PSPF 7000 LLP LLP accounts

PSPF 7000 LLP LLP accounts

PSPF 7000 LLP - Company Information

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REGISTERED NUMBER: OC400851
PSPF 7000 LLP
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 April 2017
PSPF 7000 LLP
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2017
Contents
Pages
Designated members and professional advisers
1
Statement of financial position
2 to 3
Reconciliation of members' interests
4 to 5
Notes to the financial statements
6 to 8
PSPF 7000 LLP
DESIGNATED MEMBERS AND PROFESSIONAL ADVISERS
Designated members
PSPF Property Development Services LLP
Sandav Developments Ltd
Private Sector Land Developments LLP
Greater London Finance Ltd
DLL Trading Ltd
Registered office
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
Accountants
BSG Valentine
Chartered Accountants
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
PSPF 7000 LLP
STATEMENT OF FINANCIAL POSITION
5 April 2017
2017
2016
Note
£
£
£
£
Current assets
Stocks
7,680
–
Debtors
4
49,100
–
Cash at bank and in hand
74,220
–
---------
----
131,000
–
Creditors: amounts falling due within one year
5
( 1,000)
–
---------
----
Net current assets
130,000
–
---------
----
Total assets less current liabilities
130,000
–
---------
----
Net assets
130,000
–
---------
----
Represented by:
Loans and other debts due to members
Other amounts
–
–
Members' other interests
Members' capital classified as equity
130,000
–
Other reserves
–
–
---------
----
130,000
–
---------
----
Total members' interests
Amounts due from members
(1,000)
–
Loans and other debts due to members
–
–
Members' other interests
130,000
–
---------
----
129,000
–
---------
----
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 5 April 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 .
PSPF 7000 LLP
STATEMENT OF FINANCIAL POSITION (continued)
5 April 2017
These financial statements were approved by the members and authorised for issue on 6 November 2017 , and are signed on their behalf by:
PSPF Property Development Services LLP
Designated Member
Registered number: OC400851
PSPF 7000 LLP
RECONCILIATION OF MEMBERS' INTERESTS
YEAR ENDED 5 APRIL 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
£
£
£
£
£
£
Balance at 6 April 2016
–
–
–
–
–
–
Loss for the financial year available for discretionary division among members
(1,000)
(1,000)
(1,000)
----
-------
-------
----
----
-------
Members' interests after loss for the year
–
(1,000)
(1,000)
–
–
(1,000)
Other division of profits
1,000
1,000
(1,000)
(1,000)
–
Introduced by members
130,000
130,000
–
–
130,000
---------
-------
---------
-------
-------
---------
Balance at 5 April 2017
130,000
–
130,000
(1,000)
(1,000)
129,000
---------
-------
---------
-------
-------
---------
PSPF 7000 LLP
RECONCILIATION OF MEMBERS' INTERESTS (continued)
YEAR ENDED 5 APRIL 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
£
£
£
£
£
£
Balance at 17 July 2015
–
–
–
–
–
–
Loss for the financial year available for discretionary division among members
–
–
–
Introduced by members
–
–
–
–
–
----
----
----
----
----
----
Balance at 5 April 2016
–
–
–
–
–
–
----
----
----
----
----
----
PSPF 7000 LLP
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2017
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ.
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 17 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) No cash flow statement has been presented for the LLP. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
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.
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.
PSPF 7000 LLP
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2017
3. Accounting policies (continued)
Members' participation rights (continued)
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'.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
4.
Debtors
2017
2016
£
£
Other debtors
49,100
–
--------
----
5. Creditors: amounts falling due within one year
2017
2016
£
£
Other creditors
1,000
–
-------
----
6.
Controlling party
In the opinion of the members there is no controlling party.
7.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The LLP transitioned to FRS 102 on 17 July 2015.
No transitional adjustments were required in equity or profit or loss for the period.