Abbey Eng LLP LLP accounts
Abbey Eng LLP LLP accounts
REGISTERED NUMBER:
OC338176
|
|
|
|
Financial Statements |
Period from 1 October 2016 to 30 June 2017
Contents |
Pages |
Designated members and professional advisers |
1 |
Members' report |
2 to 3 |
Chartered accountant's report to the members on the preparation of the unaudited statutory financial statements |
4 |
Statement of financial position |
5 to 6 |
Reconciliation of members' interests |
7 to 8 |
Notes to the financial statements |
9 to 14 |
|
Designated Members and Professional Advisers |
Designated members |
|
|
|
Registered office |
|
|
|
|
|
Merseyside |
|
|
|
Accountants |
|
Chartered accountant |
|
Hanover Buildings |
|
11-13 Hanover Street |
|
Liverpool |
|
L1 3DN |
|
Bankers |
|
5 Ormskirk Street |
|
St Helens |
|
Merseyside |
|
WA10 1DR |
|
|
Members' Report |
Period from 1 October 2016 to 30 June 2017
The members present their report and the unaudited financial statements of the LLP for the period ended
30 June 2017
.
Principal activities
Designated members
The designated members who served the LLP during the period were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
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
22 November 2017
and signed on behalf of the members by:
|
Designated Member |
Registered office: |
|
|
|
Merseyside |
|
|
Chartered Accountant's Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of
|
Period from 1 October 2016 to 30 June 2017
Hanover Buildings
11-13 Hanover Street
Liverpool
L1 3DN
|
Statement of Financial Position |
30 Jun 17 |
30 Sep 16 |
||
Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
|
|
|
Current assets
Stocks |
|
|
||
Debtors |
6 |
|
|
|
Investments |
7 |
|
|
|
Cash at bank and in hand |
|
|
||
------------- |
------------- |
|||
|
|
|||
Creditors: amounts falling due within one year |
8 |
|
|
|
------------- |
------------- |
|||
Net current assets |
|
|
||
------------- |
------------- |
|||
Total assets less current liabilities |
|
|
||
Creditors: amounts falling due after more than one year |
9 |
|
|
|
------------- |
------------- |
|||
Net assets |
|
|
||
------------- |
------------- |
|||
Represented by:
Loans and other debts due to members
Other amounts |
10 |
1,763,126 |
1,207,663 |
|
------------- |
------------- |
|||
Members' other interests
Other reserves |
– |
– |
|
------------- |
------------- |
||
1,763,126 |
1,207,663 |
||
------------- |
------------- |
||
Total members' interests
Amounts due from members |
– |
(11,181) |
||
Loans and other debts due to members |
10 |
1,763,126 |
1,207,663 |
|
Members' other interests |
– |
– |
||
------------- |
------------- |
|||
1,763,126 |
1,196,482 |
|||
------------- |
------------- |
|||
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
|
Statement of Financial Position (continued) |
These financial statements were approved by the
members
and authorised for issue on
22 November 2017
, and are signed on their behalf by:
|
Designated Member |
Registered number:
OC338176
|
Reconciliation of Members' Interests |
Period from 1 October 2016 to 30 June 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 30 Jun 17 |
|
£ |
£ |
£ |
£ |
£ |
|
Balance at 1 October 2016 |
– |
– |
1,196,482 |
1,196,482 |
1,196,482 |
Profit for the financial period available for discretionary division among members |
140,804 |
140,804 |
140,804 |
||
---------- |
---------- |
------------- |
------------- |
------------- |
|
Members' interests after profit for the period |
140,804 |
140,804 |
1,196,482 |
1,196,482 |
1,337,286 |
Other division of profits |
(140,804) |
(140,804) |
140,804 |
140,804 |
– |
Drawings |
425,840 |
425,840 |
425,840 |
||
---------- |
---------- |
------------- |
------------- |
------------- |
|
Balance at 30 June 2017 |
– |
– |
1,763,126 |
1,763,126 |
1,763,126 |
---------- |
---------- |
------------- |
------------- |
------------- |
|
|
Reconciliation of Members' Interests (continued) |
Period from 1 October 2016 to 30 June 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 |
1,116,578 |
1,116,578 |
|||
Amounts due from members |
(73,152) |
(73,152) |
|||
------------- |
------------- |
||||
Balance at 1 October 2015 |
– |
– |
1,043,426 |
1,043,426 |
1,043,426 |
Profit for the financial period available for discretionary division among members |
189,909 |
189,909 |
189,909 |
||
---------- |
---------- |
------------- |
------------- |
------------- |
|
Members' interests after profit for the period |
189,909 |
189,909 |
1,043,426 |
1,043,426 |
1,233,335 |
Other division of profits |
(189,909) |
(189,909) |
189,909 |
189,909 |
– |
Drawings |
(36,853) |
(36,853) |
(36,853) |
||
------------- |
------------- |
||||
Amounts due to members |
1,207,663 |
1,207,663 |
|||
Amounts due from members |
(11,181) |
(11,181) |
|||
---------- |
---------- |
------------- |
------------- |
------------- |
|
Balance at 30 September 2016 |
– |
– |
1,196,482 |
1,196,482 |
1,196,482 |
---------- |
---------- |
------------- |
------------- |
------------- |
|
|
Notes to the Financial Statements |
Period from 1 October 2016 to 30 June 2017
1. |
General information |
The LLP is registered in England and Wales. The address of the registered office is Hanover Buildings, 11 - 13 Hanover Street, Liverpool, L1 3DN, Merseyside.
