Gladman Homes LLP LLP accounts
Gladman Homes LLP LLP accounts
REGISTERED NUMBER:
OC332129
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Financial Statements |
Year ended 31 March 2018
Contents |
Pages |
Designated members and professional advisers |
1 |
Members' report |
2 to 4 |
Independent auditor's report to the members |
5 to 7 |
Statement of comprehensive income |
8 |
Statement of financial position |
9 |
Reconciliation of members' interests |
10 to 11 |
Notes to the financial statements |
12 to 18 |
The following pages do not form part of the financial statements
Members detailed schedules |
20 |
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Designated Members and Professional Advisers |
Designated members |
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Registered office |
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Auditor |
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Chartered Accountants & statutory auditor |
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MBL House |
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16 Edward Court |
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Altrincham Bus. Park |
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Altrincham |
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Cheshire |
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WA14 5GL |
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Members' Report |
Year ended 31 March 2018
The members present their report and the financial statements of the LLP for the year ended
31 March 2018
.
Principal activities
Designated members
The designated members who served the LLP during the year were as follows:
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Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are either Designated Members (DMs) or Non Designated Members (NDMs).
Profits are distributed in accordance with the Members' Agreement with profits being split into various fixed and discretionary tranches allocated to DMs and NDMs in accordance with the agreement.
New members are required to subscribe to a minimum level of capital.
Each member is paid on account of his/her share of profits such sum as the DMs may determine on a monthly basis and profits shall be allocated as drawn with the balance allocated following approval of the relevant accounts.
If any member withdraws funds in excess of his/her combined profit share for an accounting year and the balance standing to the credit of his/her current account at the start of the accounting year, that member shall repay the excess drawings to the LLP immediately on demand.
If a member leaves, the LLP shall pay him/her:
i) the amount of any capital which he/she is entitled to be credited by the LLP to his/her capital account;
ii) any undrawn balance of his/her profit share and such sums to which he/she is entitled to be credited by the LLP to his/her current account to the period ending on his/her leaving date;
iii) any sums due to him/her in respect of any individual loans.
Policy on Payment of Creditors
If the LLP is wound up, and a surplus sum remains at the conclusion of the winding up after payment of all money due to the creditors of the LLP and the expenses of the winding up, the liquidator shall pay that surplus sum to the DMs and NDMs in accordance with the respective proportions to which the members' share profits or losses of a capital nature.
Members' responsibilities statement
The members are responsible for preparing the members' report and the financial statements in accordance with applicable law and regulations.
Company law as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law as applied to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and the profit or loss of the LLP for that period.
In preparing these financial statements, the members are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the members on
4 October 2018
and signed on behalf of the members by:
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Designated Member |
Registered office: |
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Independent Auditor's Report to the Members of
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Year ended 31 March 2018
Opinion
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the members' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the members have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the LLP's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The members are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
Responsibilities of members
As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered Accountants & statutory auditor |
MBL House |
16 Edward Court |
Altrincham Bus. Park |
Altrincham |
Cheshire |
WA14 5GL |
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Statement of Comprehensive Income |
Year ended 31 March 2018
2018 |
2017 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
(
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(
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------------- |
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Gross profit |
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Administrative expenses |
(
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(
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Operating profit |
7 |
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Other interest receivable and similar income |
8 |
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Profit for the financial year before members' remuneration and profit shares |
1,315,512 |
638,430 |
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Members' remuneration charged as an expense |
9 |
(60,503) |
(291,281) |
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Profit for the financial year available for discretionary division among members |
1,255,009 |
347,149 |
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All the activities of the LLP are from continuing operations.
