Gladman Homes LLP LLP accounts

false false false false false false false false false true false false true false false true true 2016-04-01 Sage Accounts Production Advanced 2017 Update 2 - FRS xbrli:pure xbrli:shares iso4217:GBP OC332129 2016-04-01 2017-03-31 OC332129 2017-03-31 OC332129 2016-03-31 OC332129 2015-04-01 2016-03-31 OC332129 2016-03-31 OC332129 core:PlantMachinery 2016-04-01 2017-03-31 OC332129 core:FurnitureFittings 2016-04-01 2017-03-31 OC332129 core:MotorVehicles 2016-04-01 2017-03-31 OC332129 bus:RegisteredOffice 2016-04-01 2017-03-31 OC332129 bus:LeadAgentIfApplicable 2016-04-01 2017-03-31 OC332129 bus:Director1 2016-04-01 2017-03-31 OC332129 bus:Director2 2016-04-01 2017-03-31 OC332129 bus:Director3 2016-04-01 2017-03-31 OC332129 bus:Director4 2016-04-01 2017-03-31 OC332129 bus:Director5 2016-04-01 2017-03-31 OC332129 bus:Director4 2017-03-31 OC332129 core:PlantMachinery 2016-03-31 OC332129 core:FurnitureFittings 2016-03-31 OC332129 core:MotorVehicles 2016-03-31 OC332129 core:PlantMachinery 2017-03-31 OC332129 core:FurnitureFittings 2017-03-31 OC332129 core:MotorVehicles 2017-03-31 OC332129 core:WithinOneYear 2017-03-31 OC332129 core:WithinOneYear 2016-03-31 OC332129 core:BetweenOneFiveYears 2017-03-31 OC332129 core:BetweenOneFiveYears 2016-03-31 OC332129 core:MotorVehicles 2016-03-31 OC332129 bus:FRS102 2016-04-01 2017-03-31 OC332129 bus:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 OC332129 bus:FullAccounts 2016-04-01 2017-03-31 OC332129 bus:SmallCompaniesRegimeForDirectorsReport 2016-04-01 2017-03-31 OC332129 bus:LimitedLiabilityPartnershipLLP 2016-04-01 2017-03-31 OC332129 core:EntitiesControlledByKeyManagementPersonnel core:ExpensesReimbursed 2016-04-01 2017-03-31 OC332129 core:EntityControlledByKeyManagementPersonnel1 2016-04-01 2017-03-31 OC332129 core:EntityControlledByKeyManagementPersonnel2 2016-04-01 2017-03-31 OC332129 core:EntityControlledByKeyManagementPersonnel3 2016-04-01 2017-03-31 OC332129 core:EntityControlledByKeyManagementPersonnel4 2016-04-01 2017-03-31 OC332129 core:EntityControlledByKeyManagementPersonnel5 2016-04-01 2017-03-31 OC332129 core:EntitiesControlledByKeyManagementPersonnel 2017-03-31 OC332129 core:EntitiesControlledByKeyManagementPersonnel 2016-03-31 OC332129 core:EntityControlledByKeyManagementPersonnel1 2017-03-31 OC332129 core:EntityControlledByKeyManagementPersonnel1 2016-03-31 OC332129 core:EntityControlledByKeyManagementPersonnel2 2017-03-31 OC332129 core:EntityControlledByKeyManagementPersonnel2 2016-03-31 OC332129 core:EntityControlledByKeyManagementPersonnel3 2017-03-31 OC332129 core:EntityControlledByKeyManagementPersonnel4 2016-03-31 OC332129 core:EntityControlledByKeyManagementPersonnel5 2016-03-31

REGISTERED NUMBER: OC332129

Gladman Homes LLP

Filleted Unaudited Financial Statements

31 March 2017

Gladman Homes LLP

Financial Statements

Year ended 31 March 2017

Contents	Pages

Designated members and professional advisers	1

Members' report	2 to 3

Statement of financial position	4 to 5

Reconciliation of members' interests	6 to 7

Notes to the financial statements	8 to 13

Gladman Homes LLP

Designated Members and Professional Advisers

Designated members	Mr D J Gladman
	Mrs K J Gladman
	J M S Shepherd

Registered office	Gladman House
	Alexandria Way
	Congleton Business Park
	Congleton
	Cheshire
	CW12 1LB

Accountants	MBL (Business and Tax Advisers) Ltd
	Chartered Accountants
	MBL House
	16 Edward Court
	Altrincham Bus. Park
	Altrincham
	Cheshire
	WA14 5GL

Gladman Homes 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 LLP was the provision of construction services.

