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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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SUPPORTED OWNERSHIP LLP |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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FOR |
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SUPPORTED OWNERSHIP LLP |
SUPPORTED OWNERSHIP LLP (REGISTERED NUMBER: OC384721) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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General Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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SUPPORTED OWNERSHIP LLP |
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GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SUPPORTED OWNERSHIP LLP (REGISTERED NUMBER: OC384721) |
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BALANCE SHEET |
31 MARCH 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Cash at bank |
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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 |
965,729 |
1,449,507 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
5 |
35,728 |
46,829 |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 930,001 | 1,402,678 |
965,729 | 1,449,507 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 5 | 35,728 | 46,829 |
Members' other interests | 930,001 | 1,402,678 |
965,729 | 1,449,507 |
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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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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 Income Statement has not been delivered. |
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The financial statements were approved by the members of the LLP and authorised for issue on
signed by: |
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SUPPORTED OWNERSHIP LLP (REGISTERED NUMBER: OC384721) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Supported Ownership 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 |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability |
Partnerships. The financial statements have been prepared under the historical cost convention. |
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This is the first year in which the financial statements have been prepared under FRS 102 Section 1A. No |
restatement of opening balances at the date of transition was required in making the transition to FRS 102 |
Section 1A. The transition date was 1 April 2015. |
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The financial statements are prepared in Sterling (£). |
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The accounts are prepared on the going concern basis. The use of the going concern basis of accounting is |
appropriate because there are no material uncertainties related to events or conditions that may cast significant |
doubt about the ability of the company to continue as a going concern. |
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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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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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Trade and other debtors |
Trade and other debtors are measured at transaction price less any impairment unless the arrangement |
constitutes a financing transaction in which case the transaction is measured at the present value of the future |
receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are |
subsequently measured at amortised cost using the effective interest method less any impairment. |
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Trade and other creditors |
Trade and other creditors are measured at their transaction price unless the arrangement constitutes a |
financing transaction in which case the transaction is measured at present value of future payments discounted |
at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their |
transaction costs. They are subsequently measured at amortised cost using the effective interest method. |
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Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits |
with an original maturity date of three months or less. |
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Loans and other debts due to members |
In the event of a winding up, amounts in 'Loans and other debts due to members' (other than members' capital |
classified as debt) would rank equally alongside other creditors who are unsecured. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was NIL (2019 - NIL). |
SUPPORTED OWNERSHIP LLP (REGISTERED NUMBER: OC384721) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2019 |
and 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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In the event of a winding up, amounts in 'Loans and other debts due to members' (other than members' capital |
classified as debt) would rank equally alongside other creditors who are unsecured. |