Vision Ventilation LLP Accounts

VISION VENTILATION LLP - Company Information






Vision Ventilation LLP

	Registered No. OC352411
	Information for Filing with the Registrar
		31 March 2020

at	31 March 2020

Registered No.			OC352411	Notes	2020	2019
					£	£
Fixed assets

	Tangible assets			5	27,723	28,149


					27,723	28,149
Current assets

	Debtors			6	76,914	17,844

	Cash at bank and in hand				10,429	39,465
					87,343	57,309
Creditors: Amounts falling due within one year				7	(50,278)	(1,496)
Net current assets					37,065	55,813
Total assets less current liabilities					64,788	83,962


Net assets attributable to members					64,788	83,962

Represented by:
	Loans and other debts due to members				44,000	44,000
	Members' other interests


		Other reserves			20,788	39,962
					20,788	39,962

					64,788	83,962



These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

For the year ended 31 March 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 Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the members on 01 October 2020

And signed on its behalf by designated member:
Kevin Root
Designated member
01 October 2020

for the year ended 31 March 2020

General information

Its registered number is: OC352411

Its registered office is:

23 Letcombe Place

Horndean

Waterlooville

PO8 0DE

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2018. The March 2018 edition of FRS 102 and the December 2018 edition of the SORP include amendments arising from the Financial Reporting Council's triennial review of the standard. There is no material effect on the amounts recognised in these accounts as a result of early adopting these amendments.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Members' remuneration and division of profits

Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account.

In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense.

Profits are treated as being available for discretionary division only if the the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery

20% Reducing balance

Motor vehicles

25% Reducing balance

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Members' Interests

Members' interests are classified as either equity or debt.

Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves.

Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members.

Taxation

Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.

3	Information in relation to members
		2020	2019
		Number	Number
	The average number of members during the year :	4	4









		2020	2019
		£	£
	The amount of profit attributable to the member with the largest entitlement was:	8,762	27,440

4	Employees
		2020	2019
		Number	Number

	The average number of persons employed during the year :	0	0

5	Tangible fixed assets
		Plant and machinery	Motor vehicles	Total
		£	£	£
	Cost
	At 1 April 2019	2,579	50,557	53,136
	Additions	-	12,214	12,214


	Disposals	-	(20,887)	(20,887)
	At 31 March 2020	2,579	41,884	44,463
	Depreciation
	At 1 April 2019	1,007	23,980	24,987
	Charge for the year	314	9,326	9,640


	Disposals	-	(17,887)	(17,887)
	At 31 March 2020	1,321	15,419	16,740
	Net book values
	At 31 March 2020	1,258	26,465	27,723
	At 31 March 2019	1,572	26,577	28,149

6	Debtors
		2020	2019
		£	£
	Trade debtors	63,570	-



	Other debtors	13,344	17,844

		76,914	17,844

7	Creditors:
	amounts falling due within one year
		2020	2019
		£	£
	Bank loans and overdrafts	-	-

	Obligations under finance lease and hire purchase contracts	6,304	-


	Other taxes and social security	8,492	1,496

	Accruals and deferred income	35,482	-
		50,278	1,496

8	Loans and other debts due to members
		2020	2019
		£	£

	Loans from members	44,000	44,000

	Amounts due to members in respect of profits	-	-
		44,000	44,000

	Amounts falling due within one year	44,000	-

		44,000	44,000

Related party disclosures

2020

2019

Transactions with related parties

Name of related party

Teknoglass Solutions LLP

Description of relationship between the parties

Common Members

Description of transaction and general amounts involved

Included in other debtors , balance interest free and repayable on demand.

Amount due from/(to) the related party

13,344

17,844

Name of related party

Robert Hudson

Description of relationship between the parties

DesignatedMember

Description of transaction and general amounts involved

Loan provided

Amount due from/(to) the related party

30,000

Name of related party

Kevin Root

Description of relationship between the parties

DesignatedMember

Description of transaction and general amounts involved

Loan provided

Amount due from/(to) the related party

14,000