabilities
Basic financial liabilities, including
creditors
and
bank loans,
are
recognised at transaction price
.
2
Employees
The average number of persons (excluding members) employed by the
P
artnership during the year was:
2021
2020
Number
Number
Total
3
Interest receivable and similar income
2021
2020
£
£
Interest receivable and similar income includes the following:
Dividends from quoted investments
2,402
2,333
4
Fixed asset investments
2021
2020
£
£
Shares in subsidiaries
-
2
Quoted investments
-
394,964
Unquoted investments
-
87,000
-
481,966
ISFIELD INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
Unquoted Investments
Quoted Investments
Total
£
£
£
£
Cost
At 1 April 2020
2
87,000
497,250
584,252
Disposals
(1)
-
(162,792)
(162,793)
Transfer to Members
(1)
-
(334,458)
(334,459)
Novation
-
(87,000)
-
(87,000)
At 31 March 2021
-
-
-
-
Provision and Revaluation
At 1 April 2020
-
-
(102,286)
(102,286)
Revaluation/(Provision)
-
(87,000)
102,286
15,286
Novation
-
87,000
-
87,000
At 31 March 2021
-
-
-
-
Carrying amount
At 31 March 2021
-
-
-
-
At 31 March 2020
2
87,000
394,964
481,966
5
Gains/(losses) on investments
2021
2020
£
£
Revaluation gain/(loss) on quoted investments
102,286
(125,800)
Provision against unquoted investments
(87,000)
-
Gain on sale of quoted investments
10,229
-
Gain in transfer of quoted investments to Members
236,687
-
262,202
(125,800)
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
VAT Recoverable
-
404
ISFIELD INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
-
100,000
Amounts owed to group undertakings
-
2
Other creditors
-
4,851
Deferred income
-
19,750
-
124,603
8
Reconciliation of Members' Interests
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital
Revaluation
reserve
Other reserves
Total
2021
£
£
£
£
Members' interests at 1 April 2020
200,000
(102,286)
275,508
373,222
Profit for the financial year available for discretionary division among members
-
102,286
342,171
444,457
Members' interests after profit for the year
200,000
-
617,679
817,679
Drawings
-
-
(617,679)
(617,679)
Return of Capital
(200,000)
-
-
(200,000)
Members' interests at 31 March 2021
-
-
-
-