A K N (Sussex) LLP - LLP accounts 18.2

A K N (Sussex) LLP - LLP accounts 18.2

A K N (SUSSEX) LLP - Company Information

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IRIS Accounts Production v18.2.0.360 OC337568 designated member designated member 1.4.17 31.3.18 31.3.18 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureOC3375682017-03-31OC3375682018-03-31OC3375682017-04-012018-03-31OC3375682016-03-31OC3375682016-04-012017-03-31OC3375682017-03-31OC337568ns15:EnglandWales2017-04-012018-03-31OC337568ns14:PoundSterling2017-04-012018-03-31OC337568ns10:Director12017-04-012018-03-31OC337568ns10:Director22017-04-012018-03-31OC337568ns10:LimitedLiabilityPartnershipLLP2017-04-012018-03-31OC337568ns10:SmallEntities2017-04-012018-03-31OC337568ns10:AuditExemptWithAccountantsReport2017-04-012018-03-31OC337568ns10:SmallCompaniesRegimeForAccounts2017-04-012018-03-31OC337568ns10:LimitedLiabilityPartnershipsSORP2017-04-012018-03-31OC337568ns10:FullAccounts2017-04-012018-03-31OC337568ns10:RegisteredOffice2017-04-012018-03-31OC337568ns5:CurrentFinancialInstruments2018-03-31OC337568ns5:CurrentFinancialInstruments2017-03-31OC337568ns5:CurrentFinancialInstrumentsns5:WithinOneYear2018-03-31OC337568ns5:CurrentFinancialInstrumentsns5:WithinOneYear2017-03-31


REGISTERED NUMBER: OC337568 (England and Wales)












REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

A K N (SUSSEX) LLP
A K N (SUSSEX) LLP (REGISTERED NUMBER: OC337568)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018










Page

General Information 1

Report of the Members 2

Chartered Accountants' Report 3

Income Statement 4

Balance Sheet 5

Reconciliation of Members' Interests 6

Notes to the Financial Statements 8


A K N (SUSSEX) LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2018







DESIGNATED MEMBERS: Fitzpatrick LLP
First Charterhouse Enterprises Ltd





REGISTERED OFFICE: 30 New Road
Brighton
East Sussex
BN1 1BN





REGISTERED NUMBER: OC337568 (England and Wales)





ACCOUNTANTS: Hilton Sharp & Clarke Limited
30 New Road
Brighton
East Sussex
BN1 1BN
Page 1
A K N (SUSSEX) LLP (REGISTERED NUMBER: OC337568)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2018


The members present their report with the financial statements of the LLP for the year ended 31 March 2018.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of property development.

DESIGNATED MEMBERS
The designated members during the year under review were:

Fitzpatrick LLP
First Charterhouse Enterprises Ltd

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £113,348 (2017 - £213,208 loss).

MEMBERS' INTERESTS
The members capital contributions and any capital repayments, including drawings, are determined by the designated members
having regards to the working capital requirements of the business.

ON BEHALF OF THE MEMBERS:





First Charterhouse Enterprises Ltd - Designated member


31 July 2018

Page 2
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
A K N (SUSSEX) LLP



In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships
(Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial
statements of A K N (Sussex) LLP for the year ended 31 March 2018 which comprise the Income Statement, Balance Sheet,
Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations
you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of A K N (Sussex) LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of A K N (Sussex) LLP and state those matters that we have agreed to state to the members of A K N (Sussex) LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A K N (Sussex) LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that A K N (Sussex) LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A K N (Sussex) LLP. You consider that A K N (Sussex) LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of A K N (Sussex) LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Hilton Sharp & Clarke Limited
30 New Road
Brighton
East Sussex
BN1 1BN


8 August 2018

This page does not form part of the statutory financial statements

Page 3
A K N (SUSSEX) LLP (REGISTERED NUMBER: OC337568)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2018

2018 2017
Notes £    £   

TURNOVER 558,500 1,380,000

Cost of sales 353,890 1,450,836
GROSS PROFIT/(LOSS) 204,610 (70,836 )

Administrative expenses 11,099 18,533
193,511 (89,369 )

Other operating income 9,836 8,661
OPERATING PROFIT/(LOSS) 203,347 (80,708 )

Interest receivable and similar income 1 -
203,348 (80,708 )

Interest payable and similar expenses 90,000 132,500
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT SHARES
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS



113,348



(213,208



)

The notes form part of these financial statements

Page 4
A K N (SUSSEX) LLP (REGISTERED NUMBER: OC337568)

BALANCE SHEET
31 MARCH 2018

2018 2017
Notes £    £   
CURRENT ASSETS
Stocks 3 1,300,932 1,336,799
Debtors 4 81,692 74,019
Cash at bank 8,388 9,115
1,391,012 1,419,933
CREDITORS
Amounts falling due within one year 5 1,312,443 1,419,933
NET CURRENT ASSETS 78,569 -
TOTAL ASSETS LESS CURRENT
LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS
78,569
-

LOANS AND OTHER DEBTS DUE TO
MEMBERS
6
78,569
-

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 6 78,569 -
Amounts due from members 4 - (4,779 )
78,569 (4,779 )

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 31 March 2018.

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 31 July 2018 and were signed by:





First Charterhouse Enterprises Ltd - Designated member

The notes form part of these financial statements

Page 5
A K N (SUSSEX) LLP (REGISTERED NUMBER: OC337568)

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2018


EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors
Other Other
reserves amounts Total
£    £    £   
Amount due to members -
Amount due from members (4,779 )
Balance at 1 April 2017 - (4,779 ) (4,779 )
Profit for the financial year available
for discretionary division among
members

113,348

-

113,348

Members' interests after profit for the
year
113,348
(4,779
)
108,569
Other divisions of profit (113,348 ) 113,348 -
Drawings - (30,000 ) (30,000 )
Amount due to members 78,569
Amount due from members -
Balance at 31 March 2018 - 78,569 78,569

The notes form part of these financial statements

Page 6
A K N (SUSSEX) LLP (REGISTERED NUMBER: OC337568)

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2018

EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors
Other Other
reserves amounts Total
£    £    £   
Amount due to members 769,955
Amount due from members -
Balance at 1 April 2016 - 769,955 769,955
Loss for the financial year available for
discretionary division among members
(213,208
)
-
(213,208
)
Members' interests after loss for the
year
(213,208
)
769,955
556,747
Other divisions of loss 213,208 (213,208 ) -
Introduced by members - 229,595 229,595
Drawings - (791,121 ) (791,121 )
Amount due to members -
Amount due from members (4,779 )
Balance at 31 March 2017 - (4,779 ) (4,779 )

The notes form part of these financial statements

Page 7
A K N (SUSSEX) LLP (REGISTERED NUMBER: OC337568)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018


1. STATUTORY INFORMATION

A K N (Sussex) LLP is registered in England and Wales. The LLP's registered number and registered office address can be
found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements are rounded to the nearest £1.

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.

Turnover
Turnover represents the gross proceeds from sale of properties and gross rents receivable during the period and falls within
the company's ordinary activities.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving
items.

3. STOCKS
2018 2017
£    £   
Stocks 1,300,932 1,336,799

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade debtors 2,000 -
Other debtors 79,692 74,019
81,692 74,019

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Taxation and social security 600 1,768
Other creditors 1,311,843 1,418,165
1,312,443 1,419,933

6. LOANS AND OTHER DEBTS DUE TO MEMBERS

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 within unsecured debts, and no additional
protection is afforded to creditors.

No restrictions exist on the ability of the members to reduce the amount of Members' other interests.

Page 8