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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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LINNELL (PARKWOOD) LLP |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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LINNELL (PARKWOOD) LLP |
LINNELL (PARKWOOD) LLP (REGISTERED NUMBER: OC316548) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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General Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 5 |
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LINNELL (PARKWOOD) LLP |
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GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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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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Sterling House |
27 Hatchlands Road |
Redhill |
Surrey |
RH1 6RW |
LINNELL (PARKWOOD) LLP (REGISTERED NUMBER: OC316548) |
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BALANCE SHEET |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
6 |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
3,200,639 |
2,368,160 |
LINNELL (PARKWOOD) LLP (REGISTERED NUMBER: OC316548) |
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BALANCE SHEET - continued |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE
TO MEMBERS |
7 |
9,107,408 |
9,663,449 |
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MEMBERS' OTHER INTERESTS |
Other reserves | ( |
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3,200,639 | 2,368,160 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to
members |
7 |
9,107,408 |
9,663,449 |
Members' other interests | (5,906,769 | ) | (7,295,289 | ) |
3,200,639 | 2,368,160 |
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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. |
LINNELL (PARKWOOD) LLP (REGISTERED NUMBER: OC316548) |
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BALANCE SHEET - continued |
31 MARCH 2017 |
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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 on
were signed by: |
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LINNELL (PARKWOOD) LLP (REGISTERED NUMBER: OC316548) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Linnell (Parkwood) 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 represents rental income net of VAT. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit |
arising from changes in fair value is recognised in profit or loss. |
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Revenue recognition |
Rental income represents rents due for the period, calculated on an accruals basis. |
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Allocation of profits and drawings |
Proceeds from the sale of the investment property are allocated to Linnell Investments S.A., |
as a designated Member, and dealt with as described in the accounts of that company. |
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Taxation |
The taxation payable on the LLP's profits is a personal liability of the members during the |
period. |
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3. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2016 |
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Disposals | ( |
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Reversal of impairments | 1,189,863 |
At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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LINNELL (PARKWOOD) LLP (REGISTERED NUMBER: OC316548) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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3. | INVESTMENT PROPERTY - continued |
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The investment properties were valued on an open market basis by a firm of Independent |
Chartered Surveyors as at 4th May 2017. |
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On an historical cost basis these would have been included at an original cost of £4,746,704 |
(2016: £5,450,584). |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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The bank loan is secured by a first legal mortgage over the property of the limited liability |
partnership. |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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The bank loan is secured by a first legal mortgage over the property of the limited liability |
partnership. |
LINNELL (PARKWOOD) LLP (REGISTERED NUMBER: OC316548) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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Linnell (Parkwood) LLP's profits are allocated retrospectively to the Designated Member, |
Linnell Investments S.A. Accordingly, there is no automatic division of profits or losses |
among the members until the completion of the project, when profits or losses will be |
calculated in accordance with the partnership agreement. As a result, the balance of profits |
available for division among the members at the balance sheet date is included in members' |
other interests. |
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Members' other interests rank after unsecured creditors, and loans and other debts due to |
members rank pari passu with unsecured creditors in the event of winding up. The amount |
of capital Linnell Investments S.A. is required to subscribe is determined by the requirements |
of the project of the partnership and will only be withdrawn on completion of the project. |
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8. | CONTROL |
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Linnell Investments S.A. (incorporated in British Virgin Islands) is regarded by the members |
as being the LLP's ultimate parent company. |
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9. | TRANSACTIONS WITH MEMBERS |
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At 31 March 2017 Linnell Investments S.A., a Designated Member of the limited liability |
partnership, had provided interest free loans amounting to £9,107,408 (2016: £9,663,449). |
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At the year end the LLP was owed £138,916 (2016: £137,324) by Linnell Volume LLP, a |
fellow subsidiary. |