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Unaudited Financial Statements for the Year Ended 28 February 2021 |
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First Ranking LLP |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 28 February 2021 |
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for |
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First Ranking LLP |
First Ranking LLP (Registered number: OC425957) |
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Contents of the Financial Statements |
for the Year Ended 28 February 2021 |
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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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First Ranking LLP |
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General Information |
for the Year Ended 28 February 2021 |
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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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Monomark House |
27 Old Gloucester Street |
London |
WC1N 3AX |
First Ranking LLP (Registered number: OC425957) |
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Balance Sheet |
28 February 2021 |
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2021 | 2020 |
Notes | € | € | € | € |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO
MEMBERS |
1,249,945 |
585,098 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
8 |
1,249,945 |
585,098 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 1,249,945 | 585,098 |
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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. |
First Ranking LLP (Registered number: OC425957) |
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Balance Sheet - continued |
28 February 2021 |
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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 and authorised for issue on
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First Ranking LLP (Registered number: OC425957) |
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Notes to the Financial Statements |
for the Year Ended 28 February 2021 |
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1. | STATUTORY INFORMATION |
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First Ranking 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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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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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Vehicles - 10% on reducing balance |
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Investment property |
The investment property is revalued annually and is included in the Balance Sheet at its open market value. Any surplus or temporary deficit on revaluation is transferred to the revaluation reserve. Any permanent deficit on revaluation is charged to the Profit and Loss Account. |
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No depreciation is charged on the investment property. The property is not purchased for consumption but for investment and accordingly the members consider that in the circumstances systematic annual depreciation would be inappropriate. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was NIL (2020 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Motor |
vehicles |
€ |
COST |
Additions |
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At 28 February 2021 |
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DEPRECIATION |
Charge for year |
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At 28 February 2021 |
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NET BOOK VALUE |
At 28 February 2021 |
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First Ranking LLP (Registered number: OC425957) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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5. | INVESTMENT PROPERTY |
Total |
€ |
FAIR VALUE |
At 1 March 2020 |
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Additions |
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At 28 February 2021 |
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NET BOOK VALUE |
At 28 February 2021 |
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At 29 February 2020 |
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The investment property held by the company was an apartment purchased in December 2019 and is located at 511 Lote T Cinco. |
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During the year the company acquired additional properties including a holiday apartment in Lot T, San Anotonio and a house in lot 4, Foros De Savaterra. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
€ | € |
Trade debtors |
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Prepayments |
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Property deposit paid | 272,424 | 32,044 |
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The property deposit paid relates to the purchase of a house to be built at Lote E, Braga, Portugal. |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
€ | € |
Trade creditors |
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Accrued expenses |
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8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2021 | 2020 |
€ | € |
Loans from members | 7,563 | 5,982 |
Amounts owed to members in respect of profits | 1,242,382 | 579,116 |
1,249,945 | 585,098 |
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Falling due within one year | 1,249,945 | 585,098 |
First Ranking LLP (Registered number: OC425957) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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9. | CONTINGENT LIABILITIES |
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The company has entered into an agreement to purchase a property identified as Lot "E" Monte Redondo, Braga. The company has prepaid a deposit for the property however has not completed the agreement regarding purchase. |
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After the year end but prior to the date of signing of the financial statements the property purchase had been completed. |
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10. | RELATED PARTY DISCLOSURES |
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No transactions with related parties were undertaken such as are required to be disclosed under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', other than members' loans detailed above. |
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11. | POST BALANCE SHEET EVENTS |
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The effect of events relating to the year ended 28 February 2021, which occurred before the date of approval of the financial statements by the members, have been included to the extent required to show a true and fair view of the state of affairs at 28 February 2021 and of the results of the year ended on that date. |