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2018-04-01
Sage Accounts Production Advanced 2019 - FRS102_2014
785,000
785,000
785,000
xbrli:pure
xbrli:shares
iso4217:GBP
SO302755
2018-04-01
2019-03-31
SO302755
2019-03-31
SO302755
2018-03-31
SO302755
bus:RegisteredOffice
2018-04-01
2019-03-31
SO302755
bus:LeadAgentIfApplicable
2018-04-01
2019-03-31
SO302755
bus:Director1
2018-04-01
2019-03-31
SO302755
bus:Director2
2018-04-01
2019-03-31
SO302755
core:WithinOneYear
2019-03-31
SO302755
core:WithinOneYear
2018-03-31
SO302755
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-03-31
SO302755
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-03-31
SO302755
bus:SmallEntities
2018-04-01
2019-03-31
SO302755
bus:AuditExemptWithAccountantsReport
2018-04-01
2019-03-31
SO302755
bus:FullAccounts
2018-04-01
2019-03-31
SO302755
bus:SmallCompaniesRegimeForAccounts
2018-04-01
2019-03-31
SO302755
bus:LimitedLiabilityPartnershipLLP
2018-04-01
2019-03-31
REGISTERED NUMBER:
SO302755
Filleted Unaudited Financial Statements
|
|
Year ended 31 March 2019
Chartered accountants report to the members on the preparation of the unaudited statutory financial statements
|
2
|
|
|
Statement of financial position
|
3
|
|
|
Notes to the financial statements
|
5
|
|
|
Year ended 31 March 2019
The members present their report and the unaudited financial statements of the LLP for the year ended
31 March 2019
.
Principal activities
The principal activity of the company during the year was that of property rental.
Designated members
The designated members who served the LLP during the year were as follows:
Peleton Property Limited
|
|
M Williamson
|
|
|
|
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
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.
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. On retirement, capital is repaid to members.
This report was approved by the members on
18 December 2019
and signed on behalf of the members by:
M Williamson
Designated member
Registered office:
|
216 West George Street
|
Glasgow
|
G2 PQ
|
|
Chartered Accountants Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of
Hendry Investments LLP
|
|
Year ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Hendry Investments LLP for the year ended 31 March 2019, which comprise the statement of financial position and the related notes from the LLP's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the members of Hendry Investments LLP, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Hendry Investments LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hendry Investments LLP and its members, as a body, for our work or for this report.
It is your duty to ensure that Hendry 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 Hendry Investments LLP. You consider that Hendry 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 Hendry 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.
GILLILAND & COMPANY
Chartered Accountants
216 West George Street
Glasgow
G2 2PQ
18 December 2019
Statement of Financial Position
|
|
31 March 2019
Fixed assets
Tangible assets
|
4
|
|
785,000
|
785,000
|
|
|
|
|
|
Current assets
Cash at bank and in hand
|
14,073
|
|
9,529
|
|
|
|
|
Creditors: amounts falling due within one year
|
5
|
4,883
|
|
4,906
|
|
--------
|
|
-------
|
Net current assets
|
|
9,190
|
4,623
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
794,190
|
789,623
|
|
|
---------
|
---------
|
Net assets
|
|
794,190
|
789,623
|
|
|
---------
|
---------
|
|
|
|
|
|
Represented by:
Loans and other debts due to members
Other amounts
|
6
|
|
801,672
|
797,105
|
|
|
|
|
|
Members' other interests
Members' capital classified as equity
|
|
10,000
|
10,000
|
Revaluation reserve
|
|
(17,482)
|
(17,482)
|
Other reserves
|
|
–
|
–
|
|
|
---------
|
---------
|
|
|
794,190
|
789,623
|
|
|
---------
|
---------
|
|
|
|
|
Total members' interests
Loans and other debts due to members
|
6
|
|
801,672
|
797,105
|
Members' other interests
|
|
(7,482)
|
(7,482)
|
|
|
---------
|
---------
|
|
|
794,190
|
789,623
|
|
|
---------
|
---------
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 March 2019 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued)
|
|
31 March 2019
These financial statements were approved by the
members
and authorised for issue on
18 December 2019
, and are signed on their behalf by:
M Williamson
Designated Member
Registered number:
SO302755
Notes to the Financial Statements
|
|
Year ended 31 March 2019
The LLP is registered in United Kingdom. The address of the registered office is 216 West George Street, Glasgow, G2 PQ.
2.
|
Statement of compliance
|
|
|
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in January 2017 (SORP 2017).
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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).
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 Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
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.
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 statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
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 statement of comprehensive income and are equity appropriations in the statement of financial position.
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.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
|
Freehold property
|
|
£
|
Cost
|
|
At 1 April 2018 and 31 March 2019
|
785,000
|
|
---------
|
Depreciation
|
|
At 1 April 2018 and 31 March 2019
|
–
|
|
---------
|
Carrying amount
|
|
At 31 March 2019
|
785,000
|
|
---------
|
At 31 March 2018
|
785,000
|
|
---------
|
|
|
5.
Creditors:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Trade creditors
|
251
|
274
|
Social security and other taxes
|
3,967
|
3,967
|
Other creditors
|
665
|
665
|
|
-------
|
-------
|
|
4,883
|
4,906
|
|
-------
|
-------
|
|
|
|
6.
|
Loans and other debts due to members
|
|
|
|
2019
|
2018
|
|
£
|
£
|
Amounts owed to members in respect of profits
|
801,672
|
797,105
|
|
---------
|
---------
|
|
|
|