Registered number:
OC381492
Lipton Rogers Developments LLP
Report And Financial Statements
INFORMATION FOR FILING WITH THE REGISTRAR
31 March 2021
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Lipton Rogers Developments LLP
Registered number:
OC381492
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BALANCE SHEET
As at
31 March 2021
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Loans and other debts due to members within one year
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Other reserves classified as equity
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Loans and other debts due to members
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Lipton Rogers Developments LLP
Registered number:
OC381492
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BALANCE SHEET
(CONTINUED)
As at
31 March 2021
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by
:
The notes on pages 4 to 8 form part of these financial statements.
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Lipton Rogers Developments LLP
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RECONCILIATION OF MEMBERS' INTERESTS
For the Year Ended 31 March 2021
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Loss for the year available for discretionary division among members
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Members' interests after loss for the year
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Loss for the year available for discretionary division among members
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Members' interests after loss for the year
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The notes on pages 4 to 8 form part of these financial statements.
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
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Lipton Rogers Developments LLP
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NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2021
Lipton Rogers Developments LLP is a limited liability partnership incorporated in the UK and registered in England and Wales at 35 New Bridge Street, London, EC4V 6BW.
The LLP's principal activity is to provide property development services.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.
Turnover comprises revenue recognised by the LLP in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
LLP has taken advantage of the exemption in Section 1A FRS 102 from preparing a cash flow statement on the grounds that it is a small entity.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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Lipton Rogers Developments LLP
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NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2021
2.
Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
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Short-term leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The LLP does not trade in financial instruments and all such instruments arise directly from operations.
All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The LLP does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.
The LLP’s cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished. As the LLP only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.
The taxation payable on profits is the personal liability of the members.
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The average monthly number of employees, including directors, during the year was 9
(2020 -
11
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Lipton Rogers Developments LLP
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NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2021
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Short-term leasehold property
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Charge for the year on owned assets
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Prepayments and accrued income
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Lipton Rogers Developments LLP
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NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2021
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Bank loans comprise a Bounce Back loan of £50,000 repayable in 60 monthly instalments commencing 3 October 2021. The loan incurs interest at a rate of 2.5%.
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Lipton Rogers Developments LLP
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NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2021
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £53,876 (2020 - £96,018). Contributions totalling £nil (2020 - £nil) were payable to the fund at the balance sheet date.
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Commitments under operating leases
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At 31 March 2021 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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