Lawson, Brown & Straetmans LLP Filleted accounts for Companies House (small and micro)

Lawson, Brown & Straetmans LLP Filleted accounts for Companies House (small and micro)

LAWSON, BROWN & STRAETMANS LLP - Company Information

Print Friendly Version

false false false false false false false false false false false false false false false false false No description of principal activity 2017-06-01 Sage Accounts Production Advanced 2018 Update 1 - FRS 442,720 442,720 442,720 xbrli:pure xbrli:shares iso4217:GBP SO305349 2017-06-01 2018-11-30 SO305349 2018-11-30 SO305349 2017-05-31 SO305349 2017-05-31 SO305349 bus:Director2 2017-06-01 2018-11-30 SO305349 core:WithinOneYear 2017-05-31 SO305349 core:AfterOneYear 2017-05-31 SO305349 core:LandBuildings 2017-06-01 2018-11-30 SO305349 core:LandBuildings 2017-05-31 SO305349 core:LandBuildings 2017-05-31 SO305349 bus:SmallEntities 2017-06-01 2018-11-30 SO305349 bus:AuditExemptWithAccountantsReport 2017-06-01 2018-11-30 SO305349 bus:AbridgedAccounts 2017-06-01 2018-11-30 SO305349 bus:SmallCompaniesRegimeForAccounts 2017-06-01 2018-11-30 SO305349 bus:LimitedLiabilityPartnershipLLP 2017-06-01 2018-11-30
REGISTERED NUMBER: SO305349
LAWSON, BROWN & STRAETMANS LLP
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
30 November 2018
LAWSON, BROWN & STRAETMANS LLP
ABRIDGED STATEMENT OF FINANCIAL POSITION
30 November 2018
30 Nov 18
31 May 17
Note
£
£
£
FIXED ASSETS
Tangible assets
4
–
442,720
CURRENT ASSETS
Debtors
5
–
9,581
Cash at bank and in hand
–
6,818
----
--------
–
16,399
CREDITORS: amounts falling due within one year
6
–
13,186
----
--------
NET CURRENT ASSETS
–
3,213
----
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
–
445,933
CREDITORS: amounts falling due after more than one year
7
–
130,449
----
---------
NET ASSETS
–
315,484
----
---------
REPRESENTED BY:
LOANS AND OTHER DEBTS DUE TO MEMBERS
Other amounts
8
–
315,484
----
---------
MEMBERS' OTHER INTERESTS
Other reserves
–
–
----
---------
–
315,484
----
---------
TOTAL MEMBERS' INTERESTS
Loans and other debts due to members
8
–
315,484
Members' other interests
–
–
----
---------
–
315,484
----
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the abridged statement of comprehensive income has not been delivered.
For the period ending 30 November 2018 the LLP was entitled to exemption from audit 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 Act (as applied to LLPs) with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 30 November 2018 in accordance with Section 444(2A) of 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.
LAWSON, BROWN & STRAETMANS LLP
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
30 November 2018
These abridged financial statements were approved by the members and authorised for issue on 30 January 2019 , and are signed on their behalf by:
Mr R H Lawson
Designated Member
Registered number: SO305349
LAWSON, BROWN & STRAETMANS LLP
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
PERIOD FROM 1 JUNE 2017 TO 30 NOVEMBER 2018
1.
GENERAL INFORMATION
The LLP is registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
2.
STATEMENT OF COMPLIANCE
These abridged financial statements have been prepared in compliance with Section 1A 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' issued in January 2017 (SORP 2017).
3.
ACCOUNTING POLICIES
Basis of preparation
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents rental income due for the period.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement.
Amounts contributed by the members are classed as equity and are shown in the Balance Sheet within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
TANGIBLE ASSETS
Investment Property
£
Cost
At 1 June 2017
442,720
Disposals
( 442,720)
---------
At 30 November 2018
–
---------
Depreciation
At 1 June 2017 and 30 November 2018
–
---------
Carrying amount
At 30 November 2018
–
---------
At 31 May 2017
442,720
---------
5.
DEBTORS
30 Nov 18
31 May 17
£
£
Other debtors
–
9,581
----
-------
6. CREDITORS: amounts falling due within one year
30 Nov 18
31 May 17
£
£
Bank loans and overdrafts
–
8,516
Accruals and deferred income
–
4,670
----
--------
–
13,186
----
--------
7. CREDITORS: amounts falling due after more than one year
30 Nov 18
31 May 17
£
£
Bank loans and overdrafts
–
130,449
----
---------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2017: £89,584) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8.
LOANS AND OTHER DEBTS DUE TO MEMBERS
30 Nov 18
31 May 17
£
£
Amounts owed to members in respect of profits
–
315,484
----
---------
9.
RELATED PARTY TRANSACTIONS
The LLP was under the control of Mr R H Lawson during the period due to his majority holding within the partnership. In 2016, the LLP purchased a property, at market value, which was previously owned by a company in which Mr R H Lawson , Mr M Brown and Mr F Straetmans were directors and shareholders. During the current financial period, the LLP sold this property to Mr R H Lawson 's Pension Fund at market value. A small loss on disposal was incurred as a result of stamp duty as well as legal fees and related expenses of sale. There are no other significant value transactions with related parties during the period that require to be disclosed.