Shipton & Co. Direct LLP - Accounts to registrar - small 17.2

Shipton & Co. Direct LLP - Accounts to registrar - small 17.2

SHIPTON & CO. DIRECT LLP - Company Information

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REGISTERED NUMBER: OC372211 (England and Wales)
























Unaudited Financial Statements

for the Year Ended 31 December 2016

for

Shipton & Co. Direct LLP

Shipton & Co. Direct LLP (Registered number: OC372211)






Contents of the Financial Statements
for the Year Ended 31 December 2016




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Shipton & Co. Direct LLP

General Information
for the Year Ended 31 December 2016







DESIGNATED MEMBERS: The Lord May
J.P. Daly





REGISTERED OFFICE: 27 - 33 Spencer Street
Hockley
Birmingham
West Midlands
B18 6DL





REGISTERED NUMBER: OC372211 (England and Wales)





ACCOUNTANTS: James, Stanley & Co. Limited
1,733 Coventry Road
South Yardley
Birmingham
West Midlands
B26 1DT
Page 1
Shipton & Co. Direct LLP (Registered number: OC372211)

Balance Sheet
31 December 2016

31.12.16 31.12.15
Notes £    £   
CURRENT ASSETS
Debtors 4 553,793 440,402
Cash at bank 17,198 28,745
570,991 469,147
CREDITORS
Amounts falling due within one year 5 216,665 282,096
NET CURRENT ASSETS 354,326 187,051
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS
354,326
187,051

LOANS AND OTHER DEBTS DUE TO
MEMBERS
6
140,000
140,000

MEMBERS' OTHER INTERESTS
Other reserves 214,326 47,051
354,326 187,051

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 6 140,000 140,000
Members' other interests 214,326 47,051
Amounts due from members 4 (317,183 ) (262,234 )
37,143 (75,183 )

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 December 2016.

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.

The notes form part of these financial statements

Page 2
Shipton & Co. Direct LLP (Registered number: OC372211)

Balance Sheet - continued
31 December 2016


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 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 small LLPs.

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 29 September 2017 and were signed by:





The Lord May - Designated member

The notes form part of these financial statements

Page 3
Shipton & Co. Direct LLP (Registered number: OC372211)

Notes to the Financial Statements
for the Year Ended 31 December 2016

1. STATUTORY INFORMATION

Shipton & Co. Direct LLP is registered in England and Wales. The LLP's registered number and registered office
address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Website costs - 33% on cost

Divisible profits and members' remuneration
Members' share of profits and losses which have not been allocated until after the balance sheet date are treated
in these financial statements as unallocated at the balance sheet date and included within equity reserves or
deficit.

The cash flow requirement of the LLP are taken into account when assessing the level of drawings taken by
members

3. PROPERTY, PLANT AND EQUIPMENT
Website
costs
£   
COST
At 1 January 2016
and 31 December 2016 4,767
DEPRECIATION
At 1 January 2016
and 31 December 2016 4,767
NET BOOK VALUE
At 31 December 2016 -
At 31 December 2015 -

Page 4
Shipton & Co. Direct LLP (Registered number: OC372211)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2016

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.16 31.12.15
£    £   
Trade debtors 67,471 87,579
Amounts owed by group undertakings 31,446 -
Amounts due from members 317,183 262,234
Prepayments and accrued income 137,693 90,589
553,793 440,402

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.16 31.12.15
£    £   
Trade creditors 162,831 99,347
Amounts owed to group undertakings 70 110,934
Social security and other taxes 50,845 66,004
Other creditors - 25
Accruals and deferred income 2,919 5,786
216,665 282,096

6. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank pari passu with unsecured creditors. The legal opinion given in the
appendix to the SORP 'Accounting for Limited Liability Partnerships' is that members' other interests rank after
unsecured creditors.

7. CAPITAL COMMITMENTS
31.12.16 31.12.15
£    £   
Contracted but not provided for in the
financial statements - -

Page 5
Shipton & Co. Direct LLP (Registered number: OC372211)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2016

8. RELATED PARTY DISCLOSURES

Shipton & Co Direct LLP and Shipton & Co. Limited are related parties as Shipton & Co. Limited is a corporate
member of Shipton & Co Direct LLP.

Shipton & Co Direct LLP undertakes a number of transactions with its members in the ordinary course of
business including the payment of drawings, distributions and tax liabilities. These transactions are all governed
by, and made in compliance with, the Members' Agreement.

During the period under review the company purchased goods to the value of £684,112 (2015 - £582,940) from
Shipton & Co. Limited.

During the year under review Shipton & Co. Limited levied a management charge on the LLP of £418,588 (2015
- £379,337) in respect of administration expenses incurred on behalf of this LLP.

Included within debtors at the balance sheet date is an amount of £31,446 owed by Shipton & Co. Limited to
Shipton & Co Direct LLP (2015 - within creditors £110,934 owed by Shipton & Co Direct LLP to Shipton &
Co. Limited) for goods and services supplied.

Included within debtors is an amount of £317,183 (2015 - £262,234) due from Mrs. M. Beishon, a member of
Shipton & Co. Direct LLP.

In the year under review the Board passed a resolution to appropriate profits to the following members:

£
Mrs. M. Beishon 47,051

In the opinion of the members these transactions were conducted at normal commercial rates.

9. POST BALANCE SHEET EVENTS

These financial statements were authorised for issue by the members on 29 September 2017.
.

10. FIRST YEAR ADOPTION

This is the first year that the company has presented its financial statements under Financial Reporting Standard
102 1A (FRS 102) issued by the Financial Reporting Council. The last financial statements, for the year ended
31 December 2015, were prepared under previous UK GAAP.
The transition date to FRS 102 1A permitted by FRS 102 Chapter 35 "transition to this FRS".

There are no significant changes to equity at the date of transition to FRS 102 (1 January 2015) as compared to
UK GAAP. The surplus for the comparative year did not require amendment for the effect of FRS 102.


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