Plenderleath Runcie LLP LLP accounts

PLENDERLEATH RUNCIE LLP - Company Information

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REGISTERED NUMBER: SO301665

Plenderleath Runcie LLP

Filleted Unaudited Financial Statements

31 January 2017

Plenderleath Runcie LLP

Financial Statements

Year ended 31 January 2017

Contents	Page

Members' report	1

Statement of financial position	3

Reconciliation of members' interests	5

Notes to the financial statements	7

Plenderleath Runcie 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 legal services

Designated members

The designated members who served the LLP during the year were as follows:

Mr J Plenderleath
Mr C Runcie
Mr J McLoone
Mr N Robb

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 31 October 2017 and signed on behalf of the members by:

Mr J Plenderleath

Designated Member

Registered office:

Anderson House

24 Rose Street

Aberdeen

AB10 1UA

Plenderleath Runcie LLP

Statement of Financial Position

31 January 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		1	244

Current assets

Debtors	6	212,203	201,115
Cash at bank and in hand		983,819	315,030
		------------	---------
		1,196,022	516,145

Creditors: amounts falling due within one year	7	1,030,338		358,223
		------------		---------
Net current assets			165,684	157,922
			---------	---------
Total assets less current liabilities			165,685	158,166
			---------	---------
Net assets			165,685	158,166
			---------	---------

Represented by:

Loans and other debts due to members

Other amounts	8		125,685	118,166

Members' other interests

Members' capital classified as equity	40,000	40,000
Other reserves	–	–
	---------	---------
	165,685	158,166
	---------	---------

Total members' interests

Amounts due from members		(31,307)	(19,781)
Loans and other debts due to members	8	125,685	118,166
Members' other interests		40,000	40,000
		---------	---------
		134,378	138,385
		---------	---------

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 .

Plenderleath Runcie LLP

Statement of Financial Position (continued)

31 January 2017

These financial statements were approved by the members and authorised for issue on 31 October 2017 , and are signed on their behalf by:

Mr J Plenderleath	Mr C Runcie
Designated Member	Designated Member

Mr J McLoone	Mr N Robb
Designated Member	Designated Member

Registered number: SO301665

Plenderleath Runcie 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
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total	Total 2017
	£	£	£	£	£	£
Amounts due to members				118,166	118,166
Amounts due from members				(19,781)	(19,781)
				---------	---------
Balance at 1 February 2016	40,000	–	40,000	98,385	98,385	138,385
Profit for the financial year available for discretionary division among members		292,217	292,217			292,217
	--------	---------	---------	---------	---------	---------
Members' interests after profit for the year	40,000	292,217	332,217	98,385	98,385	430,602
Other division of profits		(292,217)	(292,217)	292,217	292,217	–
Drawings				(296,224)	(296,224)	(296,224)
				---------	---------
Amounts due to members				125,685	125,685
Amounts due from members				(31,307)	(31,307)
	--------	---------	---------	---------	---------	---------
Balance at 31 January 2017	40,000	–	40,000	94,378	94,378	134,378
	--------	---------	---------	---------	---------	---------

Plenderleath Runcie 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
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total	Total 2016
	£	£	£	£	£	£
Amounts due to members				178,584	178,584
Amounts due from members				–	–
				---------	---------
Balance at 1 February 2015	40,000	–	40,000	178,584	178,584	218,584
Profit for the financial year available for discretionary division among members		393,151	393,151			393,151
	--------	---------	---------	---------	---------	---------
Members' interests after profit for the year	40,000	393,151	433,151	178,584	178,584	611,735
Other division of profits		(393,151)	(393,151)	393,151	393,151	–
Drawings				(473,350)	(473,350)	(473,350)
				---------	---------
Amounts due to members				118,166	118,166
Amounts due from members				(19,781)	(19,781)
	--------	---------	---------	---------	---------	---------
Balance at 31 January 2016	40,000	–	40,000	98,385	98,385	138,385
	--------	---------	---------	---------	---------	---------

Plenderleath Runcie LLP

Notes to the Financial Statements

Year ended 31 January 2017

1.	General information

The LLP is registered in Scotland.

The address of the registered office is Anderson House, 24 Rose Street,

Aberdeen, AB10 1UA.

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 10.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the LLP.

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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Plenderleath Runcie LLP

Notes to the Financial Statements (continued)

Year ended 31 January 2017

3. Accounting policies (continued)

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'.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property	-	15% reducing balance
Fixtures and Fittings	-	20% reducing balance
Office Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 10 (2016: 10 ).

The average number of persons employed by the business during the year amounted to 10 (2016:10).

5.	Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 Feb 2016 and 31 Jan 2017	300	953	10,762	12,015
	----	----	--------	--------
Depreciation
At 1 February 2016	300	909	10,562	11,771
Charge for the year	–	44	199	243
	----	----	--------	--------
At 31 January 2017	300	953	10,761	12,014
	----	----	--------	--------
Carrying amount
At 31 January 2017	–	–	1	1
	----	----	--------	--------
At 31 January 2016	–	44	200	244
	----	----	--------	--------

6.	Debtors

	2017	2016
	£	£
Trade debtors	99,504	112,227
Other debtors	112,699	88,888
	---------	---------
	212,203	201,115
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	40,520	55,271
Trade creditors	945,903	261,937
Social security and other taxes	36,765	33,667
Other creditors	7,150	7,348
	------------	---------
	1,030,338	358,223
	------------	---------

8.	Loans and other debts due to members

	2017	2016
	£	£
Amounts owed to members in respect of profits	125,685	118,166
	---------	---------

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up. There is no provision for specific legally enforceable protection afforded to creditors in such an event. There are no restrictions or limitation on the ability of the members to reduce the amount of 'Members' other interests.

9.	Related party transactions

In the opinion of the members there is no controlling party as defined by financial reporting Standard No 8 "Related party disclosures".

10.	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.