Apollo & Co LLP Small abridged accounts
Apollo & Co LLP Small abridged accounts
Statement of Consent to Prepare Abridged Financial Statements |
REGISTERED NUMBER:
OC308995
|
|
|
|
Abridged Financial Statements |
Year ended 31 August 2017
Contents |
Pages |
Abridged profit and loss account |
1 |
Balance sheet |
2 to 3 |
Reconciliation of members' interests |
4 to 5 |
Notes to the abridged financial statements |
6 to 10 |
|
Abridged Profit and Loss Account |
Year ended 31 August 2017
2017 |
2016 |
|
Note |
£ |
£ |
Gross profit |
|
|
Administrative expenses |
(
|
(
|
|
--------- |
--------- |
||
Operating profit |
4 |
|
|
Other interest receivable and similar income |
|
|
--------- |
--------- |
|
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members |
141,388 |
137,336 |
--------- |
--------- |
|
All the activities of the LLP are from continuing operations.
|
Balance Sheet |
2017 |
2016 |
||
Note |
£ |
£ |
£ |
Fixed assets
Intangible assets |
5 |
|
|
|
Tangible assets |
6 |
|
|
|
-------- |
-------- |
|||
|
|
|||
Current assets
Debtors |
7 |
|
|
|
Cash at bank and in hand |
|
|
||
--------- |
--------- |
|||
|
|
|||
Creditors: amounts falling due within one year |
8 |
(
|
(
|
|
--------- |
--------- |
|||
Net current assets |
|
|
||
--------- |
--------- |
|||
Total assets less current liabilities |
|
|
||
--------- |
--------- |
|||
Net assets |
|
|
||
--------- |
--------- |
|||
Represented by:
Loans and other debts due to members
Other amounts |
9 |
150,855 |
221,084 |
|
Members' other interests
Members' capital classified as equity |
1,000 |
1,000 |
|
Other reserves |
– |
– |
|
--------- |
--------- |
||
151,855 |
222,084 |
||
--------- |
--------- |
||
Total members' interests
Loans and other debts due to members |
9 |
150,855 |
221,084 |
|
Members' other interests |
1,000 |
1,000 |
||
--------- |
--------- |
|||
151,855 |
222,084 |
|||
--------- |
--------- |
|||
|
Balance Sheet (continued) |
These abridged financial statements were approved by the
members
and authorised for issue on
30 May 2018
, and are signed on their behalf by:
|
|
Designated Member |
Designated Member |
Registered number:
OC308995
|
Reconciliation of Members' Interests |
Year ended 31 August 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 September 2016 |
1,000 |
– |
1,000 |
221,084 |
221,084 |
222,084 |
Profit for the financial year available for discretionary division among members |
141,388 |
141,388 |
141,388 |
|||
------- |
--------- |
--------- |
--------- |
--------- |
--------- |
|
Members' interests after profit for the year |
1,000 |
141,388 |
142,388 |
221,084 |
221,084 |
363,472 |
Other division of profits |
(141,388) |
(141,388) |
141,388 |
141,388 |
– |
|
Drawings |
(211,617) |
(211,617) |
(211,617) |
|||
------- |
--------- |
--------- |
--------- |
--------- |
--------- |
|
Balance at 31 August 2017 |
1,000 |
– |
1,000 |
150,855 |
150,855 |
151,855 |
------- |
--------- |
--------- |
--------- |
--------- |
--------- |
|
|
Reconciliation of Members' Interests (continued) |
Year ended 31 August 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 1 September 2015 |
1,000 |
– |
1,000 |
435,342 |
435,342 |
436,342 |
Profit for the financial year available for discretionary division among members |
137,336 |
137,336 |
137,336 |
|||
------- |
--------- |
--------- |
--------- |
--------- |
--------- |
|
Members' interests after profit for the year |
1,000 |
137,336 |
138,336 |
435,342 |
435,342 |
573,678 |
Other division of profits |
(137,336) |
(137,336) |
137,336 |
137,336 |
– |
|
Drawings |
(351,594) |
(351,594) |
(351,594) |
|||
------- |
--------- |
--------- |
--------- |
--------- |
--------- |
|
Balance at 31 August 2016 |
1,000 |
– |
1,000 |
221,084 |
221,084 |
222,084 |
------- |
--------- |
--------- |
--------- |
--------- |
--------- |
|
|
Notes to the Abridged Financial Statements |
Year ended 31 August 2017
1. |
General information |
The LLP is registered in England and Wales. The address of the registered office is 77 Grand Parade, Green Lanes, London, England, N4 1DX.
2. |
Statement of compliance |
3. |
Accounting policies |
Basis of preparation
The financial statements have been prepared on the historical cost basis. 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 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Revenue recognition
Members' participation rights
Individual members
Members' share of profits are automatically allocated. Members' drawings are set by the Management Board after considering the working capital needs of the business. To the extent the profit allocations exceed drawings, the excess profit is included in the balance sheet under creditors. Where drawings exceed the allocated profits the excess is included in debtors.
Operating leases
Goodwill
|
Notes to the Abridged Financial Statements (continued) |
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill |
- |
over 4 years on a straight line basis |
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Leasehold property |
- |
over the term of lease |
|
Motor vehicles |
- |
|
|
Equipment |
- |
25% reducing balance |
|
Taxation
Taxation on LLP profits is the personal liability of the members, consequently neither taxation nor related deferred taxation are accounted for in these financial statements.
Financial instruments
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4. |
Operating profit |
Operating profit or loss is stated after charging:
2017 |
2016 |
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
------- |
-------- |
|
5. |
Intangible assets |
£ |
|
Cost |
|
At 1 September 2016 and 31 August 2017 |
|
-------- |
|
Amortisation |
|
At 1 September 2016 and 31 August 2017 |
|
-------- |
|
Carrying amount |
|
At 31 August 2017 |
|
-------- |
|
At 31 August 2016 |
|
-------- |
|
6. |
Tangible assets |
£ |
|
Cost |
|
At 1 September 2016 and 31 August 2017 |
|
--------- |
|
Depreciation |
|
At 1 September 2016 |
|
Charge for the year |
|
--------- |
|
At 31 August 2017 |
|
--------- |
|
Carrying amount |
|
At 31 August 2017 |
23,278 |
--------- |
|
At 31 August 2016 |
30,998 |
--------- |
|
7. |
Debtors |
2017 |
2016 |
|
£ |
£ |
|
Trade debtors |
|
|
Prepayments and accrued income |
|
|
Other debtors |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
8.
Creditors:
amounts falling due within one year
2017 |
2016 |
|
£ |
£ |
|
Trade creditors |
|
|
Accruals and deferred income |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
9. |
Loans and other debts due to members |
2017 |
2016 |
|
£ |
£ |
|
Amounts owed to members in respect of profits |
150,855 |
221,084 |
--------- |
--------- |
|
Loans and other debts due to members represent allocated profits not yet paid to members and are due within one year. In the event of a winding up, loans and other debts due to members rank equally with unsecured creditors.
10. |
Operating leases |
The total future minimum lease payments under non-cancellable operating leases are as follows:
2017 |
2016 |
|
£ |
£ |
|
Later than 5 years |
|
|
--------- |
--------- |
|
11. |
Transition to FRS 102 |
These are the first abridged financial statements that comply with FRS 102. The LLP transitioned to FRS 102 on 1 September 2015.
No transitional adjustments were required in equity or profit or loss for the year.