Scale Space LLP Filleted accounts for Companies House (small and micro)

Scale Space LLP Filleted accounts for Companies House (small and micro)

SCALE SPACE LLP - Company Information

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REGISTERED NUMBER: OC420795
Scale Space LLP
Filleted Financial Statements
31 March 2020
Scale Space LLP
Financial Statements
Year ended 31 March 2020
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Scale Space LLP
Statement of Financial Position
31 March 2020
2020
2019
Note
£
£
Fixed assets
Tangible assets
5
26,919,811
5,523,911
Current assets
Debtors
6
2,273,447
1,008,270
Cash at bank and in hand
3,161,398
1,839,620
------------
------------
5,434,845
2,847,890
Creditors: amounts falling due within one year
7
1,689,958
2,477,518
------------
------------
Net current assets
3,744,887
370,372
-------------
------------
Total assets less current liabilities
30,664,698
5,894,283
Creditors: amounts falling due after more than one year
8
20,325,691
3,064,862
-------------
------------
Net assets
10,339,007
2,829,421
-------------
------------
Represented by:
Loans and other debts due to members
Other amounts
9
10,339,007
2,829,421
-------------
------------
Members' other interests
Other reserves
–
–
-------------
------------
10,339,007
2,829,421
-------------
------------
Total members' interests
Loans and other debts due to members
9
10,339,007
2,829,421
Members' other interests
–
–
-------------
------------
10,339,007
2,829,421
-------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of income and retained earnings has not been delivered.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) regulations 2008) with respect to accounting records and the preparation of financial statements.
Scale Space LLP
Statement of Financial Position (continued)
31 March 2020
These financial statements were approved by the members and authorised for issue on 30 July 2020 , and are signed on their behalf by:
Accelerate Property Feeder Ltd
Designated Member
Registered number: OC420795
Scale Space LLP
Notes to the Financial Statements
Year ended 31 March 2020
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 1 Hammersmith Broadway, London, W6 9DL.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The LLP has assessed the impact of COVID-19 on the financial performance of the business for both this financial year and beyond. The LLP continues to be well funded, and has received further funding post-year end. Both equity and loan funding are in line with the LLP loan agreements currently in place. The primary project of the LLP, the construction of multiple commercial premises in White City, London has progressed well, and is nearing completion. Occupation of the primary building is expected to to start within a few months of the year end, and the LLP has signed agreements in place with 4 landlords, who will let sections of the building out to tenants. The LLP has a net asset position of £10 million and looking forward, the LLP expects to receive a steady stream of rental income over the duration of its lease. It is for these reasons the LLP is preparing its financial statements on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement.
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the income statement and are equity appropriations in the Statement of financial position.
Other amounts applied to members, for example interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
3 years straight line
Equipment
-
3 years straight line
Property under construction will be depreciation on completion over the remaining life on the lease which the property is built on.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Employee numbers
The average number of employees during the year amounted to Nil (2019: Nil).
5.
Tangible assets
Fixtures and fittings
Equipment
Property under construction
Total
£
£
£
£
Cost
At 1 April 2019
–
1,410
5,522,625
5,524,035
Additions
120,227
41,209
21,242,682
21,404,118
---------
--------
-------------
-------------
At 31 March 2020
120,227
42,619
26,765,307
26,928,153
---------
--------
-------------
-------------
Depreciation
At 1 April 2019
–
124
–
124
Charge for the year
2,079
6,139
–
8,218
---------
--------
-------------
-------------
At 31 March 2020
2,079
6,263
–
8,342
---------
--------
-------------
-------------
Carrying amount
At 31 March 2020
118,148
36,356
26,765,307
26,919,811
---------
--------
-------------
-------------
At 31 March 2019
–
1,286
5,522,625
5,523,911
---------
--------
-------------
-------------
6.
Debtors
2020
2019
£
£
Trade debtors
70,000
–
Other debtors
2,203,447
1,008,270
------------
------------
2,273,447
1,008,270
------------
------------
7. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
576,440
963,840
Other creditors
1,113,518
1,513,678
------------
------------
1,689,958
2,477,518
------------
------------
8. Creditors: amounts falling due after more than one year
2020
2019
£
£
Loans
20,325,691
3,064,862
-------------
------------
The balance of £20,325,691 (2019: £3,064,862) within loans is secured by way of fixed charge against the assets of the LLP.
9.
Loans and other debts due to members
2020
2019
£
£
Amounts owed to members in respect of profits
10,339,007
2,829,421
-------------
------------
10.
Operating lease commitments
The LLP has entered into a lease where it has a commitment to make rental payments to a break date of 14 March 2030, but with the expectation to make payments to the termination date of 13 March 2035. The amount payable is a fixed proportion of 6.7% on the rents receivable with no minimum amount. The LLP is currently in build stage of its project and has no commitments from future tenants. As a result no value can be attached to the future rents payable.
11.
Summary audit opinion
The auditor's report for the year dated 30 July 2020 was unqualified .
The senior statutory auditor was Andrew Collyer , for and on behalf of Burgess Hodgson LLP .
12.
Related party transactions
At the period end the LLP had trade creditor and trade debtor balances totalling £4,126 (2019: £57,946) and £70,000 (2019: £nil) respectively with companies associated by common control over a designated member. The LLP also had other debtor balances totalling £1,063,485 (2019: £nil) and other creditor balances of £64,479 (2019: £nil) with companies associated by common control over a designated member. At the period end the LLP had a loan creditor of £20,325,691 (2019: £3,064,862) owed to a company associated by control over a designated member.