Myla Properties LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC403679 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

MYLA PROPERTIES LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mr A S Christofis

Myla Nominees Ltd

REGISTERED OFFICE:

1 Kings Avenue

London

N21 3NA

REGISTERED NUMBER:

OC403679 (England and Wales)

ACCOUNTANTS:

AGK Partners

Chartered Accountants

1 Kings Avenue

London

N21 3NA

BANKERS:

Metro Bank Plc

1 Southampton Row

London

WC1B 5HA

FIXED ASSETS

Investment property

3

2,310,000

2,044,768

CURRENT ASSETS

Debtors

4

458

629

Cash at bank

18,571

12,945

19,029

13,574

CREDITORS

Amounts falling due within one year

5

4,920

5,971

NET CURRENT ASSETS

14,109

7,603

TOTAL ASSETS LESS CURRENT LIABILITIES

2,324,109

2,052,371

CREDITORS

Amounts falling due after more than one year

6

1,497,806

1,503,823

NET ASSETS ATTRIBUTABLE TO MEMBERS

826,303

548,548

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

536,634

557,584

MEMBERS' OTHER INTERESTS

Other reserves

24,437

(9,036

)

Fair value reserve

10

265,232

-

826,303

548,548

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

536,634

557,584

Members' other interests

289,669

(9,036

)

826,303

548,548

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2019.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

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 on 11 December 2019 and were signed by:

Mr A S Christofis - Designated member

1.	STATUTORY INFORMATION

Myla Properties LLP is registered in England and Wales. The LLP's registered number and registered office

address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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 as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the LLP's accounting policies, the director is required to make judgements, estimates and

assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are

relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that

period. or in the period of the revision and future periods where the revision affects both current and future

periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue

Revenue represents the value of rental income chargeable in respect of the LLP's investment property.

Revenue is recognised evenly over the period of the rental agreement.

Investment property

Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the

purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet

date.

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.

Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term

deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid

investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of

changes in value.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible

preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit

or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised

in profit and loss.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

2,044,768

Revaluations

265,232

At 31 March 2019

2,310,000

NET BOOK VALUE

At 31 March 2019

2,310,000

At 31 March 2018

2,044,768

Fair value at 31 March 2019 is represented by:

£

Valuation in 2019

265,232

Cost

2,044,768

2,310,000

If investment property had not been revalued it would have been included at the following historical cost:

2019

2018

£

£

Cost

2,044,768

2,044,768

Investment property was valued on an open market basis on 31 March 2019 by the members .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

458

629

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

2,520

4,170

Other creditors

2,400

1,801

4,920

5,971

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans (see note 7)

1,497,806

1,503,823

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

1,497,806

1,503,823

7.

LOANS

An analysis of the maturity of loans is given below:

2019

2018

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

1,497,806

1,503,823

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

1,497,806

1,503,823

The bank loan is secured by way of fixed and floating charge on the properties and other assets of the LLP and

contains a negative pledge.

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2019

2018

£

£

Loans from members

536,634

557,584

Falling due within one year

536,634

557,584

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a

winding up.

10.

RESERVES

Fair

value

reserve

£

Movement in the year

265,232

At 31 March 2019

265,232