Mascolo & Styles LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC305346 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2018

for

Mascolo & Styles LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mascolo Limited

All Styles Consultants Limited

REGISTERED OFFICE:

Berkeley House

Amery Street

Alton

Hampshire

GU34 1HN

REGISTERED NUMBER:

OC305346 (England and Wales)

ACCOUNTANTS:

Johnston Wood Roach Limited

24 Picton House

Hussar Court

Waterlooville

Hampshire

PO7 7SQ

FIXED ASSETS

Tangible assets

4

1,114,493

1,063,911

CURRENT ASSETS

Debtors

5

88,869

87,346

Cash at bank and in hand

29,890

55,451

118,759

142,797

CREDITORS

Amounts falling due within one year

6

174,000

217,449

NET CURRENT LIABILITIES

(55,241

)

(74,652

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,059,252

989,259

CREDITORS

Amounts falling due after more than one year

7

93,530

56,000

NET ASSETS ATTRIBUTABLE TO MEMBERS

965,722

933,259

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

965,722

933,259

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

965,722

933,259

Amounts due from members

5

(20,031

)

(22,300

)

945,691

910,959

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 August 2018.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP on 31 January 2019 and were signed by:

All Styles Consultants Limited - Designated member

1.	STATUTORY INFORMATION

Mascolo & Styles LLP is registered in England and Wales. The LLP's registered number and registered office

address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

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

life.

Land and buildings - 1% straight line

Fixtures, fittings & equipment - 33% straight line

Motor Vehicles - 20% straight line

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme

are charged to profit or loss in the period to which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2017 - 27 ).

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

Motor

property

property

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 September 2017

1,161,976

11,171

45,551

60,500

1,279,198

Additions

-

5,455

5,698

101,247

112,400

Disposals

-

-

-

(60,500

)

(60,500

)

At 31 August 2018

1,161,976

16,626

51,249

101,247

1,331,098

DEPRECIATION

At 1 September 2017

139,194

7,657

36,063

32,373

215,287

Charge for year

11,620

2,236

6,335

13,500

33,691

Eliminated on disposal

-

-

-

(32,373

)

(32,373

)

At 31 August 2018

150,814

9,893

42,398

13,500

216,605

NET BOOK VALUE

At 31 August 2018

1,011,162

6,733

8,851

87,747

1,114,493

At 31 August 2017

1,022,782

3,514

9,488

28,127

1,063,911

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Trade debtors

17,491

19,667

Other debtors

71,378

67,679

88,869

87,346

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Bank loans and overdrafts

37,644

81,405

Hire purchase contracts

16,680

6,322

Trade creditors

23,651

15,128

Taxation and social security

54,242

52,355

Other creditors

41,783

62,239

174,000

217,449

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.18

31.8.17

£

£

Hire purchase contracts

37,530

-

Other creditors

56,000

56,000

93,530

56,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.18

31.8.17

£

£

Bank loans

10,065

59,615

The bank loans are secured via legal charges, mortgages and bank debentures over the properties owned by the

LLP and fixed and floating charges over the assets of the LLP. A Styles has also given a personal guarantee of

£29,000.

A second charge of £56,000 is held by Infinity Homes Limited in respect of the property at Belmont Drive.

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

31.8.18

31.8.17

£

£

Amounts owed to members in respect of profits

965,722

933,259

Falling due within one year

965,722

933,259

10.	ULTIMATE CONTROLLING PARTY

In the opinion of the members, there is no ultimate controlling party.