Fortress Wealth 123 LLP - Period Ending 2020-01-10
Fortress Wealth 123 LLP - Period Ending 2020-01-10
Registration number:
Fortress Wealth 123 LLP
for the period from 1 January 2019 to 10 January 2020
Fortress Wealth 123 LLP
Contents
Limited liability partnership information |
|
Financial Statements |
|
Balance Sheet |
|
Notes to the Financial Statements |
Fortress Wealth 123 LLP
Limited liability partnership information
Designated members |
Mr HWO Irwin Mrs HNS Irwin |
Registered office |
|
Accountants |
|
Fortress Wealth 123 LLP
(Registration number: OC342249)
Balance Sheet as at 10 January 2020
Note |
10 January 2020 |
31 December 2018 |
|
Fixed assets |
|||
Intangible assets |
- |
|
|
Tangible assets |
- |
|
|
- |
|
||
Current assets |
|||
Debtors |
- |
|
|
Cash and short-term deposits |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
- |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Net assets attributable to members |
|
|
|
Represented by: |
|||
Loans and other debts due to members |
|||
Members' capital classified as a liability |
53,498 |
24,522 |
|
53,498 |
24,522 |
||
Total members' interests |
|||
Loans and other debts due to members |
53,498 |
24,522 |
|
53,498 |
24,522 |
For the year ending 10 January 2020 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
Fortress Wealth 123 LLP
(Registration number: OC342249)
Balance Sheet as at 10 January 2020 (continued)
The financial statements of Fortress Wealth 123 LLP (registered number OC342249) were approved by the
.........................................
Designated member
.........................................
Designated member
Fortress Wealth 123 LLP
Notes to the Financial Statements for the Period from 1 January 2019 to 10 January 2020
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value, and in accordance with Financial Reporting Standard 102 1A (FRS 102 1A) issued by the Financial Reporting Council and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017).
The functional currency of Fortress Wealth 123 LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Monetary amounts in these financial statements are rounded to the nearest pound.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Members' remuneration and division of profits
Profits are treated as being availiable for discretionary division only if 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. Profits are otherwise automatically divided and included under Members' remuneration charged as an expense in the profit and loss account.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Fortress Wealth 123 LLP
Notes to the Financial Statements for the Period from 1 January 2019 to 10 January 2020 (continued)
1 |
Accounting policies (continued) |
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
Tangible fixed assets
Tangible fixed assets are stated at cost or valuaton, net of depreciation and any provision for impairment.
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
over 5 years reducing balance basis |
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
over 5 years |
Motor vehicles |
over 4 years |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fortress Wealth 123 LLP
Notes to the Financial Statements for the Period from 1 January 2019 to 10 January 2020 (continued)
1 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Provisions
Provisions are recognised when the LLP has an obligation, at the reporting date as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Financial instruments
Classification
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Fortress Wealth 123 LLP
Notes to the Financial Statements for the Period from 1 January 2019 to 10 January 2020 (continued)
1 |
Accounting policies (continued) |
Recognition and Measurement
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Impairment of financial assets
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Fortress Wealth 123 LLP
Notes to the Financial Statements for the Period from 1 January 2019 to 10 January 2020 (continued)
Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
Intangible fixed assets |
Goodwill |
Total |
|
Cost |
||
At 1 January 2019 |
|
|
Additions |
|
|
Disposals |
( |
( |
Revaluation |
|
|
Transfers |
( |
( |
At 10 January 2020 |
- |
- |
Amortisation |
||
At 1 January 2019 |
|
|
Charge for the year |
|
|
Eliminated on disposals |
( |
( |
Transfers |
( |
( |
At 10 January 2020 |
- |
- |
Net book value |
||
At 10 January 2020 |
- |
- |
At 31 December 2018 |
|
|
Fortress Wealth 123 LLP
Notes to the Financial Statements for the Period from 1 January 2019 to 10 January 2020 (continued)
Tangible fixed assets |
Plant and machinery |
Motor vehicles |
Total |
|
Cost |
|||
At 1 January 2019 |
|
|
|
Additions |
|
- |
|
Transfers |
( |
( |
( |
At 10 January 2020 |
- |
- |
- |
Depreciation |
|||
At 1 January 2019 |
|
|
|
Charge for the year |
|
|
|
Transfers |
( |
( |
( |
At 10 January 2020 |
- |
- |
- |
Net book value |
|||
At 10 January 2020 |
- |
- |
- |
At 31 December 2018 |
|
|
|
Debtors |
10 January 2020 |
31 December 2018 |
|
Trade debtors |
- |
|
Other debtors |
- |
|
Total current trade and other debtors |
- |
192,999 |
Creditors: Amounts falling due within one year |
10 January 2020 |
31 December 2018 |
|
Bank loans and overdrafts |
- |
|
Other creditors |
- |
|
Accruals and deferred income |
- |
|
Taxation and social security |
- |
|
- |
|
Fortress Wealth 123 LLP
Notes to the Financial Statements for the Period from 1 January 2019 to 10 January 2020 (continued)
6 |
Creditors: Amounts falling due within one year (continued) |
Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:
10 January 2020 |
31 December 2018 |
|
Bank loans |
- |
97,577 |
The loans are secured against the assets of the LLP.
Creditors: Amounts falling due after more than one year |
10 January 2020 |
31 December 2018 |
|
Bank loans and overdrafts |
- |
|
Other creditors |
- |
|
- |
|
Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:
10 January 2020 |
31 December 2018 |
|
Bank loans |
- |
355,356 |
The loans are secured against the assets of the LLP.
Included in the creditors are the following amounts due after more than five years:
10 January 2020 |
31 December 2018 |
|
After more than five years by instalments |
- |
80,000 |