ADO Empire LLP Filleted accounts for Companies House (small and micro)

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REGISTERED NUMBER: OC419175

ADO Empire LLP

Filleted Unaudited Financial Statements

31 March 2019

ADO Empire LLP

Statement of Financial Position

31 March 2019

	31 Mar 19		30 Sep 18
Note	£	£	£

Fixed assets

Investments	4		333,303	274,881

Current assets

Cash at bank and in hand	3,632		3,239

Creditors: amounts falling due within one year	5	37,355		20,980
		--------		--------
Net current liabilities			33,723	17,741
			---------	---------
Total assets less current liabilities			299,580	257,140

Creditors: amounts falling due after more than one year	6	6,382	–
		---------	---------
Net assets		293,198	257,140
		---------	---------

Represented by:

Loans and other debts due to members

Other amounts	7	293,198	257,140
		---------	---------

Members' other interests

Other reserves	–	–
	---------	---------
	293,198	257,140
	---------	---------

Total members' interests

Loans and other debts due to members	7	293,198	257,140
Members' other interests		–	–
		---------	---------
		293,198	257,140
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of income and retained earnings has not been delivered.

For the period ending 31 March 2019 the LLP 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 LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

ADO Empire LLP

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the members and authorised for issue on 20 December 2019 , and are signed on their behalf by:

Ms A D Orlicka

Designated Member

Registered number: OC419175

ADO Empire LLP

Notes to the Financial Statements

Period from 1 October 2018 to 31 March 2019

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 8 Alexandra Road, Newport, Wales, NP20 2GY.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A 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' issued in January 2017 (SORP 2017).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the LLP. (b) Disclosures in respect of financial instruments have not been presented.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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 statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the 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 statement of income and retained earnings and are equity appropriations in the 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 statement of financial position within 'Loans and other debts due to members' and are charged to the statement of income and retained earnings within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

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.

4.	Investments

	Investment Property
	£
Cost
At 1 October 2018	274,881
Additions	58,422
	---------
At 31 March 2019	333,303
	---------
Impairment
At 1 October 2018 and 31 March 2019	–
	---------

Carrying amount
At 31 March 2019	333,303
	---------
At 30 September 2018	274,881
	---------

5. Creditors: amounts falling due within one year

	31 Mar 19	30 Sep 18
	£	£
Other creditors	37,355	20,980
	--------	--------

6. Creditors: amounts falling due after more than one year

	31 Mar 19	30 Sep 18
	£	£
Other creditors	6,382	–
	-------	----

7.	Loans and other debts due to members

	31 Mar 19	30 Sep 18
	£	£
Amounts owed to members in respect of profits	293,198	257,140
	---------	---------