Diesel Alert LLP Filleted accounts for Companies House (small and micro)

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REGISTERED NUMBER: OC353126

Diesel Alert LLP

Filleted Unaudited Financial Statements

31 March 2018

Diesel Alert LLP

Financial Statements

Year ended 31 March 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Diesel Alert LLP

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	5		315		627

Current assets

Stocks		2,024	1,082
Debtors	6	7,671	2,986
Cash at bank and in hand		3,392	8,013
		--------	--------
		13,087	12,081

Creditors: amounts falling due within one year	7	4,489		8,895
		--------		--------
Net current assets			8,598		3,186
			-------		-------
Total assets less current liabilities			8,913		3,813
			-------		-------
Net assets			8,913		3,813
			-------		-------

Represented by:

Loans and other debts due to members

Other amounts	8	8,913	3,813
		-------	-------

Members' other interests

Other reserves	–	–
	-------	-------
	8,913	3,813
	-------	-------

Total members' interests

Loans and other debts due to members	8	8,913	3,813
Members' other interests		–	–
		-------	-------
		8,913	3,813
		-------	-------

These 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 statement of comprehensive income has not been delivered.

For the year ending 31 March 2018 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 financial statements .

Diesel Alert LLP

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the members and authorised for issue on 12 November 2018 , and are signed on their behalf by:

Mr J P Rumsey	Mrs J E Rumsey
Designated Member	Designated Member

Registered number: OC353126

Diesel Alert LLP

Notes to the Financial Statements

Year ended 31 March 2018

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.

2.	Statement of compliance

These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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.

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

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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:

	Equipment	-	20% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 2 (2017: 2 ).

5.	Tangible assets

	Equipment	Total
	£	£
Cost
At 1 April 2017 and 31 March 2018	4,674	4,674
	-------	-------
Depreciation
At 1 April 2017	4,047	4,047
Charge for the year	312	312
	-------	-------
At 31 March 2018	4,359	4,359
	-------	-------
Carrying amount
At 31 March 2018	315	315
	-------	-------
At 31 March 2017	627	627
	-------	-------

6.	Debtors

	2018	2017
	£	£
Trade debtors	7,120	553
Amounts owed by undertakings in which the LLP has a participating interest	18	1,993
Prepayments and accrued income	–	228
Other debtors	533	212
	-------	-------
	7,671	2,986
	-------	-------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	46	697
Amounts owed to undertakings in which the LLP has a participating interest	2,219	2,219
Accruals and deferred income	2,224	2,062
Social security and other taxes	–	3,917
	-------	-------
	4,489	8,895
	-------	-------

8.	Loans and other debts due to members

	2018	2017
	£	£
Amounts owed to members in respect of profits	8,913	3,813
	-------	-------

9.	Related party transactions

At the year end the partnership owed a related party £2,219 (2017: £2,219) a company that a member is a director and shareholder. This is reflected in creditors. At the year end the partnership was owed £18 (2017: £1,993) from related parties, companies in which a member is a director and shareholder. This is reflected in debtors.