Unity Street Investments LLP - Filleted accounts

Unity Street Investments LLP - Filleted accounts

UNITY STREET INVESTMENTS LLP - Company Information

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Registered number
OC350043
Unity Street Investments LLP
Unaudited Filleted Accounts
30 April 2018
Unity Street Investments LLP
Registered number: OC350043
Balance Sheet
as at 30 April 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 2 - 1,175,000
Current assets
Stocks 298,515 523,790
Debtors 3 316,092 15,048
Cash at bank and in hand 1,056,904 18,654
1,671,511 557,492
Creditors: amounts falling due within one year 4 (646,268) (746,739)
Net current assets/(liabilities) 1,025,243 (189,247)
Total assets less current liabilities 1,025,243 985,753
Creditors: amounts falling due after more than one year 5 - (379,771)
Net assets attributable to members 1,025,243 605,982
Represented by:
Loans and other debts due to members 6 1,025,243 307,946
Members' other interests
Revaluation reserve - 298,036
1,025,243 605,982
Total members' interests
Loans and other debts due to members 6 1,025,243 307,946
Members' other interests - 298,036
1,025,243 605,982
For the year ended 30 April 2018 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 28 January 2019 and signed on their behalf by:
Chartwell Limited
Designated member
Unity Street Investments LLP
Notes to the Accounts
for the year ended 30 April 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is not provided on freehold land.
Investments
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.
Stocks
Work in progress is valued at cost less foreseeable losses and includes financing costs. In respect of long term contracts, work in progress is valued by reference to the stage of completion at the balance sheet date only in instances where the profitablity on contracts for plots completed after the balance sheet date can be assessed with reasonable certainty.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Tangible fixed assets
Land and buildings
£
Cost
At 1 May 2017 1,175,000
Disposals (1,175,000)
At 30 April 2018 -
Depreciation
At 30 April 2018 -
Net book value
At 30 April 2018 -
At 30 April 2017 1,175,000
If investment property had not been revalued it would have been included at the following historical cost: £876,964.

Investment property was valued on an open market basis on 17th December 2010 by Debenham Tie Leung Ltd.
3 Debtors 2018 2017
£ £
Trade debtors 313,852 14,987
Other debtors 2,240 61
316,092 15,048
4 Creditors: amounts falling due within one year 2018 2017
£ £
Trade creditors 45,110 58,324
Other taxes and social security costs 486 8,774
Other creditors 600,672 679,641
646,268 746,739
A loan of £222,333 (2017: £280,000) included in other creditors is a secured debt. There is a legal charge dated 27 May 2011 securing all monies due or to become due from the LLP to Coutts & Company, secured over property owned by the LLP.
5 Creditors: amounts falling due after one year 2018 2017
£ £
Bank loans - 379,771
Analysis of loans
Not wholly repayable within five years by instalments 222,333 259,771
Wholly repayable within five years - 400,000
222,333 659,771
Included in current liabilities (222,333) (280,000)
Instalments not due within five years - 379,771
The bank loans of £379,771 are secured debts. There is a legal charge dated 21 December 2009 securing all monies due or to become due from the LLP to Coutts & Company, secured over the freehold property.
6 Loans and other debts due to members 2018 2017
£ £
Loans from members 1,025,243 307,946
Amounts falling due within one year 1,025,243 307,946
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Revaluation reserve 2018 2017
£ £
At 1 May 2017 298,036 298,036
Other movements (298,036) -
At 30 April 2018 - 298,036
8 Related party transactions
During the year designated member Chartwell Limited drew cash of £1,519,500 (2017: £350,100) and was allocated profits of £1,404,899 (2017: £265,910). At the year end, the total owed from the company was £175,666 (2017: £61,065).

During the year designated member Mr M Moody drew cash of £575,000 (2017: £260,000) and was allocated profits of £1,404,898 (2017: £265,911). At the year end, the total owed to Mr Moody was £1,198,909 (2017: £369,011).

During the year Mr S Westwell, sole director and shareholder of Chartwell Limited, received finance repayment totalling £9,687 (2017: finance provided £16,011). As at 30 April 2018, the balance owing from the LLP to Mr S Westwell was £323,370 (2017: £333,056) and is disclosed in other creditors.

Churchill Property Group Limited, a company which is under the sole control of Mr S Westwell, engaged on a series of transactions with the LLP. As at 30 April 2018, the balance owing from the LLP to Churchill Property Group Limited was £31,780 (2017: £15,797) and is disclosed in other creditors.
9 Controlling party
There is no ultimate controlling party, the LLP being owned in equal proportions by the two designated members.
10 Other information
Unity Street Investments LLP is a limited liability partnership incorporated in England. Its registered office is:
1 Waters Edge
Marlow Bridge Lane
Marlow
Bucks
SL7 1RJ
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