PKIB Accounting LLP - Filleted accounts

PKIB Accounting LLP - Filleted accounts

PKIB ACCOUNTING LLP - Company Information

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Registered number
OC362329
PKIB Accounting LLP
Filleted Accounts
31 March 2018
PKIB Accounting LLP
Registered number: OC362329
Balance Sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 - -
Investments 6 - -
- -
Current assets
Stocks - -
Debtors 7 7,856 7,342
Investments held as current assets 8 - -
Cash at bank and in hand 5,564 9,547
13,420 16,889
Creditors: amounts falling due within one year 9 - (1,000)
Net current assets 13,420 15,889
Total assets less current liabilities 13,420 15,889
Creditors: amounts falling due after more than one year 10 - -
Provisions for liabilities - -
Net assets attributable to members 13,420 15,889
Represented by:
Loans and other debts due to members 12 13,420 15,889
Members' other interests
Members' capital classified as equity - -
Revaluation reserve - -
Other reserves - -
- -
13,420 15,889
Total members' interests
Amounts due from members included in debtors 7 - -
Loans and other debts due to members 12 13,420 15,889
13,420 15,889
Members' other interests - -
13,420 15,889
For the year ended 31 March 2018 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 11 July 2018 and signed on their behalf by:
IM Beardall
Designated member
PKIB Accounting LLP
Notes to the Accounts
for the year ended 31 March 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Exceptional items 2018 2017
£ £
- -
3 Employees 2018 2017
Number Number
Average number of persons employed by the LLP - -
4 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2017 -
Additions -
Disposals -
At 31 March 2018 -
Amortisation
At 1 April 2017 -
Provided during the year -
On disposals -
At 31 March 2018 -
Net book value
At 31 March 2018 -
At 31 March 2017 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2017 - - - -
Additions - - - -
Revaluation - -
Disposals - - - -
At 31 March 2018 - - - -
Depreciation
At 1 April 2017 - - - -
Charge for the year - - - -
Revaluation - -
On disposals - - - -
At 31 March 2018 - - - -
Net book value
At 31 March 2018 - - - -
At 31 March 2017 - - - -
Freehold land and buildings: 2018 2017
£ £
Historical cost - -
Cumulative depreciation based on historical cost - -
- -
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
6 Fixed asset investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 April 2017 - - -
Additions - - -
Revaluation - - -
Disposals - - -
At 31 March 2018 - - -
Historical cost
At 1 April 2017 - -
At 31 March 2018 - -
[For revalued investments, see FRS 102 paragraphs 1AC.15, 1AC.22 and 1AC.23 for disclosures]
7 Debtors 2018 2017
£ £
Trade debtors 6,086 5,612
Amounts owed by group undertakings and undertakings in which the LLP has a participating interest - -
Amounts due from members - -
Other debtors 1,770 1,730
7,856 7,342
Amounts due after more than one year included above - -
8 Investments held as current assets 2018 2017
£ £
Fair value
Listed investments - -
Unlisted investments - -
- -
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments - -
Unlisted investments - -
- -
[For revalued investments, see FRS 102 paragraphs 1AC.22 and 1AC.23 for disclosures]
9 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts - -
Obligations under finance lease and hire purchase contracts - -
Trade creditors - -
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest - -
Other taxes and social security costs - -
Other creditors - 1,000
- 1,000
10 Creditors: amounts falling due after one year 2018 2017
£ £
Bank loans - -
Obligations under finance lease and hire purchase contracts - -
Trade creditors - -
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest - -
Other creditors - -
- -
11 Loans 2018 2017
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years - -
Instalments falling due for payment after more than five years - -
- -
Secured bank loans - -
[Give an indication of the nature and form of the security for the bank loans]
12 Loans and other debts due to members 2018 2017
£ £
Members capital classified as debt - -
Loans from members 595 -
Retirement benefit liabilities in respect of current members - -
Amounts due to members in respect of profits 12,825 15,889
13,420 15,889
Amounts falling due within one year 13,420 15,889
Amounts falling due after more than one year - -
13,420 15,889
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
13 Revaluation reserve 2018 2017
£ £
At 1 April 2017 - -
Gain on revaluation of land and buildings - -
Gain on revaluation of subsidiaries, associates and joint ventures - -
Other movements - -
At 31 March 2018 - -
14 Events after the reporting date
15 Capital commitments 2018 2017
£ £
Amounts contracted for but not provided in the accounts - -
16 Pension commitments
17 Other financial commitments 2018 2017
£ £
Total future minimum payments under non-cancellable operating leases - -
18 Contingent liabilities
19 Off-balance sheet arrangements
20 Related party transactions
21 Controlling party
22 Other information
PKIB Accounting LLP is a limited liability partnership incorporated in England. Its registered office is:
16/125 Upper Richmond Road
London
SW15 2TL
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