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REGISTERED NUMBER:
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126 GREAT NORTH ROAD LLP |
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REPORT OF THE MEMBERS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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REGISTERED NUMBER:
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126 GREAT NORTH ROAD LLP |
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REPORT OF THE MEMBERS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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126 GREAT NORTH ROAD LLP (REGISTERED NUMBER: OC367253) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2017 |
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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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Chartered Accountants' Report | 3 |
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Income Statement | 4 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 7 |
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Reconciliation of Equity | 10 |
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Reconciliation of Profit | 12 |
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126 GREAT NORTH ROAD 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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Chartered Accountants |
Weltech Centre |
Ridgeway |
Welwyn Garden City |
Hertfordshire |
AL7 2AA |
126 GREAT NORTH ROAD LLP (REGISTERED NUMBER: OC367253) |
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REPORT OF THE MEMBERS |
for the Year Ended 31 March 2017 |
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The members present their report with the financial statements of the LLP for the year ended 31 March 2017. |
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PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of property management and |
rental. |
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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 £110,067 (2016 - |
£631,743 profit). |
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MEMBERS' INTERESTS |
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ON BEHALF OF THE MEMBERS: |
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CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
126 GREAT NORTH ROAD LLP |
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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 126 Great North |
Road LLP for the year ended 31 March 2017 which comprise the Income Statement, Balance |
Sheet and the related notes from the LLP's accounting records and from information and |
explanations you have given us. |
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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. |
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This report is made solely to the members of 126 Great North Road 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 126 Great North Road LLP and state those matters that we have agreed to state to the members of 126 Great North Road 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 126 Great North Road LLP members, as a body, for our work or for this report. |
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It is your duty to ensure that 126 Great North Road 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 126 Great North Road LLP. You consider that 126 Great North Road LLP is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of 126 Great North Road 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. |
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Chartered Accountants |
Weltech Centre |
Ridgeway |
Welwyn Garden City |
Hertfordshire |
AL7 2AA |
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126 GREAT NORTH ROAD LLP (REGISTERED NUMBER: OC367253) |
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INCOME STATEMENT |
for the Year Ended 31 March 2017 |
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2017 | 2016 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses |
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34,796 | 32,846 |
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Gain/loss on revaluation of
investment property |
85,000 |
609,549 |
OPERATING PROFIT |
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Interest receivable and similar
income |
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119,806 | 642,399 |
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Interest payable and similar
expenses |
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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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126 GREAT NORTH ROAD LLP (REGISTERED NUMBER: OC367253) |
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BALANCE SHEET |
31 March 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
7 |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
848,794 |
757,115 |
126 GREAT NORTH ROAD LLP (REGISTERED NUMBER: OC367253) |
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BALANCE SHEET - continued |
31 March 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE
TO MEMBERS |
8 |
154,245 |
147,566 |
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MEMBERS' OTHER INTERESTS |
Revaluation reserve | 9 |
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848,794 | 757,115 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to
members |
8 |
154,245 |
147,566 |
Members' other interests | 694,549 | 609,549 |
848,794 | 757,115 |
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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 |
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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 on
were signed by: |
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126 GREAT NORTH ROAD LLP (REGISTERED NUMBER: OC367253) |
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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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126 Great North Road 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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Transition to Financial Reporting Standard 102 |
These financial statements are the first annual financial statements of the company prepared |
in accordance with Section 1A "Small Entities" of Financial Reporting Standard 102 "The |
Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS102). The |
first date at which this was applied was 1 April 2015. There is no effect on the accounting |
policies and the opening equity and profit for the prior year. |
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Turnover |
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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Turnover comprises revenue received by the company in respect of rent receivable, |
exclusive of Value Added Tax. Turnover is recognised based on the rental period which it |
relates to |
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Tangible fixed assets |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over |
the period of the lease. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was
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126 GREAT NORTH ROAD LLP (REGISTERED NUMBER: OC367253) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2017 |
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4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST OR VALUATION |
At 1 April 2016 |
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Revaluations |
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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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Cost or valuation at 31 March 2017 is represented by: |
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Freehold |
property |
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Valuation in 2016 | 609,549 |
Cost | 305,451 |
915,000 |
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The members revalued the property held in the company in accordance with FRS102 |
Section 1A to £1,000,000 (2016 - £915,000). |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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126 GREAT NORTH ROAD LLP (REGISTERED NUMBER: OC367253) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2017 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 134,803 | 144,394 |
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8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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Loans and other debts due to members rank equally with debts due to unsecured creditors |
in the event of a 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'. |
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9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2016 |
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Property revaluation | 85,000 |
At 31 March 2017 |
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126 GREAT NORTH ROAD LLP (REGISTERED NUMBER: OC367253) |
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RECONCILIATION OF EQUITY |
1 April 2015 |
(DATE OF TRANSITION TO FRS 102) |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
FIXED ASSETS |
Investment property | 299,501 |
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915,000 |
CURRENT ASSETS |
Debtors | - |
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6,263 |
Cash at bank | 5,355 |
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12,032 |
5,355 |
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18,295 |
CREDITORS |
Amounts falling due within one year | (36,239 | ) |
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(31,786 | ) |
NET CURRENT LIABILITIES | (30,884 | ) |
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(13,491 | ) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
268,617 |
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901,509 |
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CREDITORS |
Amounts falling due after more than
one year |
(153,399 |
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(144,394 |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
115,218 |
641,897 |
757,115 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
115,218 |
32,348 |
147,566 |
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MEMBERS' OTHER INTERESTS |
Revaluation reserve | - | 609,549 | 609,549 |
115,218 | 641,897 | 757,115 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to
members |
115,218 |
32,348 |
147,566 |
Members' other interests | - | 609,549 | 609,549 |
115,218 | 641,897 | 757,115 |
126 GREAT NORTH ROAD LLP (REGISTERED NUMBER: OC367253) |
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RECONCILIATION OF EQUITY - continued |
31 March 2016 |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
FIXED ASSETS |
Tangible assets | 305,451 |
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915,000 |
CURRENT ASSETS |
Debtors | 6,263 |
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6,263 |
Cash at bank | 12,032 |
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12,032 |
18,295 |
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18,295 |
CREDITORS |
Amounts falling due within one year | (31,786 | ) |
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(31,786 | ) |
NET CURRENT LIABILITIES | (13,491 | ) |
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(13,491 | ) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
291,960 |
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901,509 |
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CREDITORS |
Amounts falling due after more than
one year |
(144,394 |
) |
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(144,394 |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
147,566 |
609,549 |
757,115 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
147,566 |
- |
147,566 |
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MEMBERS' OTHER INTERESTS |
Revaluation reserve | - | 609,549 | 609,549 |
147,566 | 609,549 | 757,115 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to
members |
147,566 |
- |
147,566 |
Members' other interests | - | 609,549 | 609,549 |
147,566 | 609,549 | 757,115 |
126 GREAT NORTH ROAD LLP (REGISTERED NUMBER: OC367253) |
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RECONCILIATION OF PROFIT |
for the Year Ended 31 March 2016 |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
TURNOVER | 48,525 |
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48,525 |
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Administrative expenses | (15,679 | ) |
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(15,679 | ) |
Gain/loss on revaluation of
investment property |
- |
609,549 |
609,549 |
OPERATING PROFIT | 32,846 |
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642,395 |
Interest receivable and similar
income |
4 |
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4 |
Interest payable and similar
expenses |
(10,656 |
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(10,656 |
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PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
22,194 |
609,549 |
631,743 |