Westside Aviation LLP - LLP accounts 16.3

REGISTERED NUMBER: OC366026 (England and Wales)

Westside Aviation LLP

Report of the Members and

Financial Statements for the Year Ended 30 June 2017

Page

General Information

1

Report of the Members

2

Income Statement

3

Statement of Financial Position

4

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

A H Beynon

R G Turner

G C B Brook

M Goddard-Watts

REGISTERED OFFICE:

Nutwell Estate

Lympstone

Exeter

Devon

EX8 5AN

REGISTERED NUMBER:

OC366026 (England and Wales)

ACCOUNTANTS:

Maxwells

Chartered Accountants

4 King Square

Bridgwater

Somerset

TA6 3YF

The members present their report with the financial statements of the LLP for the year ended 30 June 2017.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of operating an aircraft for the benefit of it's

members.

DESIGNATED MEMBERS

The designated members during the year under review were:

A H Beynon

R G Turner

G C B Brook

M Goddard-Watts

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The loss for the year before members' remuneration and profit shares was £320,166 (2016 - £302,494 loss).

MEMBERS' INTERESTS

The members drawings policy allows each member to be paid on account of his share of profits on such a day

determined by the designated members. If any member withdraws funds in excess of his profit share for an accounting

year, that member shall repay the excess drawings to the LLP immediately together with interest, as set out in the LLP

agreement. All payments are made subject ot the cash requirements of the business.

Members are required to contribute a proportion of the funds required to finance working capital as loans. These

funding requirements are determined by the designated members. These loans shall be repaid before any drawings shall

be taken by the designated members.

Members capital is only repaid on or after retirement.

ON BEHALF OF THE MEMBERS:

R G Turner - Designated member

29 March 2018

TURNOVER

-

Cost of sales

357,384

382,743

GROSS LOSS

(357,384

)

(382,743

)

Administrative expenses

2,182

1,596

(359,566

)

(384,339

)

Other operating income

39,400

81,845

OPERATING LOSS and

LOSS FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS

(320,166

)

(302,494

)

CURRENT ASSETS

Debtors: amounts falling due within one year

4

767,955

667,765

Cash at bank

43,355

24,800

811,310

692,565

CREDITORS

Amounts falling due within one year

5

145,150

32,330

NET CURRENT ASSETS

666,160

660,235

TOTAL ASSETS LESS CURRENT
LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

666,160

660,235

LOANS AND OTHER DEBTS DUE TO
MEMBERS

6

666,160

660,235

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

6

666,160

660,235

Amounts due from members

4

-

(210

)

666,160

660,025

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 30 June 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 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.

The financial statements were approved by the members of the LLP on 29 March 2018 and were signed by:

R G Turner - Designated member

1.	STATUTORY INFORMATION

Westside Aviation LLP is registered in England and Wales. 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.

The financial statements have been prepared in accordance with applicable accounting standards and estimation

techniques.

3.	INFORMATION IN RELATION TO MEMBERS

30.6.17

30.6.16

The average number of members during the year was

4

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

Amounts due from members

-

210

Other debtors

767,955

667,555

767,955

667,765

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

Trade creditors

143,350

29,330

Accruals and deferred income

1,800

3,000

145,150

32,330

6.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Amount in loans and other debts due to members ranks above other creditors.

7.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A H Beynon, G C B Brook, M Goddard-Watts & R G Turner.