Fortress Wealth Partnership LLP - Filleted accounts

Fortress Wealth Partnership LLP - Filleted accounts

FORTRESS WEALTH 123 LLP - Company Information

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Registered number
OC342249
Fortress Wealth Partnership LLP
Unaudited Filleted Accounts
31 December 2017
Fortress Wealth Partnership LLP
Registered number: OC342249
Balance Sheet
as at 31 December 2017 Restated
Notes 2017 2016
£ £
Fixed assets
Intangible assets 3 480,208 717,989
Tangible assets 4 12,547 18,821
492,755 736,810
Current assets
Debtors 5 388,820 175,854
Cash at bank and in hand 10,889 40,866
399,709 216,720
Creditors: amounts falling due within one year 6 (193,483) (145,102)
Net current assets 206,226 71,618
Total assets less current liabilities 698,981 808,428
Creditors: amounts falling due after more than one year 7 (592,667) (802,397)
Net assets attributable to members 106,314 6,031
Represented by:
Loans and other debts due to members 9 106,314 6,031
106,314 6,031
Total members' interests
Loans and other debts due to members 9 106,314 6,031
106,314 6,031
For the year ended 31 December 2017 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 30 November 2018 and signed on their behalf by:
H IRWIN
Designated member
Fortress Wealth Partnership LLP
Notes to the Accounts
for the year ended 31 December 2017
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.
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:
Plant and machinery over 5 years
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 (i.e. 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.
2 Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions in certain circumstances that effect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. The estimates and assumptions that have a significant risk of causing a material adjustments to the carrying amounts of assets and liabilities within the next financial year are outlined below.

Goodwill:
Goodwill, which relates to the acquisition of blocks of clients is capitalised and amortised over five years and assessed for impairment annually. The estimated life and impairment indicators and assumptions used in the impairment test are key judgements.
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2017 1,188,841
Additions 150,644
Disposals (153,917)
At 31 December 2017 1,185,568
Amortisation
At 1 January 2017 470,852
Provided during the year 267,739
On disposals (33,231)
At 31 December 2017 705,360
Net book value
At 31 December 2017 480,208
At 31 December 2016 717,989
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Motor vehicles
£
Cost
At 1 January 2017 25,095
At 31 December 2017 25,095
Depreciation
At 1 January 2017 6,274
Charge for the year 6,274
At 31 December 2017 12,548
Net book value
At 31 December 2017 12,547
At 31 December 2016 18,821
5 Debtors 2017 2016
Restated
£ £
Accrued income 260,778 57,089
Other Debtors 128,042 118,765
388,820 175,854
6 Creditors: amounts falling due within one year 2017 2016
Restated
£ £
Bank loans and overdrafts 184,484 145,103
Other creditors 8,999 (1)
193,483 145,102
7 Creditors: amounts falling due after one year 2017 2016
£ £
Other creditors 592,667 802,397
8 Loans 2017 2016
£ £
Creditors include:
Secured bank loans 361,629 581,377
The loans are secured against the assets of the LLP
9 Loans and other debts due to members 2017 2016
£ £
Loans from members (11,490) (19,663)
Amounts due to members in respect of profits 117,804 25,694
106,314 6,031
Amounts falling due within one year 106,314 6,031
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
10 Restatement of prior year
Periodically in recent periods FWP has purchased and sold client blocks as a representative and Partner Practice of St. James’ Wealth Management Plc (“SJWM”). SJWM has facilitated related funding for these transactions. Part of the costs of acquisition, loan funding, amortisation, interest and related fee income of a number of acquisitions prior to 31 December 2016, together with one sale, were omitted from the prior year accounts. Accordingly the accounts have been restated to incorporate the net impact of omitted transactions associated with client acquisitions and disposals. The change has resulted in additional profits available for distribution to members at 31st December 2016 with this amount being allocated to members interest.
11 Impact of above adjustments on comparative balance sheets
At 1st January 2016 Previously Reported Adjustment Restated
£ £ £
Intangible fixed assets at cost 99,651 856,581 956,232
Amortisation of intangible fixed assets - 6,400 - 223,329 - 229,729
Debtors 130,115 - 33,790 96,325
Creditors - amounts falling due within one year - 160,004 - 876,070 - 1,036,074
Creditors - amounts falling due in more than one year - 90,133 90,133 -
Loans and other debts due to members - 621 - 186,475 - 187,096
At 31st December 2016 Previously Reported Adjustment Restated
£ £ £
Intangible fixed assets at cost 313,173 875,669 1,188,842
Amortisation of intangible fixed assets - 25,600 - 445,253 - 470,853
Debtors 117,644 58,211 175,855
Creditors - amounts falling due within one year - 296,339 61,236 - 145,103
Creditors - amounts falling due in more than one year - 285,564 - 543,832 - 802,397
Loans and other debts due to members - 6,031 - 6,031
Reconcilliation of profit available for discretionary divison among members for the year ended 31st December 2016
2016
Loss for the financial year available for discretionary divison among members as previously reported -
Turnover in respect of cleint blocks acquired 44,990
Amortization of client blocks acquired - 221,924
Profit on disposal of intangible fixed assets 392,962
Interest payable on loans relating to acquistion of client blocks - 25,522
Members remuneration charged as an expense - 192,506
Loss for the financial year available for discretionary divison among members as previously reported _
12 Other information
Fortress Wealth Partnership LLP is a limited liability partnership incorporated in England. Its registered office is:
St James's Place House
3 Moorgate Place
London
EC2R 6EA
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