General Information
TLM FELTHAM LLP is a limited liability partnership, registered in England and Wales, registration number OC438996, registration address 22 Gilbert Street, London, W1K 5EJ.
The presentation currency is £ sterling.
1. |
Accounting policies
Significant accounting policies
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)
Going concern basis
As at the date of signing these accounts, the partnership has not been impacted by the effects of the COVID-19 pandemic. Due to the current and forecasted high demand for light industrial unit, the Members do not expect to be significantly impacted in the near future, however the Members have made plans to carry higher reserves than usual.
Accounting period
The Financial Statements are presented for the period from 3rd September 2021 to 31st March 2022, therefore less than 12 months.
Because this is the first accounting period, there is no comparable available.
Turnover
Turnover represents the amounts receivable for property rental services. Turnover is recognised in the period to which the properties are rented, and is shown net of VAT.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Judgements and key sources of estimation uncertainty
In the application of the limited liability partnerships 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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of Investment Property
The investment property is shown in the accounts at cost which is considered to be its fair value. This value is determined to be the value that could be achieved if the property was sold at the period end. The valuation has been determined by the members based on their knowledge of the industry and all the information available to them at the time.
Financial instruments
The limited liability partnership has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments. Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets Financial assets, other than those held at fair value through profit and loss , are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A mounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Other financial liabilities Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities Financial liabilities are derecognised when the limited liability partnership s obligations expire or are discharged or cancelled.
|
2. |
Average number of employees
Average number of employees during the period was 0.
|
3. |
Tangible fixed assets
Cost or valuation |
Land and Buildings |
|
Total |
|
£ |
|
£ |
At 03 September 2021 |
- |
|
- |
Additions |
20,036,684 |
|
20,036,684 |
Disposals |
- |
|
- |
At 31 March 2022 |
20,036,684 |
|
20,036,684 |
Depreciation |
At 03 September 2021 |
- |
|
- |
Charge for period |
- |
|
- |
On disposals |
- |
|
- |
At 31 March 2022 |
- |
|
- |
Net book values |
Closing balance as at 31 March 2022 |
20,036,684 |
|
20,036,684 |
Opening balance as at 03 September 2021 |
- |
|
- |
|
4. |
Members' Interests
|
Members' capital |
|
Other reserves |
|
Total |
|
Loans and other debts due to members less any amounts due from members included in debtors |
|
Total |
|
Profit for the period available for discretionary division among members |
0 |
|
102,397 |
|
102,397 |
|
0 |
|
102,397 |
Members' interests after profit for the period |
0 |
|
102,397 |
|
102,397 |
|
0 |
|
102,397 |
Introduced by members |
10,000 |
|
0 |
|
10,000 |
|
9,390,940 |
|
9,400,940 |
Balance at 31 March 2022 |
10,000 |
|
102,397 |
|
112,397 |
|
9,390,940 |
|
9,503,337 |
|
|
3
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