Rosemount (Coach House) LLP LLP accounts

Rosemount (Coach House) LLP LLP accounts

ROSEMOUNT (COACH HOUSE) LLP - Company Information

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REGISTERED NUMBER: OC416919
Rosemount (Coach House) LLP
Filleted Unaudited Financial Statements
31 January 2020
Rosemount (Coach House) LLP
Financial Statements
Year ended 31 January 2020
Contents
Page
Members' report
1
Statement of financial position
2
Reconciliation of members' interests
4
Notes to the financial statements
6
Rosemount (Coach House) LLP
Members' Report
Year ended 31 January 2020
The members present their report and the unaudited financial statements of the LLP for the year ended 31 January 2020 .
Designated members
The designated members who served the LLP during the year were as follows:
Mr J M A Ince
Miss L McBride
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 15 July 2020 and signed on behalf of the members by:
Miss L McBride
Designated Member
Registered office:
C/O The Innovation Centre
Airedale Business Centre
Millennium Road
Skipton
BD23 2TZ
Rosemount (Coach House) LLP
Statement of Financial Position
31 January 2020
2020
2019
Note
£
£
Current assets
Debtors
4
199,659
65,630
Cash at bank and in hand
993
2,696
---------
--------
200,652
68,326
Creditors: amounts falling due within one year
5
1,162
1,020
---------
--------
Net current assets
199,490
67,306
---------
--------
Total assets less current liabilities
199,490
67,306
Creditors: amounts falling due after more than one year
6
199,490
67,306
---------
--------
Net liabilities
–
–
---------
--------
Represented by:
Loans and other debts due to members
Other amounts
–
–
----
----
Members' other interests
Other reserves
–
–
----
----
–
–
----
----
Total members' interests
Amounts due from members
(199,659)
(52,630)
Loans and other debts due to members
–
–
Members' other interests
–
–
---------
--------
(199,659)
(52,630)
---------
--------
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 comprehensive income has not been delivered.
For the year ending 31 January 2020 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 .
Rosemount (Coach House) LLP
Statement of Financial Position (continued)
31 January 2020
These financial statements were approved by the members and authorised for issue on 15 July 2020 , and are signed on their behalf by:
Miss L McBride
Designated Member
Registered number: OC416919
Rosemount (Coach House) LLP
Reconciliation of Members' Interests
Year ended 31 January 2020
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2020
£
£
£
£
£
Balance at 1 February 2019
–
–
(52,630)
(52,630)
(52,630)
Loss for the financial year available for discretionary division among members
(71,133)
(71,133)
(71,133)
--------
--------
--------
--------
---------
Members' interests after loss for the year
(71,133)
(71,133)
(52,630)
(52,630)
(123,763)
Other division of profits
71,133
71,133
(71,133)
(71,133)
–
Drawings
(75,896)
(75,896)
(75,896)
--------
--------
---------
---------
---------
Balance at 31 January 2020
–
–
(199,659)
(199,659)
(199,659)
--------
--------
---------
---------
---------
Rosemount (Coach House) LLP
Reconciliation of Members' Interests (continued)
Year ended 31 January 2020
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2019
£
£
£
£
£
Balance at 1 February 2018
–
–
–
–
–
Loss for the financial year available for discretionary division among members
11,980
11,980
11,980
--------
--------
----
----
--------
Members' interests after loss for the year
11,980
11,980
–
–
11,980
Other division of profits
(11,980)
(11,980)
11,980
11,980
–
Drawings
(64,610)
(64,610)
(64,610)
--------
--------
--------
--------
--------
Balance at 31 January 2019
–
–
(52,630)
(52,630)
(52,630)
--------
--------
--------
--------
--------
Rosemount (Coach House) LLP
Notes to the Financial Statements
Year ended 31 January 2020
1.
General information
The LLP is registered in England and Wales. The address of the registered office is C/O The Innovation Centre, Airedale Business Centre, Millennium Road, Skipton, BD23 2TZ.
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.
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'.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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.
Debtors
2020
2019
£
£
Other debtors
199,659
65,630
---------
--------
5. Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
1,162
1,020
-------
-------
6. Creditors: amounts falling due after more than one year
2020
2019
£
£
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest
199,490
67,306
---------
--------