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SHOREHAM SHOP LLP - Company Information

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Shoreham Shop LLP

Registered Number:OC328391

For the year ended 31 March 2019

England and Wales

Report of the Members and Unaudited Financial Statements

For the year ended 31 March 2019

Shoreham Shop LLP

Contents Page

Statement of Financial Position

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Notes to the Financial Statements

As at 31 March 2019

Shoreham Shop LLP

Statement of Financial Position

Registered Number :

OC328391

2018

2019

Notes

Fixed assets

Investments

450,287

Current assets

Trade and other receivables

148

347

11,896

10,966

Cash and cash equivalents

12,243

11,114

Trade and other payables: amounts falling due within one

year

(960)

(945)

10,154

11,298

Net current assets

Total assets less current liabilities

461,585

460,441

461,585

Net assets attributable to members

460,441

Represented by:

Loans and other debts due to members

21,585

20,441

Members' other interests

Members' capital

440,000

461,585

460,441

Total members' interests

Loans and other debts due to members

21,585

20,441

Members' other interests

440,000

461,585

460,441

For the year ended 31 March 2019 the LLP 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 relating to small LLPs.

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 affair of the LLP as at the end of each

financial year and of its profit or loss for each 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

Liabilities Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to the

financial statements, so far as applicable to the LLP

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements are prepared in accordance with the provisions applicable to LLP's subject to the small LLP's regime.

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For the year ended 31 March 2019

Shoreham Shop LLP

Statement of Financial Position Continued

Mr P C KaschDesignated Member Director

Mr J R DinnisDesignated Member Director

These financial statements were approved by the members on 27 April 2019 and signed on their behalf by:

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For the year ended 31 March 2019

Shoreham Shop LLP

Notes to the Financial Statements

1. Accounting policies

Statutory Information

Shoreham Shop LLP is a limited liability partnership, domiciled in England and Wales, registration number

OC328391.

Registered address:

C/o Mr P Kasch

Filston Oast

Filston Lane

Shoreham, Kent

TN14 5JU

The presentation currency is £ sterling.

The financial statements relate to trading activities of Shoreham Shop LLP only. All figures included within the

financial statements are either rounded up or down to the nearest whole pound. Each financial statement is

presented with equal prominence.

Basis of preparation

The report and financial statements for the year ended 31 March 2019 have been prepared under the historical cost

convention and in accordance with the Section 1A of Financial Reporting Standard 102 'The Financial Reporting

Standard applicable in the UK and Republic of Ireland' and the Statement of Recommended Practice "Accounting by

Limited Liability Partnerships".

Depreciation of tangible fixed assets

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

25% Straight line

Fixtures and fittings

Investment property

Investment property is shown at fair value valuation with any aggregate surplus or deficit arising from changes in fair value being recognised within the fair value reserve.

2. Investment income

Rental income from operating leases is recongnised on a straight-line basis over the term of the relevant lease, unless the lease payments are structured to increase in line with expected general inflation. In which case the income is recognised as revenue in accordance with the expected payments. Rental income is included in other income.

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For the year ended 31 March 2019

Shoreham Shop LLP

Notes to the Financial Statements Continued

3. Property, plant and equipment

Fixtures and

fittings

Cost or

valuation

At 01 April 2018

3,437

At 31 March 2019

3,437

Provision for depreciation and impairment

At 01 April 2018

3,437

At 31 March 2019

3,437

At 31 March 2019

Net book value

At 31 March 2018

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For the year ended 31 March 2019

Shoreham Shop LLP

Notes to the Financial Statements Continued

4. Investments held as fixed assets

450,287

Other

investments -

unlisted

450,287

At 01 April 2018

Total

Cost

At 31 March 2019

450,287

Net book value

At 01 April 2018

At 31 March 2019

450,287

Included in cost of investment property is freehold land of £98,309 which is not depreciated.

The investment property consists of the following historical costs of £294,928 purchase price, and freehold

improvements of £57,050. These costs are not depreciated.

The investment property was valued at a fair market value basis in 2019 by a managing member of the LLP, who

has relevant investment management experience for over 40 years with commercial property. The valuation which

does not differ from the valuation at the end of the previous period, was arrived at by reference to market evidence of

transaction prices for similar properties, and its location and desirability was taken into account.

The partnership rents out the investment property under two operating leases. The flat lease is an assured shorthold

tenancy with the provision to increase rent annually on 31st December each year at the member's discretion, the

lease commenced in June 2017 for one year, followed by a month-by-month tenancy with two months termination

notice. The shop lease is on a five year fixed-term basis which commenced in September 2017 with no rental

increments.

The future minimum lease payments receivable of the properties are as follows:

Not later then one year £10,565

Later than one year and not later than five years £20,554

5. Trade and other receivables

2019

2018

Other debtors

347

148

6. Financial instruments at fair value

The partnership enters into financial instruments transactions that result in the recognition of financial assets and

liabilities like trade and other accounts receivable and payable.

Debt instruments that are payable or receivable within one year, typically trade payables and receivables, are

measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be

paid or received.

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For the year ended 31 March 2019

Shoreham Shop LLP

Notes to the Financial Statements Continued

7. Trade and other payables: amounts falling due within one year

2018

2019

Other creditors

945

960

8. Loans and other debts due to members

2018

2019

Loans from members

21,585

20,441

21,585

20,441

Loans from members are deemed to be short term loans repayable upon demand, all loans are not interest-bearing. In the event of winding up, loans from members rank after secured and other non-secured creditors. No restrictions or limitations exist on the ability of the members to reduce the amount of 'Members Other Interests'.

9. Average number of persons employed

During the year the average number of employees was 0

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