Sect Stainless Products LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC393304 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

SECT STAINLESS PRODUCTS LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DESIGNATED MEMBERS:

S J Gleghorn

Mrs C L Brander

T I Williams

E W Edwards

REGISTERED OFFICE:

The Die-Pat Centre

Broad March

Daventry

Northamptonshire

NN11 4HE

REGISTERED NUMBER:

OC393304 (England and Wales)

ACCOUNTANTS:

Rochesters Audit Services Limited

No. 3 Caroline Court

13 Caroline Street

St. Paul's Square

Birmingham

West Midlands

B3 1TR

FIXED ASSETS

Tangible assets

3

1,318

37,229

CURRENT ASSETS

Stocks

20,950

38,540

Debtors

4

80,786

47,950

Cash at bank

21,760

28,136

123,496

114,626

CREDITORS

Amounts falling due within one year

5

109,673

110,402

NET CURRENT ASSETS

13,823

4,224

TOTAL ASSETS LESS CURRENT LIABILITIES

15,141

41,453

CREDITORS

Amounts falling due after more than one year

6

-

34,517

NET ASSETS ATTRIBUTABLE TO MEMBERS

15,141

6,936

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

15,141

6,936

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

15,141

6,936

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 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 4 September 2018 and were signed by:

E W Edwards - Designated member

1.	STATUTORY INFORMATION

Sect Stainless Products LLP is registered in England and Wales. 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.

Significant judgements and estimates

In the application of the LLP's accounting policies the members are required to make judgements, estimates and assumptions

about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and

associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results

may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are

recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision

and future periods if the revision effects both current and future periods.

In preparing these financial statements, the members have made the following judgements:

The LLP reviews the carrying value of all assets for indications of impairment at each period. If indicators of impairment

exist, the carrying value of the asset is subject to further testing to determine whether its carrying value exceeds its

recoverable amount. This process will usually involve the the estimation of future cash flows which are likely to be

generated by the asset.

A provision is recognised when the LLP has a present legal or constructive obligation as a result of a past event for which it

is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If

the effect is material, provisions are determined by discounting the expected future cash flows at a rate that reflects the time

value of money and the risk specific to the liability.

Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ

and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources

is probable or not.

The members have reviewed the asset lives and associated residual values of all fixed assets classes. In re-assessing asset

lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects

disposal values.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

items.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

Financial instruments

(i) Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other

short-term liquid investments with original maturities of three months or less, and bank overdrafts.

(ii) Financial assets and liabilities

All financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the

instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered

into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all

its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those

financial assets classified as at fair value through the profit and loss account, which are initially measured at fair value unless

the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset

or liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt

instrument.

Financial assets and liabilities are only offset at the balance sheet date when, and only when there exists a legally enforceable

right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and

settle the liability simultaneously.

Debt instruments that have no stated interest rate and are classified as payable or receivable within one year are initially

measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

Other debt instruments not meeting these conditions are measured at fair value through the profit and loss account.

Commitments to make or receive loans which meet the conditions mentioned above are measured at cost less impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows for the financial asset expire

or are settled, when the company transfers to another party substantially all the risks and rewards of ownership of the

financial asset, or the company, despite having retained some, but not all, significant risks and rewards of ownership, has

transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there

is objective evidence of impairment, an impairment loss is recognised in profit or loss.

For financial assets carried at amortised costs, the amount of an impairment is the difference between the asset's carrying

amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount

and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for the decrease in impairment loss, and the decrease can be related objectively to an event occuring

after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is

reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised

carrying amount higher than the carrying value had no impairment been recognised.

3.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2017

2,179

69,194

71,373

Disposals

-

(69,194

)

(69,194

)

At 31 March 2018

2,179

-

2,179

DEPRECIATION

At 1 April 2017

628

33,516

34,144

Charge for year

233

4,460

4,693

Eliminated on disposal

-

(37,976

)

(37,976

)

At 31 March 2018

861

-

861

NET BOOK VALUE

At 31 March 2018

1,318

-

1,318

At 31 March 2017

1,551

35,678

37,229

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2017

69,194

Disposals

(69,194

)

At 31 March 2018

-

DEPRECIATION

At 1 April 2017

33,516

Charge for year

4,460

Eliminated on disposal

(37,976

)

At 31 March 2018

-

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

35,678

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

19,586

32,287

Other debtors

34,832

1,500

Prepayments and accrued income

26,368

14,163

80,786

47,950

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 7)

-

9,445

Trade creditors

24,145

2,892

VAT

24,667

4,120

Associated undertakings

59,611

92,695

Accrued expenses

1,250

1,250

109,673

110,402

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 7)

-

34,517

7.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

-

9,445

Between one and five years

-

34,517

-

43,962

Non-cancellable operating

leases

2018

2017

£

£

Within one year

41,118

35,435

Between one and five years

26,696

26,624

67,814

62,059

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

-

43,962

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.