Reed Insulation LLP - Accounts to registrar - small 17.2

REGISTERED NUMBER: SO301257 (Scotland)

Financial Statements for the Year Ended 31 March 2017

for

Reed Insulation LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

L Reed

Mrs L Burns

Mrs S Cameron

Mrs. D M Reed

A A Burns

L V Haworth

REGISTERED OFFICE:

Unit 2

Riverside Court

Cupar

Fife

KY15 5JY

REGISTERED NUMBER:

SO301257 (Scotland)

ACCOUNTANTS:

Monteaths

Cairnfield

14 School Road

Balmullo

St Andrews

Fife

KY16 0BD

FIXED ASSETS

Tangible assets

4

68,005

62,944

CURRENT ASSETS

Debtors

5

23,688

58,684

Cash at bank

107,827

183,753

131,515

242,437

CREDITORS

Amounts falling due within one year

6

70,378

171,833

NET CURRENT ASSETS

61,137

70,604

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

129,142

133,548

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

129,142

133,548

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

129,142

133,548

Amounts due from members

5

(4,859

)

(3,921

)

124,283

129,627

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2017.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP on 18 December 2017 and were signed by:

L Reed - Designated member

1.	STATUTORY INFORMATION

Reed Insulation LLP is registered in Scotland. The LLP's registered number and registered office address can be

found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme

are charged to profit or loss in the period to which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 11 .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2016

10,000

105,591

115,591

Additions

-

32,279

32,279

Disposals

-

(22,750

)

(22,750

)

At 31 March 2017

10,000

115,120

125,120

DEPRECIATION

At 1 April 2016

-

52,647

52,647

Charge for year

-

19,335

19,335

Eliminated on disposal

-

(14,867

)

(14,867

)

At 31 March 2017

-

57,115

57,115

NET BOOK VALUE

At 31 March 2017

10,000

58,005

68,005

At 31 March 2016

10,000

52,944

62,944

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

18,284

47,735

Other debtors

5,404

10,949

23,688

58,684

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

50,574

145,464

Taxation and social security

17,904

24,399

Other creditors

1,900

1,970

70,378

171,833

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of a winding up loans and other debts due to members will be paid after other creditors. There are

no restrictions on the ability of members to reduce the amount of Members' other interests.