Mascolo & Styles LLP - Accounts to registrar (filleted) - small 18.2
Mascolo & Styles LLP - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2019 |
for |
Mascolo & Styles LLP |
Mascolo & Styles LLP (Registered number: OC305346) |
Contents of the Financial Statements |
for the Year Ended 31 August 2019 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Mascolo & Styles LLP |
General Information |
for the Year Ended 31 August 2019 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
24 Picton House |
Hussar Court |
Waterlooville |
Hampshire |
PO7 7SQ |
Mascolo & Styles LLP (Registered number: OC305346) |
Balance Sheet |
31 August 2019 |
31.8.19 | 31.8.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
974,228 |
965,722 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
974,228 |
965,722 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 974,228 | 965,722 |
Amounts due from members | 5 | (120,446 | ) | (20,031 | ) |
853,782 | 945,691 |
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. |
Mascolo & Styles LLP (Registered number: OC305346) |
Balance Sheet - continued |
31 August 2019 |
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 |
Mascolo & Styles LLP (Registered number: OC305346) |
Notes to the Financial Statements |
for the Year Ended 31 August 2019 |
1. | STATUTORY INFORMATION |
Mascolo & Styles 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 |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Land and buildings - 1% straight line |
Fixtures, fittings & equipment - 33% straight line |
Motor Vehicles - 20% straight line |
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 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Freehold | to | and | Motor |
property | property | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2018 |
Additions |
At 31 August 2019 |
DEPRECIATION |
At 1 September 2018 |
Charge for year |
At 31 August 2019 |
NET BOOK VALUE |
At 31 August 2019 |
At 31 August 2018 |
Mascolo & Styles LLP (Registered number: OC305346) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2019 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 31.8.18 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 31.8.18 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.19 | 31.8.18 |
£ | £ |
Hire purchase contracts |
Other creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.8.19 | 31.8.18 |
£ | £ |
Bank loans |
The bank loans are secured via legal charges, mortgages and bank debentures over the properties owned by the |
LLP and fixed and floating charges over the assets of the LLP. A Styles has also given a personal guarantee of |
£29,000. |
A second charge of £56,000 is held by Infinity Homes Limited in respect of the property at Belmont Drive. |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
31.8.19 | 31.8.18 |
£ | £ |
Amounts owed to members in respect of profits | 974,228 | 965,722 |
Falling due within one year | 974,228 | 965,722 |
10. | ULTIMATE CONTROLLING PARTY |
In the opinion of the members, there is no ultimate controlling party. |