TYPHOON DISTRIBUTION LLP Small abridged accounts
TYPHOON DISTRIBUTION LLP Small abridged accounts
Statement of Consent to Prepare Financial Statements |
REGISTERED NUMBER:
OC402536
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Financial Statements |
Year ended 5 April 2017
Contents |
Page |
Members' report |
1 |
Abridged statement of comprehensive income |
3 |
Abridged statement of financial position |
4 |
Reconciliation of members' interests |
5 |
Notes to the financial statements |
7 |
The following pages do not form part of the financial statements
Detailed abridged income statement |
11 |
Notes to the detailed abridged income statement |
12 |
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Members' Report |
Year ended 5 April 2017
The members present their report and the unaudited financial statements of the LLP for the year ended
5 April 2017
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Principal activities
Designated members
The designated members who served the LLP during the year were as follows:
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Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in relation to the profits allocated to them which are subjected to deduction on PAYE & National Insurance on payment.
This report was approved by the members on
14 August 2017
and signed on behalf of the members by:
Designated member
Registered office: |
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Abridged Statement of Comprehensive Income |
Year ended 5 April 2017
2017 |
2016 |
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Note |
£ |
£ |
Gross profit |
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Administrative expenses |
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Result for the financial year before members' remuneration and profit shares available for discretionary division among members |
– |
– |
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All the activities of the LLP are from continuing operations.
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Abridged Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Current assets
Debtors |
(
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Represented by:
Loans and other debts due to members
Other amounts |
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– |
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Members' other interests
Other reserves |
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– |
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Total members' interests
Loans and other debts due to members |
– |
– |
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Members' other interests |
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– |
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These financial statements were approved by the
members
and authorised for issue on
14 August 2017
, and are signed on their behalf by:
Alexandru Moise
Member
Registered number:
OC402536
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Reconciliation of Members' Interests |
Year ended 5 April 2017
Members' other interests |
Total members' interests |
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Other reserves |
Total |
Total 2017 |
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£ |
£ |
£ |
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Balance at 6 April 2016 |
– |
– |
– |
Profit for the financial year available for discretionary division among members |
– |
– |
– |
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Members' interests after profit for the year |
– |
– |
– |
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Reconciliation of Members' Interests (continued) |
Year ended 5 April 2017
Members' other interests |
Total members' interests |
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Other reserves |
Total |
Total 2016 |
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£ |
£ |
£ |
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Balance at 6 April 2015 |
– |
– |
– |
Profit for the financial year available for discretionary division among members |
– |
– |
– |
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Balance at 5 April 2016 |
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Notes to the Financial Statements |
Year ended 5 April 2017
1. |
General information |
The LLP is registered in .
2. |
Statement of compliance |
3. |
Accounting policies |
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 6 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 5.
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 abridged 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 abridged 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 abridged statement of comprehensive income and are equity appropriations in the abridged 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 abridged statement of financial position within 'Loans and other debts due to members' and are charged to the abridged statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the abridged statement of financial position within 'Members' other interests'.
Financial instruments
4. |
Particulars of employees |
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to Nil
(2016: Nil).
5. |
Transition to FRS 102 |
These are the first financial statements that comply with FRS 102. The LLP transitioned to FRS 102 on 6 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.
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Management Information |
Year ended 5 April 2017
The following pages do not form part of the financial statements.
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Detailed Abridged Income Statement |
Year ended 5 April 2017
2017 |
2016 |
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£ |
£ |
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Turnover |
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Other operating income |
118 |
24 |
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Gross profit |
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Overheads
Administrative expenses |
50,158 |
14,455 |
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Operating profit |
– |
– |
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Result for the financial year before members' remuneration and profit shares available for discretionary division among members |
– |
– |
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Split of profit:
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Notes to the Detailed Abridged Income Statement |
Year ended 5 April 2017
2017 |
2016 |
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£ |
£ |
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Other operating income
Other operating income |
118 |
24 |
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Administrative expenses
Wages and salaries |
38,834 |
8,523 |
Staff national insurance contributions |
25 |
– |
Sundry expenses |
11,206 |
5,908 |
Bank charges |
93 |
24 |
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50,158 |
14,455 |
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