Vision Ventilation LLP Accounts

VISION VENTILATION LLP - Company Information






Vision Ventilation LLP
	Registered No. OC352411
	Information for Filing with the Registrar
		31 March 2018

at	31 March 2018

Registered No.		OC352411	Notes	2018	2017
				£	£
Fixed assets

	Tangible assets		3	15,922	18,635


				15,922	18,635
Current assets

	Debtors		4	48,819	53,165

	Cash at bank and in hand			9,082	1,463
				57,901	54,628
Creditors: Amounts falling due within one year			5	(24,823)	(24,263)
Net current assets				33,078	30,365
Total assets less current liabilities				49,000	49,000


Net assets attributable to members				49,000	49,000

Represented by:
	Loans and other debts due to members			49,000	49,000
	Members' other interests





				49,000	49,000


These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
For the year ended 31 March 2018 the LLP was entitled to exemption 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 Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the members on 25 October 2018

And signed on its behalf by designated member:

Kevin Root

for the year ended 31 March 2018

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. There were no material departures from that standard.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Members' remuneration and division of profits

Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account.

In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense.

Profits are treated as being available for discretionary division only if the 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. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery

20% Reducing balance

Motor vehicles

25% Reducing balance

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

Members' Interests

Members' interests are classified as either equity or debt.

Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves.

Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members.

Foreign currencies

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

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.

2	Information in relation to members
		2018	2017
		Number	Number
	The average number of members during the year :	4	4

3	Tangible fixed assets
		Plant and machinery	Motor vehicles	Total
		£	£	£
	Cost
	At 1 April 2017	149	36,887	37,036
	Additions	2,430	-	2,430



	At 31 March 2018	2,579	36,887	39,466
	Depreciation
	At 1 April 2017	123	18,278	18,401
	Charge for the year	491	4,652	5,143



	At 31 March 2018	614	22,930	23,544
	Net book values
	At 31 March 2018	1,965	13,957	15,922
	At 31 March 2017	26	18,609	18,635

4	Debtors
		2018	2017
		£	£
	Trade debtors	1,500	-

	Amounts owed by members	31,475	44,265

	Other debtors	15,844	8,900

		48,819	53,165

5	Creditors:
	amounts falling due within one year
		2018	2017
		£	£
	Bank loans and overdrafts	-	-




	Other taxes and social security	24,823	24,263


		24,823	24,263

6	Loans and other debts due to members
		2018	2017
		£	£

	Loans from members	49,000	49,000

	Amounts due to members in respect of profits	-	-
		49,000	49,000

	Amounts falling due within one year	49,000	-

		49,000	49,000

Related party disclosures

2018

2017

Transactions with related parties

Name of related party

Teknoglass Solutions LLP

Description of relationship between the parties

Common Members

Description of transaction and general amounts involved

Included in other debtors , balance interest free and repayable on demand.

Amount due from/(to) the related party

15,844

8,900

Controlling party

Immediate controlling party

No single party controls the LLP.

Additional information

Its registered number is:

OC352411

Its registered office is:

23 Letcombe Place

Horndean

Waterlooville

PO8 0DE