Limited Liability Partnership Registration No. OC404282 (England and Wales)
Londonewcastle (QP2) LLP
Annual report and unaudited financial statements
For the year ended 31 December 2020
Pages for filing with registrar
LONDONEWCASTLE (QP2) LLP
Londonewcastle (QP2) LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LONDONEWCASTLE (QP2) LLP
Londonewcastle (QP2) LLP
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Stocks
6,496,069
5,670,172
Debtors
3
210,552
228,384
Cash at bank and in hand
-
3,009
6,706,621
5,901,565
Creditors: amounts falling due within one year
4
(7,010,554)
(6,193,745)
Net current liabilities
(303,933)
(292,180)
Represented by:
Loans and other debts due to members within one year
6
Amounts due in respect of profits
(303,933)
(292,180)
Total members' interests
6
Loans and other debts due to members
(303,933)
(292,180)

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 December 2020 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 7 September 2022 and are signed on their behalf by:
07 September 2022
D M Barnett
Designated member
Limited Liability Partnership Registration No. OC404282
LONDONEWCASTLE (QP2) LLP
Londonewcastle (QP2) LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Limited liability partnership information

Londonewcastle (QP2) LLP is a limited liability partnership incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The members have received confirmation from the limited liability partnership's principal funder that they will continue to support the limited liability partnership to enable it to meet its day to day commitments for the foreseeable future. The financial statements do not include any adjustments that might result from the withdrawal of this support and the members are of the opinion that the going concern basis is therefore appropriate to the preparation of the financial statements

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

LONDONEWCASTLE (QP2) LLP
Londonewcastle (QP2) LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.5
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

 

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts due from related undertakings
203,602
177,481
Other debtors
6,950
50,903
210,552
228,384
Total debtors
210,552
228,384
4
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
364
-
Trade creditors
8,483
15,520
Other creditors
7,001,707
6,178,225
7,010,554
6,193,745
5
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

LONDONEWCASTLE (QP2) LLP
Londonewcastle (QP2) LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
6
Reconciliation of Members' Interests
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2020
£
£
£
Amounts due to members
(292,180)
Members' interests at 1 January 2020
(292,180)
(292,180)
(292,180)
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
(11,753)
(11,753)
(11,753)
Profit for the financial year available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
(303,933)
(303,933)
(303,933)
Members' interests at 31 December 2020
(303,933)
(303,933)
(303,933)
Amounts due to members
(303,933)
(303,933)
7
Events after the reporting date

As at the date of signing of these financial statements, the UK government has enacted emergency measures to reduce transmission of Coronavirus (COVID-19). The directors continue to monitor the situation and take steps to reduce the impact on operations and financial performance.

8
Related party transactions

During the year, the limited liability partnership incurred legal fees of £Nil (2019: £Nil) from London and Newcastle Capital Limited, a related party of one of the designated members of the LLP.

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