Designated members

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

Mr D J Gladman
Mrs K J Gladman
J M S Shepherd
Mr G K Edwards	(Resigned 25 August 2016)

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

Members are either Designated Members (DMs) or Non Designated Members (NDMs).

Profits are distributed in accordance with the Members' Agreement with profits being split into various fixed and discretionary tranches allocated to DMs and NDMs in accordance with the agreement.

New members are required to subscribe to a minimum level of capital.

Each member is paid on account of his/her share of profits such sum as the DMs may determine on a monthly basis and profits shall be allocated as drawn with the balance allocated following approval of the relevant accounts.

If any member withdraws funds in excess of his/her combined profit share for an accounting year and the balance standing to the credit of his/her current account at the start of the accounting year, that member shall repay the excess drawings to the LLP immediately on demand.

If a member leaves, the LLP shall pay him/her:

i) the amount of any capital which he/she is entitled to be credited by the LLP to his/her capital account;

ii) any undrawn balance of his/her profit share and such sums to which he/she is entitled to be credited by the LLP to his/her current account to the period ending on his/her leaving date;

iii) any sums due to him/her in respect of any individual loans.

Policy on Payment of Creditors

If the LLP is wound up, and a surplus sum remains at the conclusion of the winding up after payment of all money due to the creditors of the LLP and the expenses of the winding up, the liquidator shall pay that surplus sum to the DMs and NDMs in accordance with the respective proportions to which the members' share profits or losses of a capital nature.

This report was approved by the members on 1 December 2017 and signed on behalf of the members by:

Mr D J Gladman	J M S Shepherd
Designated Member	Designated Member

Registered office:

Gladman House

Alexandria Way

Congleton Business Park

Congleton

Cheshire

CW12 1LB

Gladman Homes LLP

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		29,175	51

Current assets

Debtors	6	6,687,614	6,632,630
Cash at bank and in hand		146,080	32,852
		------------	------------
		6,833,694	6,665,482

Creditors: amounts falling due within one year	7	2,052,729		1,575,514
		------------		------------
Net current assets			4,780,965	5,089,968
			------------	------------
Total assets less current liabilities			4,810,140	5,090,019
			------------	------------
Net assets			4,810,140	5,090,019
			------------	------------

Represented by:

Loans and other debts due to members

Other amounts	8		3,146,810	3,076,689

Members' other interests

Members' capital classified as equity	1,663,330	2,013,330
Other reserves	–	–
	------------	------------
	4,810,140	5,090,019
	------------	------------

Total members' interests

Amounts due from members		(2,752,527)	(4,879,998)
Loans and other debts due to members	8	3,146,810	3,076,689
Members' other interests		1,663,330	2,013,330
		------------	------------
		2,057,613	210,021
		------------	------------

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 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 .

Gladman Homes LLP

Statement of Financial Position (continued)

31 March 2017

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

Mr D J Gladman	J M S Shepherd
Designated Member	Designated Member

Registered number: OC332129

Gladman Homes LLP

Reconciliation of Members' Interests

Year ended 31 March 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				3,076,689	3,076,689
Amounts due from members				(4,879,998)	(4,879,998)
				------------	------------
Balance at 1 April 2016	2,013,330	–	2,013,330	(1,803,309)	(1,803,309)	210,021
Members remuneration charged as an expense, including employment costs				291,281	291,281	291,281
Profit for the financial year available for discretionary division among members		347,149	347,149			347,149
	------------	---------	------------	------------	------------	---------
Members' interests after profit for the year	2,013,330	347,149	2,360,479	(1,512,028)	(1,512,028)	848,451
Other division of profits		(347,149)	(347,149)	347,149	347,149	–
Introduced by members	(350,000)		(350,000)	2,581,922	2,581,922	2,231,922
Drawings				(1,022,760)	(1,022,760)	(1,022,760)
Reclassifications	–	–	–	–	–	–
				------------	------------
Amounts due to members				3,146,810	3,146,810
Amounts due from members				(2,752,527)	(2,752,527)
	------------	---------	------------	------------	------------	------------
Balance at 31 March 2017	1,663,330	–	1,663,330	394,283	394,283	2,057,613
	------------	---------	------------	------------	------------	------------

Gladman Homes LLP

Reconciliation of Members' Interests (continued)

