Shoreham Shop LLP,Ltd - AccountsLLP- Accounts

Shoreham Shop LLP,Ltd - AccountsLLP- Accounts

SHOREHAM SHOP LLP - Company Information

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2021-04-01 OC328391 2022-03-31 OC328391 2021-04-01 2022-03-31 OC328391 2021-03-31 OC328391 2020-04-01 2021-03-31 OC328391 uk-core:WithinOneYear 2021-03-31 OC328391 uk-core:WithinOneYear 2022-03-31 OC328391 uk-bus:PartnerLLP1 2021-04-01 2022-03-31 OC328391 uk-bus:PartnerLLP2 2021-04-01 2022-03-31 OC328391 uk-core:FurnitureFittings 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure OC328391 uk-bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 OC328391 uk-bus:FRS102 2021-04-01 2022-03-31 OC328391 uk-bus:FullAccounts 2021-04-01 2022-03-31 OC328391 uk-bus:LimitedLiabilityPartnershipLLP 2021-04-01 2022-03-31
Shoreham Shop LLP
Registered Number:OC328391
For the year ended 31 March 2022
England and Wales
Report of the Members and Unaudited Financial Statements
2
For the year ended 31 March 2022
Shoreham Shop LLP
Contents Page
1
Statement of Financial Position
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Notes to the Financial Statements
3
OC328391
Registered Number :
As at 31 March 2022
Shoreham Shop LLP
Statement of Financial Position
2021
£
£
2022
Notes
450,287
450,287
Investment property
4
450,287
450,287
Current assets
Trade and other receivables
144
494
5
13,561
16,813
Cash and cash equivalents
14,055
16,957
Trade and other payables: amounts falling due within one
year
(2,044)
(7,842)
6
14,913
6,213
Net current assets
Total assets less current liabilities
456,500
465,200
456,500
Net assets attributable to members
465,200
Represented by:
Loans and other debts due to members
16,500
25,200
7
Members' other interests
Members' capital
440,000
440,000
440,000
440,000
456,500
465,200
Total members' interests
Loans and other debts due to members
16,500
25,200
7
Members' other interests
440,000
440,000
456,500
465,200
For the year ended 31 March 2022 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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OC328391
Registered Number :
For the year ended 31 March 2022
Shoreham Shop LLP
Statement of Financial Position Continued
Mr P C KaschDesignated Member
Mr J R DinnisDesignated Member
These financial statements were approved by the members on 14 June 2022 and signed on their behalf by:
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5
For the year ended 31 March 2022
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 2022 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 most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is initially recognised in profit or loss account. These amounts are non distributable until such time as the property is sold and any gains crystallised.
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.
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 2022
Shoreham Shop LLP
Notes to the Financial Statements Continued
3. Property, plant and equipment
Fixtures and
fittings
£
Cost or
valuation
At 01 April 2021
3,437
At 31 March 2022
3,437
Provision for depreciation and impairment
At 01 April 2021
3,437
At 31 March 2022
3,437
At 31 March 2022
Net book value
-
At 31 March 2021
-
4. Investment property
Total
£
Fair value
At 01 April 2021
450,287
At 31 March 2022
450,287
Net book value
At 31 March 2022
450,287
At 31 March 2021
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 2022 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 1st January each year at the member's discretion, the lease commenced in July 2020 for one year and 24 days, 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 £5,603
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For the year ended 31 March 2022
Shoreham Shop LLP
Notes to the Financial Statements Continued
5. Trade and other receivables
2022
2021
£
£
Other debtors
494
144
6. Trade and other payables: amounts falling due within one year
2021
2022
£
£
Other creditors
7,842
2,044
7. Loans and other debts due to members
2021
2022
£
£
Loans from members
16,500
25,200
16,500
25,200
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'.
8. Average number of persons employed
During the year the average number of employees was 0 including salaried partners.
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