Dalshian LLP LLP accounts

false false false false false false false false false true false false false false false false false 2016-04-01 Sage Accounts Production Advanced 2017 Update 1 - FRS 729,649 595,518 729,649 595,518 595,518 729,649 xbrli:pure xbrli:shares iso4217:GBP SO302799 2016-04-01 2017-03-31 SO302799 2017-03-31 SO302799 2016-03-31 SO302799 2016-03-31 SO302799 bus:RegisteredOffice 2016-04-01 2017-03-31 SO302799 bus:LeadAgentIfApplicable 2016-04-01 2017-03-31 SO302799 bus:Director1 2016-04-01 2017-03-31 SO302799 bus:Director2 2016-04-01 2017-03-31 SO302799 bus:Director3 2016-04-01 2017-03-31 SO302799 core:LandBuildings 2016-04-01 2017-03-31 SO302799 core:WithinOneYear 2017-03-31 SO302799 core:WithinOneYear 2016-03-31 SO302799 core:LandBuildings 2017-03-31 SO302799 core:LandBuildings 2016-03-31 SO302799 core:LandBuildings 2016-03-31 SO302799 bus:FRS102 2016-04-01 2017-03-31 SO302799 bus:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 SO302799 bus:FullAccounts 2016-04-01 2017-03-31 SO302799 bus:SmallCompaniesRegimeForDirectorsReport 2016-04-01 2017-03-31 SO302799 bus:LimitedLiabilityPartnershipLLP 2016-04-01 2017-03-31

REGISTERED NUMBER: SO302799

Dalshian LLP

Filleted Unaudited Financial Statements

31 March 2017

Dalshian LLP

Financial Statements

Year ended 31 March 2017

Contents	Page

Designated members and professional advisers	1

Members' report	2

Statement of financial position	3

Notes to the financial statements	5

Dalshian LLP

Designated Members and Professional Advisers

Designated members	Mr H G McCall
	Mr E G McCall
	Mrs R McCall

Registered office	Mercantile Chambers
	53 Bothwell Street
	Glasgow
	G2 6TB

Accountants	Nelson Gilmour Smith
	Chartered accountant
	Mercantile Chambers
	53 Bothwell Street
	Glasgow
	G2 6TB

Dalshian LLP

Members' Report

Year ended 31 March 2017

The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2017 .

Principal activities

The principal activity of the company during the year was property rental.

Designated members

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

Mr H G McCall
Mr E G McCall
Mrs R McCall

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 1 November 2017 and signed on behalf of the members by:

Mr H G McCall

Designated Member

Registered office:

Mercantile Chambers

53 Bothwell Street

Glasgow

G2 6TB

Dalshian LLP

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	3		595,518	729,649

Current assets

Debtors	4	7,180	4,693
Cash at bank and in hand		2,879	20,110
		--------	--------
		10,059	24,803

Creditors: amounts falling due within one year	5	11,169		22,349
		--------		--------
Net current (liabilities)/assets			( 1,110)	2,454
			---------	---------
Total assets less current liabilities			594,408	732,103
			---------	---------
Net assets			594,408	732,103
			---------	---------

Represented by:

Loans and other debts due to members

Other amounts	6		584,408	722,103

Members' other interests

Members' capital classified as equity	10,000	10,000
Other reserves	–	–
	---------	---------
	594,408	732,103
	---------	---------

Total members' interests

Loans and other debts due to members	6	584,408	722,103
Members' other interests		10,000	10,000
		---------	---------
		594,408	732,103
		---------	---------

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 income statement has not been delivered.

For the year ending 31 March 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 .

Dalshian LLP

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the members and authorised for issue on 1 November 2017 , and are signed on their behalf by:

Mr H G McCall	Mr E G McCall
Designated Member	Designated Member

Mrs R McCall
Designated Member

Registered number: SO302799

Dalshian LLP

Notes to the Financial Statements

Year ended 31 March 2017

1.	General information

The LLP is registered in Scotland. The address of the registered office is Mercantile Chambers, 53 Bothwell Street, Glasgow, G2 6TB.

2.	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 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note .

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 income statement 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 income statement 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 income statement 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.

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

A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3.	Tangible assets

	Land and buildings
	£
Cost
At 1 April 2016	729,649
Additions	595,518
Disposals	( 729,649)
	---------
At 31 March 2017	595,518
	---------
Depreciation
At 1 Apr 2016 and 31 Mar 2017	–
	---------
Carrying amount
At 31 March 2017	595,518
	---------
At 31 March 2016	729,649
	---------

4.	Debtors

	2017	2016
	£	£
Other debtors	7,180	4,693
	-------	-------

5. Creditors: amounts falling due within one year

	2017	2016
	£	£
Social security and other taxes	3,519	2,626
Other creditors	7,650	19,723
	--------	--------
	11,169	22,349
	--------	--------

6.	Loans and other debts due to members

	2017	2016
	£	£
Loans from members	584,408	719,649
Amounts owed to members in respect of profits	–	2,454
	---------	---------
	584,408	722,103
	---------	---------