Melliss LLP Filleted accounts for Companies House (small and micro)
Melliss LLP Filleted accounts for Companies House (small and micro)
REGISTERED NUMBER:
OC303090
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Abridged Financial Statements |
Year ended 31 March 2019
Contents |
Page |
Abridged statement of financial position |
1 |
Notes to the abridged financial statements |
3 |
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Abridged Statement of Financial Position |
2019 |
2018 |
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Note |
£ |
£ |
Fixed assets
Tangible assets |
4 |
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Current assets
Stocks |
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Debtors |
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Cash at bank and in hand |
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--------- |
--------- |
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Creditors: amounts falling due within one year |
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--------- |
--------- |
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Net current assets |
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--------- |
--------- |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
5 |
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--------- |
--------- |
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Net assets |
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--------- |
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Represented by:
Loans and other debts due to members
Other amounts |
6 |
401,342 |
393,373 |
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Members' other interests
Other reserves |
– |
– |
--------- |
--------- |
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401,342 |
393,373 |
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--------- |
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Total members' interests
Loans and other debts due to members |
6 |
401,342 |
393,373 |
Members' other interests |
– |
– |
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--------- |
--------- |
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401,342 |
393,373 |
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--------- |
--------- |
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In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the abridged income statement has not been delivered.
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Abridged Statement of Financial Position (continued) |
These abridged financial statements were approved by the
members
and authorised for issue on
9 December 2019
, and are signed on their behalf by:
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Designated Member |
Designated Member |
Registered number:
OC303090
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Notes to the Abridged Financial Statements |
Year ended 31 March 2019
1. |
General information |
The LLP is registered in England and Wales.The address of the registered office is Boundary House, The Pines Business Park, Guildford, Surrey, GU3 3BH.
2. |
Statement of compliance |
3. |
Accounting policies |
Basis of preparation
Revenue recognition
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the abridged income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the abridged statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the abridged income statement and are equity appropriations in the abridged statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the abridged statement of financial position within 'Loans and other debts due to members' and are charged to the abridged income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the abridged statement of financial position within 'Members' other interests'.
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings |
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Motor vehicles |
- |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Stocks
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. |
Tangible assets |
£ |
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Cost |
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At 1 April 2018 and 31 March 2019 |
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--------- |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
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--------- |
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At 31 March 2019 |
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--------- |
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Carrying amount |
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At 31 March 2019 |
12,093 |
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At 31 March 2018 |
22,531 |
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5.
Creditors:
amounts falling due after more than one year
2019 |
2018 |
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£ |
£ |
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Other creditors |
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-------- |
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6. |
Loans and other debts due to members |
2019 |
2018 |
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£ |
£ |
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Amounts owed to members in respect of profits |
401,342 |
393,373 |
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Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.