Spences Three LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC389788 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2018

for

Spences Three LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

A Newton

Mrs A Newton

REGISTERED OFFICE:

44-46 Old Steine

Brighton

East Sussex

BN1 1NH

REGISTERED NUMBER:

OC389788 (England and Wales)

CURRENT ASSETS

Stocks

-

1,792,750

Debtors

3

1,038

277,885

Cash at bank

15,218

3,798

16,256

2,074,433

CREDITORS

Amounts falling due within one year

4

19,466

2,158,589

NET CURRENT LIABILITIES

(3,210

)

(84,156

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET LIABILITIES ATTRIBUTABLE TO MEMBERS

(3,210

)

(84,156

)

LOANS AND OTHER DEBTS DUE TO MEMBERS

6

80,946

-

MEMBERS' OTHER INTERESTS

Capital accounts

1

1

Other reserves

(84,157

)

(84,157

)

(3,210

)

(84,156

)

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

6

80,946

-

Members' other interests

(84,156

)

(84,156

)

Amounts due from members

3

-

(275,751

)

(3,210

)

(359,907

)

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 May 2018.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 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 small LLPs.

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 15 March 2019 and were signed by:

A Newton - Designated member

1.	STATUTORY INFORMATION

Spences Three 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Other debtors

1,038

277,885

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Bank loans and overdrafts

-

1,139,810

Trade creditors

6,460

2,827

Taxation and social security

-

2,076

Other creditors

13,006

1,013,876

19,466

2,158,589

5.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.18

31.5.17

£

£

Bank loans

-

1,139,810

Loans

-

1,002,019

-

2,141,829

Security has been given by the LLP on the above liabilities.

6.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding

up.

There is no provision for specific legally enforceable protection afforded to creditors in such an event.

There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other

interests'.

7.	RELATED PARTY DISCLOSURES

During the year the LLP was charged £nil (2017 - £11,000) for management fees by Blue Sonic Ltd. Mr Newton is a

50% shareholder and director of Blue Sonic Ltd.

8.	ULTIMATE CONTROLLING PARTY

The controlling party is A Newton.