Sovereign 2017 LLP - LLP accounts 22.3

REGISTERED NUMBER: OC416226 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

SOVEREIGN 2017 LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

D J Alcock

F H Whittaker

A C K Van Ryne

E A Whittaker

REGISTERED OFFICE:

Sovereign House

22 Shelley Road

WORTHING

West Sussex

BN11 1TU

REGISTERED NUMBER:

OC416226 (England and Wales)

ACCOUNTANTS:

Monetaire

Sovereign House

22 Shelley Road

WORTHING

West Sussex

BN11 1TU

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 rental income

DESIGNATED MEMBERS

The designated members during the year under review were:

D J Alcock

F H Whittaker

A C K Van Ryne

E A Whittaker

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £9,513 (2021 - £20,496 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

D J Alcock - Designated member

25 December 2022

TURNOVER

-

Administrative expenses

1,663

1,524

(1,663

)

(1,524

)

Other operating income

11,147

21,997

OPERATING PROFIT

9,484

20,473

Interest receivable and similar income

29

23

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

9,513

20,496

FIXED ASSETS

Tangible assets

4

700,000

CURRENT ASSETS

Debtors

5

74,781

59,000

Cash at bank

233,130

288,768

307,911

347,768

CREDITORS

Amounts falling due within one year

6

133,792

125,963

NET CURRENT ASSETS

174,119

221,805

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

874,119

921,805

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

874,119

921,805

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

874,119

921,805

Amounts due from members

5

(48,781

)

-

825,338

921,805

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 25 December 2022 and were signed by:

D J Alcock - Designated member

1.	STATUTORY INFORMATION

Sovereign 2017 LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

3.	EMPLOYEE INFORMATION

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

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 April 2021

and 31 March 2022

700,000

NET BOOK VALUE

At 31 March 2022

700,000

At 31 March 2021

700,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Amounts owed by participating interests

26,000

-

Other debtors

48,781

59,000

74,781

59,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Amounts owed to participating interests

-

42,017

Other creditors

133,792

83,946

133,792

125,963

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Repayment of members' loans would rank after all other creditors.