|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 5 April 2021 |
|
for |
|
Adam Family Assets LLP |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 5 April 2021 |
|
for |
|
Adam Family Assets LLP |
Adam Family Assets LLP (Registered number: SO304433) |
|
Contents of the Financial Statements |
for the Year Ended 5 April 2021 |
|
|
|
|
|
|
|
|
|
|
Page |
|
General Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Adam Family Assets LLP |
|
General Information |
for the Year Ended 5 April 2021 |
|
|
|
|
|
|
|
DESIGNATED MEMBERS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
44 The Pantiles |
Tunbridge Wells |
Kent |
TN2 5TN |
Adam Family Assets LLP (Registered number: SO304433) |
|
Balance Sheet |
5 April 2021 |
|
5.4.21 | 5.4.20 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investments | 5 |
|
|
Investment property | 6 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 7 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO
MEMBERS |
10,574,008 |
6,887,173 |
|
LOANS AND OTHER DEBTS DUE TO
MEMBERS |
- |
- |
|
MEMBERS' OTHER INTERESTS |
Capital accounts | 10,574,008 | 6,887,173 |
10,574,008 | 6,887,173 |
|
TOTAL MEMBERS' INTERESTS |
Members' other interests | 10,574,008 | 6,887,173 |
|
|
|
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. |
Adam Family Assets LLP (Registered number: SO304433) |
|
Balance Sheet - continued |
5 April 2021 |
|
|
|
|
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. |
|
The financial statements were approved by the members of the LLP and authorised for issue on
|
|
|
|
|
|
|
Adam Family Assets LLP (Registered number: SO304433) |
|
Notes to the Financial Statements |
for the Year Ended 5 April 2021 |
|
|
1. | STATUTORY INFORMATION |
|
Adam Family Assets LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
The functional and presentational currency of the LLP is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated. |
|
Going concern |
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements. |
|
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. |
|
Other income |
Interest income, including income arising from finance leases and other financial instruments, is recognised using the effective interest method. Dividend and rental income is recognised when the right to receive payment is established. Rental income represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. |
|
Tangible fixed assets |
|
Land and buildings | - |
|
Plant and machinery etc | - |
|
|
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Adam Family Assets LLP (Registered number: SO304433) |
|
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2021 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
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. |
|
Other investments |
Other investments are shown at fair value or where fair value cannot be readily ascertained at cost less impairment. |
|
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
|
Financial instruments |
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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.Such assets are subsequently carried at amortised cost, using the effective interest rate method. |
|
Basic financial liabilities including trade and other payables 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
|
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. |
|
Provisions for liabilities |
Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. |
|
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
|
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
|
3. | EMPLOYEE INFORMATION |
|
The average number of employees during the year was NIL (2020 - NIL). |
Adam Family Assets LLP (Registered number: SO304433) |
|
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2021 |
|
|
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 6 April 2020 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) |
|
( |
) |
At 5 April 2021 |
|
|
|
DEPRECIATION |
At 6 April 2020 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) |
|
( |
) |
At 5 April 2021 |
|
|
|
NET BOOK VALUE |
At 5 April 2021 |
|
|
|
At 5 April 2020 |
|
|
|
|
Included in cost of land and buildings is freehold land of £ 810,000 (2020 - £ 810,000 ) which is not depreciated. |
|
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 6 April 2020 |
|
Disposals | ( |
) |
Revaluations |
|
At 5 April 2021 |
|
NET BOOK VALUE |
At 5 April 2021 |
|
At 5 April 2020 |
|
|
Cost or valuation at 5 April 2021 is represented by: |
|
Other |
investments |
£ |
Valuation in 2021 | 3,600,811 |
Cost | 1,438,259 |
5,039,070 |
Adam Family Assets LLP (Registered number: SO304433) |
|
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2021 |
|
|
5. | FIXED ASSET INVESTMENTS - continued |
|
Fixed asset investments are represented by listed investments and are disclosed at fair value. |
|
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 6 April 2020 |
and 5 April 2021 |
|
NET BOOK VALUE |
At 5 April 2021 |
|
At 5 April 2020 |
|
|
Investment property is shown at most recent valuation which was undertaken by Savills in April 2017 and the members believe the value to not be materially different from this. |
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5.4.21 | 5.4.20 |
£ | £ |
Other debtors |
|
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5.4.21 | 5.4.20 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Other creditors |
|
|
|
|