THE PAUL HAYES COLLECTION LLP LLP accounts

THE PAUL HAYES COLLECTION LLP LLP accounts

THE PAUL HAYES COLLECTION LLP - Company Information

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REGISTERED NUMBER: OC381816
THE PAUL HAYES COLLECTION LLP
Filleted Unaudited Financial Statements
31 January 2017
THE PAUL HAYES COLLECTION LLP
Financial Statements
Year ended 31 January 2017
Contents
Page
Members' report
1
Statement of financial position
2
Reconciliation of members' interests
4
Notes to the financial statements
6
THE PAUL HAYES COLLECTION LLP
Members' Report
Year ended 31 January 2017
The members present their report and the unaudited financial statements of the LLP for the year ended 31 January 2017 .
Principal activities
The principal activity of the company during the year was that of musicians.
Designated members
The designated members who served the LLP during the year were as follows:
Mr S J Goulding
Mr P Hayes
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 30 September 2017 and signed on behalf of the members by:
Mr S J Goulding
Designated Member
Registered office:
Newfield House
Middleton Road
Middleton Village
Morecambe
LA3 3PP
THE PAUL HAYES COLLECTION LLP
Statement of Financial Position
31 January 2017
2017
2016
Note
£
£
£
Current assets
Debtors
4
5,072
6,595
Cash at bank and in hand
–
1,750
-------
-------
5,072
8,345
-------
-------
Net current assets
5,072
8,345
-------
-------
Total assets less current liabilities
5,072
8,345
Creditors: amounts falling due after more than one year
5
1,200
600
-------
-------
Net assets
3,872
7,745
-------
-------
Represented by:
Loans and other debts due to members
Other amounts
6
3,872
7,745
-------
-------
Members' other interests
Other reserves
–
–
-------
-------
3,872
7,745
-------
-------
Total members' interests
Amounts due from members
(5,072)
(6,595)
Loans and other debts due to members
6
3,872
7,745
Members' other interests
–
–
-------
-------
(1,200)
1,150
-------
-------
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 2017 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 .
THE PAUL HAYES COLLECTION LLP
Statement of Financial Position (continued)
31 January 2017
These financial statements were approved by the members and authorised for issue on 30 September 2017 , and are signed on their behalf by:
Mr S J Goulding
Designated Member
Registered number: OC381816
THE PAUL HAYES COLLECTION LLP
Reconciliation of Members' Interests
Year ended 31 January 2017
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 2017
£
£
£
£
£
Amounts due to members
7,745
7,745
Amounts due from members
(6,595)
(6,595)
-------
-------
Balance at 1 February 2016
–
–
1,150
1,150
1,150
Profit for the financial year available for discretionary division among members
2,031
2,031
2,031
-------
-------
-------
-------
-------
Members' interests after profit for the year
2,031
2,031
1,150
1,150
3,181
Other division of profits
(2,031)
(2,031)
2,031
2,031
–
Introduced by members
–
–
–
–
Drawings
(4,381)
(4,381)
(4,381)
-------
-------
Amounts due to members
3,872
3,872
Amounts due from members
(5,072)
(5,072)
-------
-------
-------
-------
-------
Balance at 31 January 2017
–
–
(1,200)
(1,200)
(1,200)
-------
-------
-------
-------
-------
THE PAUL HAYES COLLECTION LLP
Reconciliation of Members' Interests (continued)
Year ended 31 January 2017
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 2016
£
£
£
£
£
Amounts due to members
8,795
8,795
Amounts due from members
(5,263)
(5,263)
-------
-------
Balance at 1 February 2015
–
–
3,532
3,532
3,532
Profit for the financial year available for discretionary division among members
(4,200)
(4,200)
(4,200)
-------
-------
-------
-------
-------
Members' interests after profit for the year
(4,200)
(4,200)
3,532
3,532
(668)
Other division of profits
4,200
4,200
(4,200)
(4,200)
–
Introduced by members
–
1,818
1,818
1,818
Drawings
–
–
–
-------
-------
Amounts due to members
7,745
7,745
Amounts due from members
(6,595)
(6,595)
-------
-------
-------
-------
-------
Balance at 31 January 2016
–
–
1,150
1,150
1,150
-------
-------
-------
-------
-------
THE PAUL HAYES COLLECTION LLP
Notes to the Financial Statements
Year ended 31 January 2017
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Newfield House, Middleton Road, Middleton Village, Morecambe, LA3 3PP.
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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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'.
4.
Debtors
2017
2016
£
£
Other debtors
5,072
6,595
-------
-------
5. Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
1,200
600
-------
----
6.
Loans and other debts due to members
2017
2016
£
£
Amounts owed to members in respect of profits
3,872
7,745
-------
-------
Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of winding up. There is no provision for specific legally enforceable protection afforded to creditors in such an event. There are no restrictions or limitations on the ability of the members to reduce the amount of Members'other interests'.
7.
Related party transactions
In the opinion of the members there is no controlling party as defined by FRS102.
8.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The LLP transitioned to FRS 102 on 1 February 2015.
No transitional adjustments were required in equity or profit or loss for the year.