McEwan Fraser LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SO302052 (Scotland)

McEwan Fraser LLP

Unaudited Financial Statements

for the Year Ended 31 December 2017

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

K A McEwan

S Fraser

REGISTERED OFFICE:

Claremont House

130 East Claremont Street

Edinburgh

EH7 4LB

REGISTERED NUMBER:

SO302052 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Clydesdale Bank plc

Festival Square

50 Lothian Road

Edinburgh

EH3 9BY

SOLICITORS:

McEwan Fraser Legal

Claremont House

130 East Claremont Street

Edinburgh

EH7 4LB

CURRENT ASSETS

Debtors

418,196

447,927

Cash at bank

300

9,165

418,496

457,092

CREDITORS

Amounts falling due within one year

3

525,826

428,366

NET CURRENT (LIABILITIES)/ASSETS

(107,330

)

28,726

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET (LIABILITIES)/ASSETS ATTRIBUTABLE TO MEMBERS

(107,330

)

28,726

LOANS AND OTHER DEBTS DUE TO MEMBERS

4

-

-

MEMBERS' OTHER INTERESTS

Other reserves

(107,330

)

28,726

(107,330

)

28,726

TOTAL MEMBERS' INTERESTS

Members' other interests

(107,330

)

28,726

Amounts due from members

(418,196

)

(447,927

)

(525,526

)

(419,201

)

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 December 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 and delivered 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.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP on 27 September 2018 and were signed by:

K A McEwan - Designated member

1.	STATUTORY INFORMATION

McEwan Fraser LLP is registered in Scotland. 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.

Turnover

Turnover represents the gross selling price of properties, which is recognised by reference to

completion date.

Income from fixed asset investments

Income from fixed asset investments represents the profit shares allocations in the other LLP's that

McEwan Fraser LLP is a member of.

Members' remuneration

Remuneration that is paid under an employment contract or under the LLP agreement, which

represents a debt of McEwan Fraser LLP, is expensed to the profit and loss account and disclosed as

"Members' remuneration charged as an expense".

Taxation

The taxation payable on the partnership profits is the personal liability of the members during the

year and consequently neither taxation nor related deferred taxation is accounted for in the

financial statements. Amounts retained for tax are treated in the same way as other profits and are

so included in "Loans and other debts due to members" or "Members' interests" depending on

whether or not division of profit has occurred.

3.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other creditors

525,826

428,366

4.

LOANS AND OTHER DEBTS DUE TO MEMBERS

In accordance with the SORP "Accounting by Limited Liability Partnerships" all amounts due to

members are classified as a liability.

Loans and other debts due to members rank after secured and ordinary creditors in the event of a

winding up.

5.	RELATED PARTY DISCLOSURES

McEwan Fraser (UK) Ltd

McEwan Fraser (UK) Ltd, a company which is also controlled by Mr K A McEwan and Mr S Fraser, is a

member of the firm. Management charges of £Nil (2016: £2,684) (including VAT) were paid to the

company during the year. Net repayment of £592 (2016: £Nil) was made to the company in the

year. The balance due to the company at 31 December 2016 was £202,132 (2016: £202,724).

McEwan Fraser LVC LLP

The firm is a member of McEwan Fraser LVC LLP. During the year the firm received a share of loss of

£99,430 (2016: £240,802). The balance due to McEwan Fraser LVC LLP at 31 December 2017 was

£319,297 (2016: £222,642).

6.	CONTINGENT ASSETS

As of 31 December 2017, McEwan Fraser LLP has entered into 18 (2016: 18) agreements with third

party property investors to give the LLP an equity interest in the properties they purchased. The

equity interests held by McEwan Fraser LLP crystallise as a result of various triggers detailed in the

agreement but the latest being ten years from the date of the agreement. At this date McEwan

Fraser LLP will be due a share of the increase in the property value in accordance with the relevant

agreement. McEwan Fraser LLP has registered its interest in the properties by way of a standard

security mortgage charge over the assets. Due to the uncertain nature of the agreements we are

unable to ascertain the financial gain due to the LLP under these agreements.