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Report of the Members and |
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Unaudited Financial Statements for the Year Ended 5 April 2020 |
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Cloverleaf Residential 1 LLP |
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REGISTERED NUMBER:
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Report of the Members and |
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Unaudited Financial Statements for the Year Ended 5 April 2020 |
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for |
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Cloverleaf Residential 1 LLP |
Cloverleaf Residential 1 LLP (Registered number: OC340339) |
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Contents of the Financial Statements |
for the Year Ended 5 April 2020 |
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Page |
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General Information | 1 |
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Report of the Members | 2 |
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Statement of Comprehensive Income | 3 |
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Balance Sheet | 4 |
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Reconciliation of Members' Interests | 6 |
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Notes to the Financial Statements | 8 |
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Cloverleaf Residential 1 LLP |
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General Information |
for the Year Ended 5 April 2020 |
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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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Chartered Accountants |
8 Winmarleigh Street |
Warrington |
Cheshire |
WA1 1JW |
Cloverleaf Residential 1 LLP (Registered number: OC340339) |
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Report of the Members |
for the Year Ended 5 April 2020 |
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The members present their report with the financial statements of the LLP for the year ended 5 April 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of letting and maintenance of property. |
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DESIGNATED MEMBERS |
The designated members during the year under review were: |
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RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £21,228 (2019 - £13,236 profit). |
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MEMBERS' INTERESTS |
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ON BEHALF OF THE MEMBERS: |
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Cloverleaf Residential 1 LLP (Registered number: OC340339) |
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Statement of Comprehensive Income |
for the Year Ended 5 April 2020 |
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5.4.20 | 5.4.19 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses |
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OPERATING PROFIT and |
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
21,228 |
13,236 |
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PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
21,228 |
13,236 |
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Members' remuneration charged as an
expense |
6 |
(21,228 |
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(13,236 |
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PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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Cloverleaf Residential 1 LLP (Registered number: OC340339) |
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Balance Sheet |
5 April 2020 |
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5.4.20 | 5.4.19 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
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Investment property | 8 |
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CURRENT ASSETS |
Debtors | 9 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 10 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
418,351 |
546,223 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
88,351 |
66,223 |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 330,000 | 480,000 |
418,351 | 546,223 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 88,351 | 66,223 |
Members' other interests | 330,000 | 480,000 |
418,351 | 546,223 |
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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. |
Cloverleaf Residential 1 LLP (Registered number: OC340339) |
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Balance Sheet - continued |
5 April 2020 |
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The financial statements were approved by the members of the LLP and authorised for issue on
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Cloverleaf Residential 1 LLP (Registered number: OC340339) |
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Reconciliation of Members' Interests |
for the Year Ended 5 April 2020 |
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EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 6 April 2019 | 480,000 | - | 480,000 |
Members' remuneration charged as an expense,
including employment and retirement benefit costs |
- |
- |
- |
Profit for the financial year available for
discretionary division among members |
- |
- |
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Members' interests after profit for the year | 480,000 | - | 480,000 |
Introduced by members | - | - | - |
Repayments of capital | (150,000 | ) | - | (150,000 | ) |
Balance at 5 April 2020 | 330,000 | - | 330,000 |
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DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 66,223 |
Amount due from members | - |
Balance at 6 April 2019 | 66,223 | 546,223 |
Members' remuneration charged as an expense,
including employment and retirement benefit costs |
21,228 |
21,228 |
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Profit for the financial year available for
discretionary division among members |
- |
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Members' interests after profit for the year | 87,451 | 567,451 |
Introduced by members | 900 | 900 |
Repayments of capital | - | (150,000 | ) |
Amount due to members | 88,351 |
Amount due from members | - |
Balance at 5 April 2020 | 88,351 | 418,351 |
Cloverleaf Residential 1 LLP (Registered number: OC340339) |
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Reconciliation of Members' Interests |
for the Year Ended 5 April 2020 |
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EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 6 April 2018 | 780,000 | - | 780,000 |
Members' remuneration charged as an expense,
including employment and retirement benefit costs |
- |
- |
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Profit for the financial year available for
discretionary division among members |
- |
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Members' interests after profit for the year | 780,000 | - | 780,000 |
Introduced by members | - | - | - |
Repayments of capital | (300,000 | ) | - | (300,000 | ) |
Balance at 5 April 2019 | 480,000 | - | 480,000 |
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DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 52,148 |
Amount due from members | - |
Balance at 6 April 2018 | 52,148 | 832,148 |
Members' remuneration charged as an expense,
including employment and retirement benefit costs |
13,236 |
13,236 |
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Profit for the financial year available for
discretionary division among members |
- |
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Members' interests after profit for the year | 65,384 | 845,384 |
Introduced by members | 839 | 839 |
Repayments of capital | - | (300,000 | ) |
Amount due to members | 66,223 |
Amount due from members | - |
Balance at 5 April 2019 | 66,223 | 546,223 |
Cloverleaf Residential 1 LLP (Registered number: OC340339) |
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Notes to the Financial Statements - continued |
for the Year Ended 5 April 2020 |
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1. | STATUTORY INFORMATION |
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Cloverleaf Residential 1 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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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Monetary amounts in these financial statements are rounded to the nearest £. |
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The principal accounting policies adopted are set out below. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
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Revenue recognition |
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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Revenue is measured as the fair value of consideration received or receivable and represents amounts receivable for goods and services provided including rental income on properties in the normal course of business. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Investment properties |
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. |
Cloverleaf Residential 1 LLP (Registered number: OC340339) |
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Notes to the Financial Statements - continued |
for the Year Ended 5 April 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforcible right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the net asset and settle the liability simultaneously. |
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Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
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Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
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Impairment of financial assets |
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss. |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Cloverleaf Residential 1 LLP (Registered number: OC340339) |
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Notes to the Financial Statements - continued |
for the Year Ended 5 April 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
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Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
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Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
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The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
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Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
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Provisions |
A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at the current time value of money. |
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4. | EMPLOYEE INFORMATION |
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The average number of employees during the year was
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5. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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5.4.20 | 5.4.19 |
£ | £ |
Depreciation - owned assets |
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Cloverleaf Residential 1 LLP (Registered number: OC340339) |
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Notes to the Financial Statements - continued |
for the Year Ended 5 April 2020 |
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6. | INFORMATION IN RELATION TO MEMBERS |
5.4.20 | 5.4.19 |
£ | £ |
Members' remuneration charged as an expense |
Automatic division of profit | 21,228 | 13,236 |
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7. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 6 April 2019 |
and 5 April 2020 |
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DEPRECIATION |
At 6 April 2019 |
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Charge for year |
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At 5 April 2020 |
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NET BOOK VALUE |
At 5 April 2020 |
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At 5 April 2019 |
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8. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 6 April 2019 |
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Disposals | ( |
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At 5 April 2020 |
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NET BOOK VALUE |
At 5 April 2020 |
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At 5 April 2019 |
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The partners reviewed the carrying value of the residential property portfolio acquired during the financial period at the period end date and they are of the opinion that the carrying value matches the current market value. Therefore no property valuation adjustments are reflected in these financial statements. |
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9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5.4.20 | 5.4.19 |
£ | £ |
Accrued Income |
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Prepayments |
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Cloverleaf Residential 1 LLP (Registered number: OC340339) |
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Notes to the Financial Statements - continued |
for the Year Ended 5 April 2020 |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5.4.20 | 5.4.19 |
£ | £ |
Other creditors |
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Accruals and deferred income |
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