REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
FOR |
HASTINGS PROPERTY COMPANY LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
FOR |
HASTINGS PROPERTY COMPANY LLP |
HASTINGS PROPERTY COMPANY LLP (REGISTERED NUMBER: OC332059) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Accountants' Report | 7 |
HASTINGS PROPERTY COMPANY LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2018 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants & Business Advisers |
20 Havelock Road |
Hastings |
East Sussex |
TN34 1BP |
HASTINGS PROPERTY COMPANY LLP (REGISTERED NUMBER: OC332059) |
BALANCE SHEET |
31 MARCH 2018 |
31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
4,570,459 |
3,708,265 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
4,570,459 |
3,708,265 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 4,570,459 | 3,708,265 |
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. |
HASTINGS PROPERTY COMPANY LLP (REGISTERED NUMBER: OC332059) |
BALANCE SHEET - continued |
31 MARCH 2018 |
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 |
HASTINGS PROPERTY COMPANY LLP (REGISTERED NUMBER: OC332059) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
1. | STATUTORY INFORMATION |
Hastings Property Company 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 |
The date of transition was 1 April 2016. |
The members have made an assessment about the ability to continue as a going concern and they do not |
consider there to be any material uncertainties. As a result they have adopted the going concern basis of |
accounting. |
Turnover |
Turnover represents rent receivable excluding value added tax. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
Capital subscription and repayment |
The capital requirements of the partnership are determined from time to time by the Designated Members. The |
amount of capital subscribed by each member is linked to the earnings allocated to that member. No interest is |
paid on capital. |
Profit allocation |
The allocation of profits to those who were members during the year is made by unanimous vote of the |
Designated Members. |
During the year members draw sums as agreed by the Designated Members, taking into account the partnership's |
cash requirements for operating and investing activities. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2017 - NIL). |
HASTINGS PROPERTY COMPANY LLP (REGISTERED NUMBER: OC332059) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2017 |
and 31 March 2018 |
DEPRECIATION |
At 1 April 2017 |
Charge for year |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2017 |
and 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
Fair value at 31 March 2018 is represented by: |
£ |
Valuation in 2009 | 57,418 |
Valuation in 2010 | 427,019 |
Valuation in 2012 | 115,971 |
Valuation in 2017 | 1,605,749 |
Cost | 3,906,990 |
6,113,147 |
If Investment Property had not been revalued it would have been included at the following historical cost: |
31.3.18 | 31.3.17 |
£ | £ |
Cost | 3,906,990 | 3,906,990 |
Investment property was valued on an open market basis on 31 March 2017 by the designated members . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Trade debtors |
Other debtors |
HASTINGS PROPERTY COMPANY LLP (REGISTERED NUMBER: OC332059) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
Repayable by instalments |
Bank loans more 5 yr by instal |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.18 | 31.3.17 |
£ | £ |
Bank loans |
Loans are mortgages secured on individual properties held in Investment Property. The market value of |
properties held as security amounts to £6,113,147. |
10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
The amounts shown in 'Loans and other debts due to member's' would rank after other unsecured creditors in the |
event of a winding up. |
11. | RELATED PARTY DISCLOSURES |
There are no terms attached to the member loan accounts for the year. |
ACCOUNTANTS' REPORT TO THE MEMBERS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
HASTINGS PROPERTY COMPANY LLP |
The following reproduces the text of the report prepared for the members in respect of the LLP's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to |
file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary |
statements and the Report of the Members are not required to be filed with the Registrar of Companies. |
In accordance with our terms of engagement we have compiled the attached financial statements from the accounting |
records, information and explanations you have given to us. |
The financial statements have been compiled using the going concern and historical cost basis. It is not intended to |
achieve full compliance with the provisions of UK Generally Accepted Accounting Principles. |
This report is made to you, in accordance with the terms of our engagement. Our work has been undertaken so that we |
might compile the financial statements that we have been engaged to compile, report to you that we have done so, and |
state those matters that we have agreed to state to you in this report and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the person to whom this report is |
addressed for our work or for this report. |
We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered |
Accountants in England & Wales and have complied with the ethical guidance laid down by the Institute. |
You have approved the financial statements for the period described above, and have acknowledged your responsibility |
for them, for the appropriateness of the accounting basis and for providing all information and explanations necessary for |
their compilation. |
We have not verified the accuracy or completeness of the accounting records or information and explanations you have |
given to us and we do not, therefore, express any opinion on the financial statements. |
Chartered Accountants & Business Advisers |
20 Havelock Road |
Hastings |
East Sussex |
TN34 1BP |