Registration number:
Elmsco Property Partnership LLP
for the period from 11 February 2021 to 5 April 2021
Elmsco Property Partnership LLP
Contents
Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Elmsco Property Partnership LLP
(Registration number: OC435499)
Balance Sheet as at 5 April 2021
Note |
5 April 2021 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
(9,990) |
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Members’ other interests |
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Members' capital classified as equity |
2,397,352 |
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Other reserves |
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2,405,780 |
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2,395,790 |
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Total members' interests |
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Loans and other debts due to members |
(9,990) |
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Equity |
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2,395,790 |
Members Statements:
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.
For the year ending 5 April 2021 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
Approved and authorised by the
Designated member
Elmsco Property Partnership LLP
Notes to the Financial Statements for the Period from 11 February 2021 to 5 April 2021
General information |
The place of registration of the limited liability partnership is England and Wales.
The address of the registered office is:
Accounting policies |
Basis of preparation
These financial statements were prepared using the historical cost convention and in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Limited Liability Partnership Act 2000.
The presentation currency is sterling.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the LLP's activities.
The LLP recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the LLP's activities.
Tax policies
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Investment properties
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.
Cash
Cash comprises cash on hand and all deposits.
Debtors
Trade debtors are amounts due from tenants for rent receivable and other associated letting fees in the ordinary course of the business.
Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the LLP will not be able to collect all amount due.
Elmsco Property Partnership LLP
Notes to the Financial Statements for the Period from 11 February 2021 to 5 April 2021 (continued)
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the partnership has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Members' interests
Profit shares are allocated on a discretionary basis in accordance with the LLP agreement and are therefore shown as 'profit available for discretionary division among members' in the profit and loss account and within an equity reserve, 'members' other interests', on the balance sheet.
All amounts due to members, including members capital, classified as liabilities are presented within Loans and other debts due to members in the balance sheet.
The capital requirements of the LLP are determined by the members and are reviewed regularly.
Drawings are treated as a repayment of capital introduced and payments on account of profit allocation. Any drawings in excess of capital account balances are set against a member’s equity share in accordance with the LLP agreement.
The Designated Members may at any time determine the profit share to be allocated to a member's capital account.
Profit shares which have not been allocated in respect of any Accounting Year shall be deemed to be allocated automatically and immediately upon the approval of the accounts.
Particulars of employees |
The average number of persons employed by the LLP during the period was
Investment property |
5 April 2021 |
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Additions at cost |
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At 5 April |
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The members have reviewed the market value of the properties using current market data for similar properties in the same areas and consider that there is no significant change at the balance sheet date.
Elmsco Property Partnership LLP
Notes to the Financial Statements for the Period from 11 February 2021 to 5 April 2021 (continued)
Debtors |
5 April 2021 |
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Prepayments and accrued income |
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4,394 |
Creditors: Amounts falling due within one year |
5 April 2021 |
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Bank loans |
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Other creditors |
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Accruals |
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Creditors include bank loans which are secured on the investment properties they relate to in the sum of £290,677.
Creditors: Amounts falling due after more than one year |
5 April 2021 |
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Bank loans |
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Creditors include bank loans which are secured on the investment properties they relate to in the sum of £288,972 and are repayable, other than by instalments, after more than five years.
Related party transactions |
Transactions with members |
The limited liability partnership has purchased an investment property portfolio from the members on 1 March 2021 at market value via a partnership agreement.