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Statement of Financial Position |
2018 |
2017 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
10 |
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Current assets
Debtors |
11 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
12 |
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Net current assets |
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Total assets less current liabilities |
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Net assets |
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Represented by:
Loans and other debts due to members
Other amounts |
14 |
3,366,437 |
3,146,810 |
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Members' other interests
Members' capital classified as equity |
1,663,330 |
1,663,330 |
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Other reserves, including the fair value reserve |
– |
– |
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5,029,767 |
4,810,140 |
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Total members' interests
Amounts due from members |
(2,665,305) |
(2,752,527) |
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Loans and other debts due to members |
14 |
3,366,437 |
3,146,810 |
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Members' other interests |
1,663,330 |
1,663,330 |
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2,364,462 |
2,057,613 |
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These financial statements were approved by the
members
and authorised for issue on
4 October 2018
, and are signed on their behalf by:
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Designated Member |
Registered number:
OC332129
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Reconciliation of Members' Interests |
Year ended 31 March 2018
Members' other interests |
Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests |
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Members' capital (classified as equity) |
Other reserves, including the fair value reserve |
Total |
Other amounts |
Total |
Total 2018 |
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£ |
£ |
£ |
£ |
£ |
£ |
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Amounts due to members |
3,146,810 |
3,146,810 |
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Amounts due from members |
(2,752,527) |
(2,752,527) |
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Balance at 1 April 2017 |
1,663,330 |
– |
1,663,330 |
394,283 |
394,283 |
2,057,613 |
Members remuneration charged as an expense, including employment costs |
60,503 |
60,503 |
60,503 |
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Profit for the financial year available for discretionary division among members |
1,255,009 |
1,255,009 |
1,255,009 |
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Members' interests after profit for the year |
1,663,330 |
1,255,009 |
2,918,339 |
454,786 |
454,786 |
3,373,125 |
Other division of profits |
(1,255,009) |
(1,255,009) |
1,255,009 |
1,255,009 |
– |
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Introduced by members |
– |
– |
– |
– |
– |
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Drawings |
(1,008,663) |
(1,008,663) |
(1,008,663) |
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Reclassifications |
– |
– |
– |
– |
– |
– |
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Amounts due to members |
3,366,437 |
3,366,437 |
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Amounts due from members |
(2,665,305) |
(2,665,305) |
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Balance at 31 March 2018 |
1,663,330 |
– |
1,663,330 |
701,132 |
701,132 |
2,364,462 |
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Reconciliation of Members' Interests (continued) |
Year ended 31 March 2018
Members' other interests |
Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests |
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Members' capital (classified as equity) |
Other reserves, including the fair value reserve |
Total |
Other amounts |
Total |
Total 2017 |
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£ |
£ |
£ |
£ |
£ |
£ |
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Amounts due to members |
3,076,689 |
3,076,689 |
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Amounts due from members |
(4,879,998) |
(4,879,998) |
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Balance at 1 April 2016 |
2,013,330 |
– |
2,013,330 |
(1,803,309) |
(1,803,309) |
210,021 |
Members remuneration charged as an expense, including employment costs |
291,281 |
291,281 |
291,281 |
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Profit for the financial year available for discretionary division among members |
347,149 |
347,149 |
347,149 |
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Members' interests after profit for the year |
2,013,330 |
347,149 |
2,360,479 |
(1,512,028) |
(1,512,028) |
848,451 |
Other division of profits |
(347,149) |
(347,149) |
347,149 |
347,149 |
– |
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Introduced by members |
(350,000) |
(350,000) |
2,581,922 |
2,581,922 |
2,231,922 |
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Drawings |
(1,022,760) |
(1,022,760) |
(1,022,760) |
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Reclassifications |
– |
– |
– |
– |
– |
– |
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Amounts due to members |
3,146,810 |
3,146,810 |
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Amounts due from members |
(2,752,527) |
(2,752,527) |
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Balance at 31 March 2017 |
1,663,330 |
– |
1,663,330 |
394,283 |
394,283 |
2,057,613 |
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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 Gladman House, Alexandria Way, Congleton Business Park, Congleton, Cheshire, CW12 1LB.
2. |
Statement of compliance |
3. |
Accounting policies |
Basis of preparation
Revenue recognition
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.
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Notes to the Financial Statements (continued) |
Year ended 31 March 2018
3.
Accounting policies
(continued)
Members' participation rights
(continued)
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'.
Operating leases
Tangible assets
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:
Plant & Machinery |
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Fixtures & Fittings |
- |
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Motor Vehicles |
- |
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Impairment of fixed assets
Financial instruments
Defined contribution plans
4. |
Turnover |
Turnover arises from:
2018 |
2017 |
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£ |
£ |
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Construction contracts |
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The whole of the turnover is attributable to the principal activity of the LLP wholly undertaken in the United Kingdom.