2. |
Statement of compliance |
3. |
Accounting policies |
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.
Judgements and key sources of estimation uncertainty
Revenue recognition
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'.
Operating leases
Tangible assets
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 and Machinery |
- |
|
|
Fixture and Fittings |
- |
|
|
Motor Vehicles |
- |
|
|
Computer equipment |
- |
|
|
Impairment of fixed assets
Stocks
Finance leases and hire purchase contracts
Financial instruments
4. |
Employee numbers |
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to
80
(2016:
80
).
5. |
Tangible assets |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 October 2016 |
|
|
|
|
|
Additions |
|
– |
|
– |
|
Disposals |
– |
– |
(
|
– |
(
|
------------- |
------- |
---------- |
--------- |
------------- |
|
At 30 June 2017 |
|
|
|
|
|
------------- |
------- |
---------- |
--------- |
------------- |
|
Depreciation |
|||||
At 1 October 2016 |
|
|
|
|
|
Charge for the period |
|
|
|
|
|
Disposals |
– |
– |
(
|
– |
(
|
------------- |
------- |
---------- |
--------- |
------------- |
|
At 30 June 2017 |
|
|
|
|
|
------------- |
------- |
---------- |
--------- |
------------- |
|
Carrying amount |
|||||
At 30 June 2017 |
|
|
|
|
|
------------- |
------- |
---------- |
--------- |
------------- |
|
At 30 September 2016 |
|
|
|
|
|
------------- |
------- |
---------- |
--------- |
------------- |
|
6. |
Debtors |
30 Jun 17 |
30 Sep 16 |
|
£ |
£ |
|
Trade debtors |
|
|
Other debtors |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
7. |
Investments |
30 Jun 17 |
30 Sep 16 |
|
£ |
£ |
|
Other investments |
100 |
100 |
---- |
---- |
|
The limited liability partnership owns 10% of the share capital of Security Blinds International Limited.
8.
Creditors:
amounts falling due within one year
30 Jun 17 |
30 Sep 16 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
– |
Trade creditors |
|
|
Social security and other taxes |
|
|
Abbey Group Global Ltd - I/co. |
|
– |
Other creditors |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
9.
Creditors:
amounts falling due after more than one year
30 Jun 17 |
30 Sep 16 |
|
£ |
£ |
|
Other creditors |
|
|
---------- |
---------- |
|
10. |
Loans and other debts due to members |
30 Jun 17 |
30 Sep 16 |
|
£ |
£ |
|
Amounts owed to members in respect of profits |
1,763,126 |
1,207,663 |
------------- |
------------- |
|
11. |
Operating leases |
The total future minimum lease payments under non-cancellable operating leases are as follows:
30 Jun 17 |
30 Sep 16 |
|
£ |
£ |
|
Later than 1 year and not later than 5 years |
|
|
---------- |
---------- |
|
12. |
Transition to FRS 102 |
These are the first financial statements that comply with FRS 102. The LLP transitioned to FRS 102 on 1 October 2015.
No transitional adjustments were required in equity or profit or loss for the period.
13. |
Frequency of reporting |
The accounting frequency has been shortened to a nine month period, this is due to a company restructure. As a result of this the accounting period covers nine months and the prior accounting period was twelve months.