|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 5 April 2018 |
|
for |
|
Cloverleaf Residential 1 LLP |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 5 April 2018 |
|
for |
|
Cloverleaf Residential 1 LLP |
Cloverleaf Residential 1 LLP (Registered number: OC340339) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 5 April 2018 |
|
|
|
|
Page |
|
General Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Chartered Accountants' Report | 8 |
Cloverleaf Residential 1 LLP |
|
General Information |
for the Year Ended 5 April 2018 |
|
|
|
|
|
|
|
DESIGNATED MEMBERS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
8 Winmarleigh Street |
Warrington |
Cheshire |
WA1 1JW |
Cloverleaf Residential 1 LLP (Registered number: OC340339) |
|
Balance Sheet |
5 April 2018 |
|
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investment property | 5 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
and |
NET ASSETS ATTRIBUTABLE TO
MEMBERS |
832,148 |
809,217 |
|
LOANS AND OTHER DEBTS DUE TO
MEMBERS |
52,148 |
29,217 |
|
MEMBERS' OTHER INTERESTS |
Capital accounts | 780,000 | 780,000 |
832,148 | 809,217 |
|
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 52,148 | 29,217 |
Members' other interests | 780,000 | 780,000 |
832,148 | 809,217 |
|
|
|
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) |
|
Balance Sheet - continued |
5 April 2018 |
|
|
|
|
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 Statement of Comprehensive Income has not been delivered. |
|
The financial statements were approved by the members of the LLP on
|
|
|
|
|
|
|
|
|
|
|
|
Cloverleaf Residential 1 LLP (Registered number: OC340339) |
|
Notes to the Financial Statements |
for the Year Ended 5 April 2018 |
|
1. | STATUTORY INFORMATION |
|
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. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | STATEMENT OF COMPLIANCE |
|
|
|
3. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
These financial statements for the year ended 5th April 2017 are the first financial statements of Cloverleaf |
Residential LLP prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the |
UK and Republic of Ireland. The date of transition to FRS 102 was 6th April 2015. The reported financial |
position and financial performance for the previous period are not affected by the transition to FRS 102. |
|
Monetary amounts in these financial statements are rounded to the nearest £. |
|
The principal accounting policies adopted are set out below. |
|
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. |
|
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. |
|
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. |
|
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. |
|
Tangible fixed assets |
|
Fixtures and fittings | - |
|
|
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) |
|
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2018 |
|
3. | ACCOUNTING POLICIES - continued |
|
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. |
|
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. |
|
Financial instruments are recognised in the company's statement of financial position when the company |
becomes party to the contractual provisions of the instrument. |
|
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. |
|
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. |
|
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. |
|
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. |
|
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. |
|
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) |
|
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2018 |
|
3. | ACCOUNTING POLICIES - continued |
|
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. |
|
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
|
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. |
|
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
|
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. |
|
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. |
|
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are |
received. |
|
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. |
|
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. |
Cloverleaf Residential 1 LLP (Registered number: OC340339) |
|
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2018 |
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 6 April 2017 |
and 5 April 2018 |
|
DEPRECIATION |
At 6 April 2017 |
and 5 April 2018 |
|
NET BOOK VALUE |
At 5 April 2018 |
|
At 5 April 2017 |
|
|
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 6 April 2017 |
|
Disposals | ( |
) |
At 5 April 2018 |
|
NET BOOK VALUE |
At 5 April 2018 |
|
At 5 April 2017 |
|
|
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. |
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Accrued Income |
|
|
Prepayments |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Cloverleaf Residential 1 LLP |
|
The following reproduces the text of the report prepared for the members in respect of the LLP's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a |
Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary |
statements and the Report of the Members are not required to be filed with the Registrar of Companies. |
|
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs 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 Cloverleaf Residential 1 LLP for the year ended 5 April 2018 which comprise the |
Statement of Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
|
This report is made solely to the members of Cloverleaf Residential 1 LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cloverleaf Residential 1 LLP and state those matters that we have agreed to state to the members of Cloverleaf Residential 1 LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cloverleaf Residential 1 LLP and its members, as a body, for our work or for this report. |
|
It is your duty to ensure that Cloverleaf Residential 1 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 Cloverleaf Residential 1 LLP. You consider that Cloverleaf Residential 1 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 Cloverleaf Residential 1 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. |
|
|
|
|
|
|
|
Chartered Accountants |
8 Winmarleigh Street |
Warrington |
Cheshire |
WA1 1JW |
|
|
|