Timeboard Industrial Properties LLP - Accounts to registrar (filleted) - small 18.2

Timeboard Industrial Properties LLP - Accounts to registrar (filleted) - small 18.2

TIMEBOARD INDUSTRIAL PROPERTIES LLP - Company Information

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REGISTERED NUMBER: OC387063 (England and Wales)









Financial Statements

for the Year Ended 31 March 2019

for

Timeboard Industrial Properties LLP
Timeboard Industrial Properties LLP (Registered number: OC387063)






Contents of the Financial Statements
for the Year Ended 31 March 2019




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Timeboard Industrial Properties LLP

General Information
for the Year Ended 31 March 2019







DESIGNATED MEMBERS: Timebase Industrial Properties Limited
Timeblock Industrial Properties Limited





REGISTERED OFFICE: 28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: OC387063 (England and Wales)





AUDITORS: Parker Cavendish
Chartered Accountants
Statutory Auditors
28 Church Road
Stanmore
Middlesex
HA7 4XR
1
Timeboard Industrial Properties LLP (Registered number: OC387063)

Balance Sheet
31 March 2019

2019 2018
Notes £    £   
FIXED ASSETS
Investments 3 2,820,006 3,745,837
Investment property 4 9,035,000 6,506,467
11,855,006 10,252,304

CURRENT ASSETS
Debtors 5 513,994 517,114
Cash at bank 6,436,574 4,259,281
6,950,568 4,776,395
CREDITORS
Amounts falling due within one year 6 (153,329 ) (147,142 )
NET CURRENT ASSETS 6,797,239 4,629,253
TOTAL ASSETS LESS CURRENT
LIABILITIES
18,652,245
14,881,557

CREDITORS
Amounts falling due after more than one
year
7
(3,486,210
)
(3,486,210
)

PROVISIONS FOR LIABILITIES (700,670 ) (571,310 )
NET ASSETS ATTRIBUTABLE TO
MEMBERS
14,465,365
10,824,037

LOANS AND OTHER DEBTS DUE TO
MEMBERS
8
4,236,369
3,108,705

MEMBERS' OTHER INTERESTS
Capital accounts 6,587,000 6,587,000
Fair value reserve 9 3,641,996 1,128,332
14,465,365 10,824,037

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 4,236,369 3,108,705
Members' other interests 10,228,996 7,715,332
14,465,365 10,824,037

The notes form part of these financial statements

2 continued...
Timeboard Industrial Properties LLP (Registered number: OC387063)

Balance Sheet - continued
31 March 2019


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP on 17 December 2019 and were signed
by:




Timebase Industrial Properties Limited - Designated member




Timeblock Industrial Properties Limited - Designated member


The notes form part of these financial statements

3
Timeboard Industrial Properties LLP (Registered number: OC387063)

Notes to the Financial Statements
for the Year Ended 31 March 2019

1. STATUTORY INFORMATION

Timeboard Industrial Properties 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Timeboard Industrial Properties LLP as an
individual LLP and do not contain consolidated financial information as the parent of a group. The LLP
is exempt under Section 399 (2A) of the Companies Act 2006 as applied to LLPs by the Limited
Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008
from the requirement to prepare consolidated financial statements.

Related party exemption
The LLP has taken advantage of exemption in Financial Reporting Standard 102 not to disclose
related party transactions with wholly owned subsidiaries within the group.

Turnover
Income comprises rent receivable from investment properties net of value added tax and is recognised
on an accruals basis. Benefits provided to lessees in the form of rent free periods and capital
contributions are treated as a reduction in the overall return on the lease and are recognised on a
straight line basis over the full term of the lease.

Investments in subsidiaries and associates
Investments in subsidiary undertakings and associates are recognised at cost less permanent
impairment.

Investment property
Initial measurement
Investment properties are initially measured at cost.

Subsequent measurement
Investment properties are measured at fair value at each reporting date with changes in fair values
recognised in profit or loss. No depreciation is provided in respect of investment properties.

3. FIXED ASSET INVESTMENTS

2019 2018
£    £   
Shares in group undertakings 100 100
Participating interests 1,448,842 1,886,888
Loans to undertakings in which the LLP has
a participating interest
1,371,064
1,858,849
2,820,006 3,745,837

4 continued...
Timeboard Industrial Properties LLP (Registered number: OC387063)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2019

3. FIXED ASSET INVESTMENTS - continued

Additional information is as follows:
Interest
Shares in in
group associate
undertakings undertakings Totals
£    £    £   
COST
At 1 April 2018 100 2,911,460 2,911,560
Disposals - (455,088 ) (455,088 )
At 31 March 2019 100 2,456,372 2,456,472
PROVISIONS
At 1 April 2018 - 1,024,572 1,024,572

Provision written back - (17,042 ) (17,042 )
At 31 March 2019 - 1,007,530 1,007,530
NET BOOK VALUE
At 31 March 2019 100 1,448,842 1,448,942
At 31 March 2018 100 1,886,888 1,886,988
Loans to
associates
£   
At 1 April 2018 1,858,849
Repayment in year (497,734 )
Other movement 9,949
At 31 March 2019 1,371,064

Other movement shown above is a loan impairment write back.

The Interest in associates and Loans to associates represents a 20% holding in 3 property
investment Limited Partnerships established under Limited Partnerships (Jersey) Law 1994.

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2018 6,506,467
Additions 14,869
Revaluations 2,513,664
At 31 March 2019 9,035,000
NET BOOK VALUE
At 31 March 2019 9,035,000
At 31 March 2018 6,506,467

5 continued...
Timeboard Industrial Properties LLP (Registered number: OC387063)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2019

4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2019 is represented by:

£   
Valuation in 2015 653,314
Valuation in 2016 475,018
Valuation in 2019 2,513,664
Cost 5,393,004
9,035,000

If investment properties had not been revalued they would have been included at the following
historical cost:

2019 2018
£    £   
Cost 5,393,004 5,378,135

The investment properties were valued on an open market basis on 31 March 2019 by the members .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade debtors 6,110 5,819
Amounts owed by group undertakings 464,000 464,000
Other debtors - 20,639
VAT 5,409 1,583
Prepayments and accrued income 38,475 25,073
513,994 517,114

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade creditors 35,796 13,794
Other creditors 91,549 100,049
Accruals and deferred income 25,984 33,299
153,329 147,142

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2019 2018
£    £   
Other loans - 2-5 years 3,486,210 -
Other loans - 3,486,210
3,486,210 3,486,210

6 continued...
Timeboard Industrial Properties LLP (Registered number: OC387063)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2019

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2019 2018
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans - 3,486,210

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank pari passu with other unsecured creditors in the event of
a winding up of the LLP. There are no restrictions on the ability of the members to reduce the amount
of Members’ other interests.

9. RESERVES
Fair
value
reserve
£   
At 1 April 2018 1,128,332
Investment property
revaluation 2,513,664
At 31 March 2019 3,641,996

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Rashmin Shah (Senior Statutory Auditor)
for and on behalf of Parker Cavendish

11. CONTINGENT LIABILITIES

The LLP's partnership interests in the Limited Partnerships have been used as security in favour of a
lender for a loan to the Limited Partnership by way of a security agreement.

12. CAPITAL COMMITMENTS

At year end, the LLP had total uncalled commitments to the Limited Partnerships amounting to
£9,375,324.

13. APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and
submit returns to the tax authorities and assist with the preparation of the financial statements.

7