Kitewood (Braggs Lane) LLP LLP accounts
Kitewood (Braggs Lane) LLP LLP accounts
REGISTERED NUMBER:
OC351853
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Financial Statements |
Year ended 30 April 2018
Contents |
Page |
Designated members and professional advisers |
1 |
Members' report |
2 |
Statement of financial position |
3 |
Reconciliation of members' interests |
5 |
Notes to the financial statements |
7 |
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Designated Members and Professional Advisers |
Designated members |
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Registered office |
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Accountants |
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Accountants |
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Brooks House |
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1 Albion Place |
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Maidstone |
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Kent |
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ME14 5DY |
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Members' Report |
Year ended 30 April 2018
The members present their report and the unaudited financial statements of the LLP for the year ended
30 April 2018
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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 permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on
7 January 2019
and signed on behalf of the members by:
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Designated Member |
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Statement of Financial Position |
2018 |
2017 |
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Note |
£ |
£ |
£ |
Current assets
Debtors |
4 |
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– |
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Cash at bank and in hand |
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------- |
------- |
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Creditors: amounts falling due within one year |
5 |
– |
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------- |
------- |
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Net current assets |
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------- |
------- |
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Total assets less current liabilities |
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------- |
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Represented by:
Loans and other debts due to members
Other amounts |
6 |
4,438 |
3,163 |
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Members' other interests
Other reserves |
– |
– |
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------- |
------- |
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4,438 |
3,163 |
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Total members' interests
Loans and other debts due to members |
6 |
4,438 |
3,163 |
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Members' other interests |
– |
– |
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4,438 |
3,163 |
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In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
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Statement of Financial Position (continued) |
These financial statements were approved by the
members
and authorised for issue on
7 January 2019
, and are signed on their behalf by:
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Designated Member |
Registered number:
OC351853
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Reconciliation of Members' Interests |
Year ended 30 April 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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Other reserves |
Total |
Other amounts |
Total |
Total 2018 |
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£ |
£ |
£ |
£ |
£ |
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Balance at 1 May 2017 |
– |
– |
3,162 |
3,162 |
3,162 |
Profit for the financial year available for discretionary division among members |
1,276 |
1,276 |
1,276 |
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Members' interests after profit for the year |
1,276 |
1,276 |
3,162 |
3,162 |
4,438 |
Other division of profits |
(1,276) |
(1,276) |
1,276 |
1,276 |
– |
------- |
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Balance at 30 April 2018 |
– |
– |
4,438 |
4,438 |
4,438 |
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------- |
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------- |
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Reconciliation of Members' Interests (continued) |
Year ended 30 April 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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Other reserves |
Total |
Other amounts |
Total |
Total 2017 |
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£ |
£ |
£ |
£ |
£ |
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Balance at 1 May 2016 |
– |
– |
2,983 |
2,983 |
2,983 |
Profit for the financial year available for discretionary division among members |
180 |
180 |
180 |
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Members' interests after profit for the year |
180 |
180 |
2,983 |
2,983 |
3,163 |
Other division of profits |
(180) |
(180) |
180 |
180 |
– |
---- |
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------- |
------- |
------- |
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Balance at 30 April 2017 |
– |
– |
3,163 |
3,163 |
3,163 |
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Notes to the Financial Statements |
Year ended 30 April 2018
1. |
General information |
The LLP is registered in England and Wales. The address of the registered office is 85 Gracechurch Street, London, EC3V 0AA.
2. |
Statement of compliance |
3. |
Accounting policies |
Basis of preparation
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'.
Financial instruments
4. |
Debtors |
2018 |
2017 |
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£ |
£ |
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Trade debtors |
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– |
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5.
Creditors:
amounts falling due within one year
2018 |
2017 |
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£ |
£ |
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Social security and other taxes |
– |
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Other creditors |
– |
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– |
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6. |
Loans and other debts due to members |
2018 |
2017 |
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£ |
£ |
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Amounts owed to members in respect of profits |
4,438 |
3,163 |
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7. |
Related party transactions |
The company has taken advantage of the exemption in FRS 102 section 1a in respect of disclosure of related party transactions with group companies.