Shoreham Shop LLP,Ltd - AccountsLLP- Accounts

Shoreham Shop LLP,Ltd - AccountsLLP- Accounts

SHOREHAM SHOP LLP - Company Information

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2017-04-01 OC328391 2018-03-31 OC328391 2017-04-01 2018-03-31 OC328391 2017-03-31 OC328391 2016-04-01 2017-03-31 OC328391 uk-core:WithinOneYear 2017-03-31 OC328391 uk-core:WithinOneYear 2018-03-31 OC328391 uk-bus:PartnerLLP1 2017-04-01 2018-03-31 OC328391 uk-bus:PartnerLLP2 2017-04-01 2018-03-31 OC328391 uk-core:FurnitureFittings 2017-04-01 2018-03-31 OC328391 uk-core:CostValuation 2017-03-31 OC328391 uk-core:CostValuation 2018-03-31 iso4217:GBP OC328391 uk-bus:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 OC328391 uk-bus:FRS102 2017-04-01 2018-03-31 OC328391 uk-bus:FullAccounts 2017-04-01 2018-03-31 OC328391 uk-bus:LimitedLiabilityPartnershipLLP 2017-04-01 2018-03-31
Shoreham Shop LLP
Registered Number:OC328391
For the year ended 31 March 2018
England and Wales
Report of the Members and Unaudited Financial Statements
2
For the year ended 31 March 2018
Shoreham Shop LLP
Contents Page
1 to 2
Statement of Financial Position
3 to 6
Notes to the Financial Statements
3
As at 31 March 2018
Shoreham Shop LLP
Statement of Financial Position
Registered Number :
OC328391
2017
£
£
2018
Notes
Fixed assets
Investments
450,287
450,287
5
450,287
450,287
Current assets
Trade and other receivables
570
148
6
10,966
13,265
Cash and cash equivalents
11,114
13,835
Trade and other payables: amounts falling due within one
year
(960)
(960)
7
12,875
10,154
Net current assets
Total assets less current liabilities
460,441
463,162
460,441
Net assets attributable to members
463,162
Represented by:
Loans and other debts due to members
20,441
23,162
8
Members' other interests
Members' capital
440,000
440,000
440,000
440,000
460,441
463,162
Total members' interests
Loans and other debts due to members
20,441
23,162
8
Members' other interests
440,000
440,000
460,441
463,162
For the year ended 31 March 2018 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.
These financial statements have been prepared in accordance with the provisions of Part 15 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 small LLPs and with Section 1A of Financial Reporting Standard 102 (effective 1 January 2015).
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4
For the year ended 31 March 2018
Shoreham Shop LLP
Statement of Financial Position Continued
Mr P C KaschDesignated Member Director
Mr J R DinnisDesignated Member Director
These financial statements were approved by the members on 13 June 2018 and signed on their behalf by:
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5
For the year ended 31 March 2018
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 trading activities of Shoreham Shop LLP only.
All figures included within the financial statements are either rounded up or down to the nearest whole pound.
Each financial statement is presented with equal prominence.
Basis of preparation
The report and financial statements for the year ended 31 March 2018 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 fair value valuation with any aggregate surplus or deficit arising from changes in fair value being recognised within the fair value reserve.
2. Investment income
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease unless the lease payments are structures to increase in line with the 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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6
For the year ended 31 March 2018
Shoreham Shop LLP
Notes to the Financial Statements Continued
3. Property, plant and equipment
Fixtures and
fittings
£
Cost or
valuation
At 01 April 2017
3,437
At 31 March 2018
3,437
Provision for depreciation and impairment
At 01 April 2017
3,437
At 31 March 2018
3,437
At 31 March 2018
Net book value
-
At 31 March 2017
-
4. Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in fair value reserves in the period in which they arise.
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7
For the year ended 31 March 2018
Shoreham Shop LLP
Notes to the Financial Statements Continued
5. Investments held as fixed assets
450,287
Other
investments -
unlisted
450,287
At 01 April 2017
Total
Cost
£
£
At 31 March 2018
450,287
450,287
Net book value
At 01 April 2017
At 31 March 2018
450,287
450,287
450,287
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 £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 2018 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 reporting period, was arrived at by reference to market
evidence of transaction prices for similar properties and its location and desirability was also taken into account.
The partnership rents out the investment property under two operating leases. The flat lease is an assured short
hold tenancy with the provision to increase rent annually on the 31 December each year at the members discretion,
the lease commenced in June 2017 for one year, followed by a month by month tenancy with two month 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 than one year £13,655
Later than one year and not later than five years £29,059
6. Trade and other receivables
2018
2017
£
£
Other debtors
148
570
7. Trade and other payables: amounts falling due within one year
2017
2018
£
£
Other creditors
960
960
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8
For the year ended 31 March 2018
Shoreham Shop LLP
Notes to the Financial Statements Continued
8. Loans and other debts due to members
2017
2018
£
£
Loans from members
20,441
23,162
20,441
23,162
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'.
9. Average number of persons employed
During the year the average number of employees was 0
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