CornerstoneLondon Relocation LLP Small abridged accounts

CORNERSTONELONDON RELOCATION LLP - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of CornerstoneLondon Relocation LLP have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

REGISTERED NUMBER: OC400788

CornerstoneLondon Relocation LLP

Filleted Unaudited Abridged Financial Statements

31 July 2017

CornerstoneLondon Relocation LLP

Abridged Financial Statements

Year ended 31 July 2017

Contents	Page

Members' report	1

Abridged statement of financial position	2

Reconciliation of members' interests	4

Notes to the abridged financial statements	6

CornerstoneLondon Relocation LLP

Members' Report

Year ended 31 July 2017

The members present their report and the unaudited abridged financial statements of the LLP for the year ended 31 July 2017 .

Principal activities

The principal activity of the company during the year was the provision of corporate relocation services.

Designated members

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

Mr J Waite
CornerstoneLondon Limited

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 are determined by the performance and seniority of those members. There have been no changes in designated members between the end of this period and the date of this report.

This report was approved by the members on 19 April 2018 and signed on behalf of the members by:

Mr J Waite

Designated Member

Registered office:

18 Lettice Street

London

SW6 4EH

CornerstoneLondon Relocation LLP

Abridged Statement of Financial Position

31 July 2017

	2017		2016
Note	£	£	£

Current assets

Debtors	176,020		126,337

Creditors: amounts falling due within one year	76,020		26,337
	---------		---------
Net current liabilities		( 100,000)	( 100,000)
		---------	---------
Total assets less current liabilities		100,000	100,000
		---------	---------
Net assets		100,000	100,000
		---------	---------

Represented by:

Loans and other debts due to members

Other amounts		–	–

Members' other interests

Members' capital classified as equity	100,000	100,000
Other reserves	–	–
	---------	---------
	100,000	100,000
	---------	---------

Total members' interests

Amounts due from members	(176,020)	(126,337)
Loans and other debts due to members	–	–
Members' other interests	100,000	100,000
	---------	---------
	(76,020)	(26,337)
	---------	---------

These abridged 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 abridged statement of comprehensive income has not been delivered.

For the year ending 31 July 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 abridged financial statements .

CornerstoneLondon Relocation LLP

Abridged Statement of Financial Position (continued)

31 July 2017

These abridged financial statements were approved by the members and authorised for issue on 19 April 2018 , and are signed on their behalf by:

Mr J Waite

Designated Member

Registered number: OC400788

CornerstoneLondon Relocation LLP

Reconciliation of Members' Interests

Year ended 31 July 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 1 August 2016	100,000	–	100,000	–	–	100,000
Loss for the financial year available for discretionary division among members		(7,125)	(7,125)			(7,125)
	---------	-------	---------	----	----	---------
Members' interests after loss for the year	100,000	(7,125)	92,875	–	–	92,875
Other division of profits		7,125	7,125	(7,125)	(7,125)	–
Introduced by members	–		–	(126,337)	(126,337)	(126,337)
Drawings				(42,558)	(42,558)	(42,558)
	---------	-------	---------	---------	---------	---------
Balance at 31 July 2017	100,000	–	100,000	(176,020)	(176,020)	(76,020)
	---------	-------	---------	---------	---------	---------

CornerstoneLondon Relocation LLP

Reconciliation of Members' Interests (continued)

Year ended 31 July 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 13 July 2015	–	–	–	–	–	–
Loss for the financial year available for discretionary division among members		(33,734)	(33,734)			(33,734)
	----	--------	--------	----	----	--------
Members' interests after loss for the year	–	(33,734)	(33,734)	–	–	(33,734)
Other division of profits		33,734	33,734	(33,734)	(33,734)	–
Introduced by members	100,000		100,000	–	–	100,000
Drawings				(92,603)	(92,603)	(92,603)
	---------	--------	---------	---------	---------	---------
Balance at 31 July 2016	100,000	–	100,000	(126,337)	(126,337)	(26,337)
	---------	--------	---------	---------	---------	---------

CornerstoneLondon Relocation LLP

Notes to the Abridged Financial Statements

Year ended 31 July 2017

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 18 Lettice Street, London, SW6 4EH.

2.	Statement of compliance

These abridged 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 abridged 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 abridged 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 13 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 4.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

CornerstoneLondon Relocation LLP

Notes to the Abridged Financial Statements (continued)

Year ended 31 July 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 abridged 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 abridged 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 abridged statement of comprehensive income and are equity appropriations in the abridged 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 abridged statement of financial position within 'Loans and other debts due to members' and are charged to the abridged statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the abridged statement of financial position within 'Members' other interests'.

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.	Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The LLP transitioned to FRS 102 on 13 July 2015.

No transitional adjustments were required in equity or profit or loss for the period.