S & S Properties (Yorkshire) LLP - Period Ending 2021-03-31

S & S Properties (Yorkshire) LLP

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

S & S Properties (Yorkshire) LLP

(Registration number: OC334991)
Balance Sheet as at 31 March 2021

	Note	2021  £	2020  £
Fixed assets
Tangible assets	3	57,311	63,052
Investment property	4	1,850,178	1,850,178
		1,907,489	1,913,230
Current assets
Cash and short-term deposits		4,543	60,629
Creditors: Amounts falling due within one year	5	(10,860)	(102,930)
Net current liabilities		(6,317)	(42,301)
Total assets less current liabilities		1,901,172	1,870,929
Creditors: Amounts falling due after more than one year	6	-	(79,817)
Net assets attributable to members		1,901,172	1,791,112
Represented by:
Loans and other debts due to members
Money advanced to the LLP by the members by way of loan	7	238,588	238,588
Money owed to members by the LLP in respect of profits	7	1,254,808	1,144,748
		1,493,396	1,383,336
Equity
Members' capital classified as equity		407,776	407,776
		1,901,172	1,791,112
Total members' interests
Loans and other debts due to members		1,493,396	1,383,336
Members' other interests		407,776	407,776
		1,901,172	1,791,112

S & S Properties (Yorkshire) LLP

(Registration number: OC334991)
Balance Sheet as at 31 March 2021 (continued)

For the year ending 31 March 2021 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of S & S Properties (Yorkshire) LLP (registered number OC334991) were approved by the Board and authorised for issue on 23 August 2021. They were signed on behalf of the limited liability partnership by:

.........................................
J Riley
Designated member

S & S Properties (Yorkshire) LLP

Notes to the Financial Statements for the Year Ended 31 March 2021

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 disclosure and presentation requirements of Section 1A and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000.

The address of the registered office is:
West End Approach
Morley
Leeds
LS27 0NB

Registration number: OC334991

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The entity's functional and presentation currency is pound sterling.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of rents and service charges.

The entity recognises revenue when (the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

other taxes policy

Tangible fixed assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

S & S Properties (Yorkshire) LLP

Notes to the Financial Statements for the Year Ended 31 March 2021 (continued)

1	Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives.

If there is an indication that there has been a significant change in estimated useful life or residual value of an asset, the depreciation of that asset is revised prospectively to reflect the new expectations.

Depreciation is charged as follows:

Asset class	Depreciation method and rate
Plant and machinery	15 years straight line

Investment properties

Investment property is held at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in the profit or loss.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

S & S Properties (Yorkshire) LLP

Notes to the Financial Statements for the Year Ended 31 March 2021 (continued)

1	Accounting policies (continued)

Financial instruments



Financial assets
Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2	Members' remuneration

The average number of persons employed by the limited liability partnership during the year was 4 (2020 - 4).

S & S Properties (Yorkshire) LLP

Notes to the Financial Statements for the Year Ended 31 March 2021 (continued)

3	Tangible fixed assets

	Plant and machinery £
Cost
At 1 April 2020	86,112
At 31 March 2021	86,112
Depreciation
At 1 April 2020	23,060
Charge for the year	5,741
At 31 March 2021	28,801
Net book value
At 31 March 2021	57,311
At 31 March 2020	63,052

4	Investment property

	2021  £
At 1 April 2018	1,850,178
At 31 March 2019	1,850,178

S & S Properties (Yorkshire) LLP

Notes to the Financial Statements for the Year Ended 31 March 2021 (continued)

5	Creditors: Amounts falling due within one year

	2021  £	2020  £
Bank loans and overdrafts	-	91,393
Trade creditors	-	63
Other creditors	-	253
Accruals and deferred income	2,645	3,792
Taxation and social security	8,215	7,429
	10,860	102,930

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by way of fixed and floating charges over all the limited liability partnership's property and assets:

	2021  £	2020  £
Bank loan	-	91,393

6	Creditors: Amounts falling due after more than one year

	2021  £	2020  £
Bank loans and overdrafts	-	79,817

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by way of fixed and floating charges over all the limited liability partnership's property and assets:

	2021  £	2020  £
Bank loan	-	79,817

7	Loans and other debts due to members

	2021  £	2020  £
Money advanced to the LLP by the members by way of loan	238,588	238,588
Money owed to members by the LLP in respect of profits	1,254,808	1,144,748
	1,493,396	1,383,336

Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of winding up.

There are no restrictions or limitations existing on the ability of the members to reduce the amount of 'Members' other interests'.