Year ended 31 March 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				3,127,279	3,127,279
Amounts due from members				(3,867,399)	(3,867,399)
				------------	------------
Balance at 1 April 2015	2,013,330	–	2,013,330	(740,120)	(740,120)	1,273,210
Members remuneration charged as an expense, including employment costs				276,850	276,850	276,850
Profit for the financial year available for discretionary division among members		(348,976)	(348,976)			(348,976)
	------------	---------	------------	------------	------------	------------
Members' interests after profit for the year	2,013,330	(348,976)	1,664,354	(463,270)	(463,270)	1,201,084
Other division of profits		348,976	348,976	(348,976)	(348,976)	–
Introduced by members	–		–	–	–	–
Drawings				(991,063)	(991,063)	(991,063)
Reclassifications	–	–	–	–	–	–
				------------	------------
Amounts due to members				3,076,689	3,076,689
Amounts due from members				(4,879,998)	(4,879,998)
	------------	---------	------------	------------	------------	------------
Balance at 31 March 2016	2,013,330	–	2,013,330	(1,803,309)	(1,803,309)	210,021
	------------	---------	------------	------------	------------	------------

Gladman Homes LLP

Notes to the Financial Statements

Year ended 31 March 2017

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Gladman House, Alexandria Way, Congleton Business Park, Congleton, Cheshire, CW12 1LB.

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.

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. The LLP provides construction services to other entities within the Gladman group on the basis of costs incurred plus a mark up that is contractually agreed. The LLP is responsible for meeting snagging costs from the agreed mark up and snagging costs are charged to the accounts as they are incurred. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

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.

Gladman Homes LLP

Notes to the Financial Statements (continued)

Year ended 31 March 2017

3. Accounting policies (continued)

Members' participation rights (continued)

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'.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Plant & Machinery	-	25% straight line
Fixtures & Fittings	-	25% straight line
Motor Vehicles	-	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.

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.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 9 (2016: 8 ).

5.	Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2016	311,423	245,122	584	557,129
Additions	–	–	38,900	38,900
Disposals	–	–	( 584)	( 584)
	---------	---------	--------	---------
At 31 March 2017	311,423	245,122	38,900	595,445
	---------	---------	--------	---------
Depreciation
At 1 April 2016	311,423	245,122	533	557,078
Charge for the year	–	–	9,725	9,725
Disposals	–	–	( 533)	( 533)
	---------	---------	--------	---------
At 31 March 2017	311,423	245,122	9,725	566,270
	---------	---------	--------	---------
Carrying amount
At 31 March 2017	–	–	29,175	29,175
	---------	---------	--------	---------
At 31 March 2016	–	–	51	51
	---------	---------	--------	---------

6.	Debtors

	2017	2016
	£	£
Trade debtors	205,930	94,526
Other debtors	6,481,684	6,538,104
	------------	------------
	6,687,614	6,632,630
	------------	------------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	2,017,729	1,540,514
Social security and other taxes	14,245	11,533
Other creditors	20,755	23,467
	------------	------------
	2,052,729	1,575,514
	------------	------------

8.	Loans and other debts due to members

	2017	2016
	£	£
Amounts owed to members in respect of profits	3,146,810	3,076,689
	------------	------------

9.	Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	23,131	16,987
Later than 1 year and not later than 5 years	14,731	8,400
	--------	--------
	37,862	25,387
	--------	--------

10.	Related party transactions

During the year the LLP entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2017	2016	2017	2016
	£	£	£	£
Gladman Developments Limited	–	–	29,358	91,540
Gladman Care Homes Limited	–	–	163,936	30,979
Gladman Commercial Properties	–	–	( 1,000)	( 13,500)
Gladman Estate Management Limited	–	–	( 2,134)	–
Fox Strategic Land And Property Limited	–	–	–	1,216
Gladman Developments Childrens Property and Retained Income Fund	–	–	–	28
	----	----	---------	--------

In accordance with FRS 102, disclosure is only required of transactions that are not concluded under normal market conditions. Gladman Developments Limited is a company in which Mr DJ Gladman, Mrs KJ Gladman and Mr JMS Shepherd have an interest. Mr GK Edwards had an interest but resigned during the year. Gladman Care Homes Limited is a company in which Mr DJ Gladman, Mrs KJ Gladman, and Mr JMS Shepherd have an interest. Mr GK Edwards had an interest but resigned during the year. Gladman Commercial Properties is a company in which Mr DJ Gladman, Mrs KJ Gladman and Mr JMS Shepherd have an interest. Mr GK Edwards had an interest but resigned during the year. Gladman Estate Management Limited is a company in which Mr DJ Gladman, Mrs KJ Gladman and Mr JMS Shepherd have an interest. Mr GK Edwards had an interest but resigned during the year. Fox Strategic Land And Property Limited is a company in which Mr DJ Gladman and Mr JMS Shepherd have an interest. Mr GK Edwards had an interest but resigned during the year. Gladman Developments Childrens Property and Retained Income Fund is a partnership in which the children of Mr DJ Gladman, Mrs KJ Gladman and Mr JMS Shepherd have an interest. The children of Mr GK Edwards had an interest but resigned during the year.