REGISTERED NUMBER:
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AL&C LLP |
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REPORT OF THE MEMBERS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31 MARCH 2022 |
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REGISTERED NUMBER:
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AL&C LLP |
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REPORT OF THE MEMBERS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31 MARCH 2022 |
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AL&C LLP (REGISTERED NUMBER: OC367010) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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General Information | 1 |
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Report of the Members | 2 |
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Income Statement | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 5 |
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AL&C LLP |
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GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
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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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Ground Floor |
Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
AL&C LLP (REGISTERED NUMBER: OC367010) |
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REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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The members present their report with the financial statements of the LLP for the year ended 31 March 2022. |
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PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of the operation of an investment business for the purpose of acquiring, funding, operating, managing and holding as investments various properties. |
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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 £46,114 (2021 - £93,565 profit). |
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MEMBERS' INTERESTS |
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP. |
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Details of changes in the members' capital in the year ended 31 March 2022 are set out in the financial statements. |
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Profits are allocated and divided between members after finalisation of the financial statements. members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits distributed after the year, subject to the cash requirements of the business. |
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Members are required to make their own provisions for pensions and other benefits. |
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ON BEHALF OF THE MEMBERS: |
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AL&C LLP (REGISTERED NUMBER: OC367010) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2022 | 2021 |
£ | £ |
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TURNOVER |
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Administrative expenses |
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45,223 | 73,136 |
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Other operating income |
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OPERATING PROFIT |
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Interest receivable and similar income |
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PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
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AL&C LLP (REGISTERED NUMBER: OC367010) |
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BALANCE SHEET |
31 MARCH 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
2,702,908 |
2,695,453 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
8 |
2,702,908 |
2,695,453 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 2,702,908 | 2,695,453 |
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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. |
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The financial statements were approved by the members of the LLP and authorised for issue on
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AL&C LLP (REGISTERED NUMBER: OC367010) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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1. | STATUTORY INFORMATION |
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AL&C 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. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents rent receivable, and is accounted for on an accruals basis. All turnover is exclusive of VAT and trade discounts. |
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The turnover of the LLP is wholly attributable to the principal activities and arises entirely within the United Kingdom. |
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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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Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
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Debtors |
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. |
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Cash at bank and in hand |
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
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Creditors and provisions |
Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. |
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3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: |
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Valuation of Investment Properties |
The Members have considered the current valuation held in the financial statements and are satisfied that any difference in this valuation to current market value is not considered materially sufficient to adjust in these financial statements. |
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4. | EMPLOYEE INFORMATION |
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The average number of employees during the year was NIL (2021 - NIL). |
AL&C LLP (REGISTERED NUMBER: OC367010) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2021 |
and 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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The investment properties are currently held at cost valuation in Financial Statements. |
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The Members have considered the current valuation held in the financial statements and are satisfied that any difference in this valuation to current market value is not considered materially sufficient to adjust in these financial statements. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2022 | 2021 |
£ | £ |
Amounts owed to members in respect of profits | 37,908 | 30,453 |
Capital account | 2,665,000 | 2,665,000 |
2,702,908 | 2,695,453 |
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Falling due within one year | 2,702,908 | 2,695,453 |
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Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of winding up. There is no provision for specific legally enforceable protection afforded to creditors in such an event. There are no restrictions or limitations on the ability of the members to reduce the amount of Members' other interests |