Live Work Space (2011) LLP - LLP accounts 22.3

REGISTERED NUMBER: OC368110 (England and Wales)

Report of the Members and

Financial Statements

for the Year Ended 31 March 2022

for

LIVE WORK SPACE (2011) LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

Ambrian Investments Limited

Live Work Space Limited

REGISTERED OFFICE:

42 Lytton Road

Barnet

Hertfordshire

EN5 5BY

REGISTERED NUMBER:

OC368110 (England and Wales)

ACCOUNTANTS:

Jeff Lermer & Associates

Chartered Accountants

42 Lytton Road

Barnet

Hertfordshire

EN5 5BY

The members present their report with the financial statements of the LLP for the year ended 31 March 2022.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of property rental.

DESIGNATED MEMBERS

The designated members during the year under review were:

Ambrian Investments Limited

Live Work Space Limited

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £243,310 (2021 - £199,968 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

Ambrian Investments Limited - Designated member

18 November 2022

TURNOVER

418,809

403,553

Cost of sales

80,193

89,104

GROSS PROFIT

338,616

314,449

Administrative expenses

16,282

6,109

OPERATING PROFIT

322,334

308,340

Interest payable and similar expenses

79,024

108,372

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS'
REMUNERATION AND PROFIT
SHARES AVAILABLE FOR
DISCRETIONARY DIVISION
AMONG MEMBERS

243,310

199,968

FIXED ASSETS

Investment property

4

5,311,095

CURRENT ASSETS

Debtors

5

830

Cash at bank

443,245

112,566

444,075

113,396

CREDITORS

Amounts falling due within one year

6

36,510

15,239

NET CURRENT ASSETS

407,565

98,157

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,718,660

5,409,252

CREDITORS

Amounts falling due after more than
one year

7

4,698,449

4,632,351

NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,020,211

776,901

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

1,020,211

776,901

TOTAL MEMBERS' INTERESTS

Loans and other debts due to
members

8

1,020,211

776,901

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 2022.

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 18 November 2022 and were signed by:

Ambrian Investments Limited - Designated member

1.	STATUTORY INFORMATION

Live Work Space (2011) 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.

Turnover

Turnover represents income received from the rental of property. Rent is recognised in the accounts evenly over the rental agreement.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2021 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

and 31 March 2022

5,311,095

NET BOOK VALUE

At 31 March 2022

5,311,095

At 31 March 2021

5,311,095

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

Trade debtors

830

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

Other creditors

36,510

15,239

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

31.3.22

31.3.21

£

Other creditors

4,698,449

4,632,351

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank in pari pasu in relation to other creditors.