Reed Insulation LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SO301257 (Scotland)

Financial Statements for the Year Ended 31 March 2019

for

Reed Insulation LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

L Reed

Mrs L Burns

Mrs S Cameron

Mrs. D M Reed

A A Burns

REGISTERED OFFICE:

Unit 2

Riverside Court

Cupar

Fife

KY15 5JY

REGISTERED NUMBER:

SO301257 (Scotland)

ACCOUNTANTS:

Monteaths

Cairnfield

14 School Road

Balmullo

St Andrews

Fife

KY16 0BD

FIXED ASSETS

Tangible assets

4

43,324

53,805

CURRENT ASSETS

Debtors

5

105,122

43,759

Cash at bank

27,915

64,348

133,037

108,107

CREDITORS

Amounts falling due within one year

6

38,862

49,336

NET CURRENT ASSETS

94,175

58,771

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

137,499

112,576

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

137,499

112,576

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

137,499

112,576

Amounts due from members

5

(67,300

)

(22,894

)

70,199

89,682

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 March 2019.

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 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 15 October 2019 and were signed by:

L Reed - Designated member

1.	STATUTORY INFORMATION

Reed Insulation LLP is registered in Scotland. 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.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme

are charged to profit or loss in the period to which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 9 (2018 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2018

10,000

104,964

114,964

Additions

-

10,116

10,116

Disposals

-

(21,050

)

(21,050

)

At 31 March 2019

10,000

94,030

104,030

DEPRECIATION

At 1 April 2018

-

61,159

61,159

Charge for year

-

11,108

11,108

Eliminated on disposal

-

(11,561

)

(11,561

)

At 31 March 2019

-

60,706

60,706

NET BOOK VALUE

At 31 March 2019

10,000

33,324

43,324

At 31 March 2018

10,000

43,805

53,805

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

18,129

20,313

Other debtors

86,993

23,446

105,122

43,759

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

30,582

44,063

Taxation and social security

6,280

3,323

Other creditors

2,000

1,950

38,862

49,336

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of a winding up loans and other debts due to members will be paid after other creditors. There are

no restrictions on the ability of members to reduce the amount of Members' other interests.