5. |
Staff costs |
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to:
2018 |
2017 |
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No |
No |
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Production |
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Administrative |
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Number of project managers |
7 |
5 |
---- |
---- |
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The aggregate employment costs incurred during the year (excluding members) were:
2018 |
2017 |
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£ |
£ |
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Wages and salaries |
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Social security costs |
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Other pension costs |
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--------- |
--------- |
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--------- |
--------- |
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6. |
Auditor's remuneration |
2018 |
2017 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
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– |
-------- |
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7. |
Operating profit |
Operating profit or loss is stated after charging:
2018 |
2017 |
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£ |
£ |
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Depreciation of tangible assets |
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Loss on disposal of tangible assets |
– |
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Impairment of trade debtors |
– |
12,943 |
Operating lease rentals |
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-------- |
-------- |
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8. |
Other interest receivable and similar income |
2018 |
2017 |
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£ |
£ |
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Interest on cash and cash equivalents |
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---- |
---- |
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9. |
Information in relation to members |
2018 |
2017 |
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£ |
£ |
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Highest paid members remuneration |
60,503 |
167,172 |
---- |
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2018 |
2017 |
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No |
No |
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Average number of members |
3 |
5 |
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10. |
Tangible assets |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
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Cost |
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At 1 April 2017 |
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Disposals |
– |
(
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– |
(
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--------- |
--------- |
-------- |
--------- |
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At 31 March 2018 |
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– |
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--------- |
--------- |
-------- |
--------- |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
– |
– |
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Disposals |
– |
(
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– |
(
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--------- |
--------- |
-------- |
--------- |
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At 31 March 2018 |
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– |
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--------- |
--------- |
-------- |
--------- |
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Carrying amount |
||||
At 31 March 2018 |
– |
– |
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--------- |
--------- |
-------- |
--------- |
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At 31 March 2017 |
– |
– |
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--------- |
--------- |
-------- |
--------- |
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11. |
Debtors |
2018 |
2017 |
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£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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Amounts due from members |
2,665,305 |
2,752,527 |
Amounts recoverable on contracts |
2,374,704 |
3,472,630 |
Other debtors |
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------------ |
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12.
Creditors:
amounts falling due within one year
2018 |
2017 |
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£ |
£ |
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Trade creditors |
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Accruals and deferred income |
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Social security and other taxes |
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------------ |
------------ |
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13. |
Employee benefits |
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
58,943
(2017: £
46,378
).
14. |
Loans and other debts due to members |
2018 |
2017 |
|
£ |
£ |
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Amounts owed to members in respect of profits |
3,366,437 |
3,146,810 |
------------ |
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15. |
Operating leases |
The total future minimum lease payments under non-cancellable operating leases are as follows:
2018 |
2017 |
|
£ |
£ |
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
|
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-------- |
-------- |
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-------- |
-------- |
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16. |
Related party transactions |
During the year the LLP entered into the following transactions with related parties:
Transaction value |
Balance owed by/(owed to) |
|||
2018 |
2017 |
2018 |
2017 |
|
£ |
£ |
£ |
£ |
|
Gladman Developments Limited |
– |
– |
356,767 |
29,358 |
Trustees of the Gladman SIPPS |
– |
– |
576 |
– |
Gladman Retirement Living Limited |
– |
– |
1,524,206 |
163,936 |
Gladman Commercial Properties |
– |
– |
45,224 |
(
1,000) |
Gladman Estate Management Limited |
– |
– |
313 |
(
2,134) |
---- |
---- |
------------ |
--------- |
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In accordance with FRS 102, disclosure is only required of transactions that are not concluded under normal market conditions. Gladman Developments Limited is a company in which Mr DJ Gladman, Mrs KJ Gladman and Mr JMS Shepherd have an interest. Trustees of the Gladman SIPPS is a pension scheme in which Mr DJ Gladman, Mrs KJ Gladman and Mr JMS Shepherd are trustees and beneficiaries. Gladman Retirement Living Limited is a company in which Mr DJ Gladman, Mrs KJ Gladman, and Mr JMS Shepherd have an interest. Gladman Commercial Properties is a company in which Mr DJ Gladman, Mrs KJ Gladman and Mr JMS Shepherd have an interest. Gladman Estate Management Limited is a company in which Mr DJ Gladman, Mrs KJ Gladman and Mr JMS Shepherd have an interest.
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Management Information |
Year ended 31 March 2018
The following pages do not form part of the financial statements.
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Members Detailed Schedules |
Year ended 31 March 2018
Members capital account summary for the year ending 31 March 2018
Equity |
|
Members capital |
|
£ |
|
|
948,750 |
|
288,750 |
|
412,500 |
------------ |
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Total |
1,650,000 |
------------ |
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Loans and other debts due to members. Summary as at 31 March 2018
Members current account |
|
£ |
|
|
3,334,445 |
------------ |
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Loans and other debts due from members. Summary as at 31 March 2018
Members current account |
|
£ |
|
|
1,471,625 |
|
1,193,680 |
------------ |
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Total |
2,665,305 |
------------ |
|