Shoreham Shop LLP,Ltd - AccountsLLP- Accounts
Shoreham Shop LLP,Ltd - AccountsLLP- Accounts
| Registered Number:OC328391 |
For the year ended 31 March 2020
England and Wales
Report of the Members and Unaudited Financial Statements
2
For the year ended 31 March 2020
Shoreham Shop LLP
Contents Page
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Statement of Financial Position
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Notes to the Financial Statements
3
| As at |
Shoreham Shop LLP
Statement of Financial Position
| Registered Number : |
2019
| £ |
| £ |
2020
| Notes |
| Fixed assets |
| Investments |
3
| Current assets |
| Trade and other receivables |
4
| Cash and cash equivalents |
| Trade and other payables: amounts falling due within one |
| year |
(945 )
(1,051 )
5
11,298
Net current assets
| Total assets less current liabilities |
Net assets attributable to members
| Represented by: |
| Loans and other debts due to members |
26,546
21,585
6
| Members' other interests |
| Members' capital |
440,000
440,000
440,000
440,000
| Total members' interests |
| Loans and other debts due to members |
26,546
21,585
6
| Members' other interests |
440,000
440,000
466,546
461,585
| (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. |
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For the year ended 31 March 2020
Shoreham Shop LLP
Statement of Financial Position Continued
These financial statements were approved by the members on 11 June 2020 and signed on their behalf by:
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For the year ended 31 March 2020
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 business activities of Shoreham Shop LLP only.
Basis of preparation
| The report and financial statements for the year ended 31 March 2020 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
Fixtures and fittings
Investment property
Financial Instruments at Fair Value
| The partnership enters into financial instrument 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 2020
Shoreham Shop LLP
Notes to the Financial Statements Continued
| 2. Property, plant and equipment |
| Fixtures and |
| fittings |
| £ |
| Cost or |
| valuation |
| At 01 April 2019 |
| At 31 March 2020 |
| Provision for depreciation and impairment |
| At 01 April 2019 |
| At 31 March 2020 |
| At 31 March 2020 |
| Net book value |
| At 31 March 2019 |
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For the year ended 31 March 2020
Shoreham Shop LLP
Notes to the Financial Statements Continued
| 3. Investments held as fixed assets |
| Other |
| investments - |
| unlisted |
450,287
| At 01 April 2019 |
| Total |
| Cost |
| £ |
| £ |
| At 31 March 2020 |
450,287
| Net book value |
| At 01 April 2019 |
| At 31 March 2020 |
450,287
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 2020 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 £9,989 |
| 4. Trade and other receivables |
2020
2019
| £ |
| £ |
| Other debtors |
| 5. Trade and other payables: amounts falling due within one year |
2019
2020
| £ |
| £ |
| Other creditors |
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For the year ended 31 March 2020
Shoreham Shop LLP
Notes to the Financial Statements Continued
| 6. Loans and other debts due to members |
2019
2020
| £ |
| £ |
| Loans from members |
26,546
21,585
26,546
21,585
| 7. Average number of persons employed |
During the year the average number of employees was 0 including salaried partners.
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