Company No:
Contents
DESIGNATED MEMBERS | ECH Properties Limited |
Mellcrest Properties Limited | |
ST Enoch Estates Limited |
REGISTERED OFFICE | 1a Downshire Hill |
London | |
NW3 1NR | |
United Kingdom |
REGISTERED NUMBER | OC394142 (England and Wales) |
CHARTERED ACCOUNTANTS | Berg Kaprow Lewis LLP |
35 Ballards Lane | |
London | |
N3 1XW |
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
|
|
|
6,250,000 | 5,643,769 | |||
Current assets | ||||
Debtors | 4 |
|
|
|
Cash at bank and in hand | 5 |
|
|
|
447,416 | 314,026 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
|
(
|
|
Net current assets | 219,211 | 228,472 | ||
Total assets less current liabilities | 6,469,211 | 5,872,241 | ||
Net assets attributable to members |
|
|
||
Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 5,862,880 | 5,872,141 | ||
5,862,880 | 5,872,141 | |||
Members' other interests | ||||
Members' capital classified as equity | 100 | 100 | ||
Revaluation reserve | 606,231 | 0 | ||
606,331 | 100 | |||
6,469,211 | 5,872,241 | |||
Total members' interests | ||||
Loans and other debts due to members | 5,862,880 | 5,872,141 | ||
Members' other interests | 606,331 | 100 | ||
6,469,211 | 5,872,241 |
Members' responsibilities:
The financial statements of Six Guys LLP (registered number:
ECH Properties Limited
Designated member |
Mellcrest Properties Limited
Designated member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Six Guys LLP is a limited liability partnership, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the LLP's registered office is 1a Downshire Hill, London, NW3 1NR, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regimeand the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2018 (SORP 2018).
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover comprises rent receivable on investment properties.
Revenue is recognised in the period to which the rental income relates.
The fair value is determined annually by the members, on an open market value for existing use basis.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, [loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.]
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
|
|
Investment property | |
£ | |
Valuation | |
As at 01 April 2021 |
|
Fair value movement | 606,231 |
As at 31 March 2022 |
|
2022 | 2021 | ||
£ | £ | ||
Trade debtors |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
2022 | 2021 | ||
£ | £ | ||
Cash at bank and in hand |
|
|
2022 | 2021 | ||
£ | £ | ||
Trade creditors |
|
|
|
Accruals and deferred income |
|
|
|
Other taxation and social security |
|
|
|
|
|