Edgware Road LLP Filleted accounts for Companies House (small and micro)

Edgware Road LLP Filleted accounts for Companies House (small and micro)

EDGWARE ROAD LLP - Company Information

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REGISTERED NUMBER: OC397267
Edgware Road LLP
Filleted Unaudited Financial Statements
5 April 2020
Edgware Road LLP
Statement of Financial Position
5 April 2020
2020
2019
Note
£
£
£
Fixed assets
Investment property
5
–
5,450,001
Current assets
Debtors
6
28,180
96,799
Cash at bank and in hand
12,613
16,832
--------
---------
40,793
113,631
Creditors: amounts falling due within one year
7
11,288
182,190
--------
---------
Net current assets/liabilities
29,505
68,559
--------
------------
Total assets less current liabilities
29,505
5,381,442
Creditors: amounts falling due after more than one year
8
–
1,357,513
--------
------------
Net assets
29,505
4,023,929
--------
------------
Represented by:
Loans and other debts due to members
Other amounts
10
29,505
4,023,929
--------
------------
Members' other interests
Other reserves
–
–
--------
------------
29,505
4,023,929
--------
------------
Total members' interests
Loans and other debts due to members
10
29,505
4,023,929
Members' other interests
–
–
--------
------------
29,505
4,023,929
--------
------------
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 comprehensive income has not been delivered.
For the year ending 5 April 2020 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 complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Edgware Road LLP
Statement of Financial Position (continued)
5 April 2020
These financial statements were approved by the members and authorised for issue on 23 March 2021 , and are signed on their behalf by:
Mrs S G Graham
Designated Member
Registered number: OC397267
Edgware Road LLP
Notes to the Financial Statements
Year ended 5 April 2020
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Hurst House, High Street, Ripley, Surrey, GU23 6AY, United Kingdom.
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 member's have considered the impact of Covid-19 on the company's trade and are of the opinion the company can continue to trade as a going concern.
Revenue recognition
Turnover represents the total amount receivable in the ordinary course of business from the rental of property. Rental income is accrued on a time basis, by reference to the agreements entered.
Taxation
Taxation on all the LLP's profits is solely the personal liability of individual members and is not dealt with in these financial statements.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 2 (2019: 2 ).
5.
Investment property
Investment property
£
Cost or valuation
At 6 April 2019
5,450,001
Additions
5,500
Disposals
( 5,455,501)
------------
At 5 April 2020
–
------------
Depreciation
At 6 April 2019 and 5 April 2020
–
------------
Carrying amount
At 5 April 2020
–
------------
At 5 April 2019
5,450,001
------------
Investment property was valued on an open market basis on 5 April 2019 by the members. Cost or valuation is represented by:
2020
£
Cost 2,640,518
Revaluations 2,814,983
------------
Valuation 5,455,501
------------
6.
Debtors
2020
2019
£
£
Trade debtors
24,294
82,261
Other debtors
3,886
14,538
--------
--------
28,180
96,799
--------
--------
7. Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
–
53,071
Trade creditors
–
24,429
Social security and other taxes
2,931
3,551
Other creditors
8,357
101,139
--------
---------
11,288
182,190
--------
---------
8. Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
–
1,357,513
----
------------
9.
Secured debts
Following the disposal of property all the secured debts were repaid in the year.
The 2019 comparative were as follows:
Bank loans - 2019: £1,410,586 (2018: £1,461,104)
The bank loans are secured over all monies due to the company and charged over freehold investment properties.
One loan is for a period of 5 years and matures on November 2020. The interest rate is 3.05% over the bank base rate. The carrying value at the balance sheet date is £921,886 (2018: £962,133)
The second loan is for a period of 4 years and matures on August 2020. The interest rate is 3.05% over the bank base rate. The carrying value at the balance sheet date is £113,355 (2018: £117,822)
The third loan is for a period of 4 years and matures on June 2020. The interest rate is 3.05% over the bank base rate. The carrying value at the balance sheet date is £158,345 (2018: £164,149)
The fourth loan is for a period 34 months and matures on July 2020. The interest rate is 3.05% over the bank base rate. The carrying value at the balance sheet date is £217,000 (2018: £217,000)
10.
Loans and other debts due to members
2020
2019
£
£
Amounts owed to members in respect of profits
29,505
4,023,929
--------
------------