TGS Transport LLP Filleted accounts for Companies House (small and micro)
TGS Transport LLP Filleted accounts for Companies House (small and micro)
REGISTERED NUMBER:
OC411231
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STATEMENT OF FINANCIAL POSITION |
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2019 |
2018 |
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Note |
£ |
£ |
£ |
£ |
FIXED ASSETS
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Tangible assets |
4 |
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CURRENT ASSETS
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Debtors |
5 |
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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 |
6 |
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-------- |
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NET CURRENT LIABILITIES |
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-------- |
-------- |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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-------- |
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NET ASSETS |
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REPRESENTED BY:
LOANS AND OTHER DEBTS DUE TO MEMBERS
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Other amounts |
7 |
4,453 |
11,604 |
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MEMBERS' OTHER INTERESTS
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Other reserves |
– |
– |
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------- |
-------- |
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4,453 |
11,604 |
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-------- |
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TOTAL MEMBERS' INTERESTS
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Loans and other debts due to members |
7 |
4,453 |
11,604 |
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Members' other interests |
– |
– |
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4,453 |
11,604 |
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In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
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STATEMENT OF FINANCIAL POSITION (continued) |
These financial statements were approved by the
members
and authorised for issue on
31 January 2020
, and are signed on their behalf by:
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Designated Member |
Designated Member |
Registered number:
OC411231
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NOTES TO THE FINANCIAL STATEMENTS |
YEAR ENDED 30 APRIL 2019
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1. |
GENERAL INFORMATION |
The LLP is registered in England & Wales. The address of the registered office is Perfecta Works, Bath Road, Kettering, Northamptonshire, NN16 8NQ.
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2. |
STATEMENT OF COMPLIANCE |
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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 statement of comprehensive income 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 comprehensive income 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 comprehensive income 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'.
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:
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Motor vehicles |
- |
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Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
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4. |
TANGIBLE ASSETS |
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Motor vehicles |
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£ |
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Cost |
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At 1 May 2018 |
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Additions |
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At 30 April 2019 |
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Depreciation |
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At 1 May 2018 |
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Charge for the year |
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At 30 April 2019 |
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Carrying amount |
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At 30 April 2019 |
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At 30 April 2018 |
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5. |
DEBTORS |
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2019 |
2018 |
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£ |
£ |
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Trade debtors |
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6.
CREDITORS:
amounts falling due within one year
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2019 |
2018 |
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£ |
£ |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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-------- |
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7. |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
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2019 |
2018 |
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£ |
£ |
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Amounts owed to members in respect of profits |
4,453 |
11,604 |
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