Wallace Retail LLP - LLP accounts 16.3
Wallace Retail LLP - LLP accounts 16.3
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2017 |
FOR |
WALLACE RETAIL LLP |
WALLACE RETAIL LLP (REGISTERED NUMBER: OC382522) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28TH FEBRUARY 2017 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
WALLACE RETAIL LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 28TH FEBRUARY 2017 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Cornelius House |
178-180 Church Road |
Hove |
East Sussex |
BN3 2DJ |
WALLACE RETAIL LLP (REGISTERED NUMBER: OC382522) |
REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 28TH FEBRUARY 2017 |
The members present their report with the financial statements of the LLP for the year ended 28th February 2017. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of property investment. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £45,405 (2016 - £46,185 profit). |
MEMBERS' INTERESTS |
ON BEHALF OF THE MEMBERS: |
WALLACE RETAIL LLP (REGISTERED NUMBER: OC382522) |
INCOME STATEMENT |
FOR THE YEAR ENDED 28TH FEBRUARY 2017 |
2017 | 2016 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING PROFIT and |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
WALLACE RETAIL LLP (REGISTERED NUMBER: OC382522) |
BALANCE SHEET |
28TH FEBRUARY 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 4 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
684,578 |
683,173 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
5 |
684,578 |
683,173 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 5 | 684,578 | 683,173 |
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 were approved by the members of the LLP on by: |
WALLACE RETAIL LLP (REGISTERED NUMBER: OC382522) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28TH FEBRUARY 2017 |
1. | STATUTORY INFORMATION |
Wallace Retail 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 |
Turnover |
Turnover represents rents received. |
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. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 29th February 2016 |
and 28th February 2017 |
NET BOOK VALUE |
At 28th February 2017 |
At 28th February 2016 |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
VAT | 1,841 | 1,691 |
Other creditors |
Accrued expenses |
5. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2017 | 2016 |
£ | £ |
Amounts owed to members in respect of profits | 684,578 | 683,173 |
Falling due within one year | 684,578 | 683,173 |