WFI Planning LLP Filleted accounts for Companies House (small and micro)
WFI Planning LLP Filleted accounts for Companies House (small and micro)
REGISTERED NUMBER:
OC393076
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Statement of Financial Position |
2018 |
2017 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
– |
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Current assets
Cash at bank and in hand |
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Creditors: amounts falling due within one year |
6 |
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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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Net assets |
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------- |
------- |
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Represented by:
Loans and other debts due to members
Other amounts |
7 |
5,782 |
3,895 |
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------- |
------- |
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Members' other interests
Other reserves |
– |
– |
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------- |
------- |
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5,782 |
3,895 |
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------- |
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Total members' interests
Loans and other debts due to members |
7 |
5,782 |
3,895 |
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Members' other interests |
– |
– |
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------- |
------- |
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5,782 |
3,895 |
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------- |
------- |
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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
20 March 2019
, and are signed on their behalf by:
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Designated Member |
Registered number:
OC393076
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Reconciliation of Members' Interests |
Year ended 30 June 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 July 2017 |
– |
– |
3,895 |
3,895 |
3,895 |
Profit for the financial year available for discretionary division among members |
1,051,428 |
1,051,428 |
1,051,428 |
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------------ |
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------- |
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Members' interests after profit for the year |
1,051,428 |
1,051,428 |
3,895 |
3,895 |
1,055,323 |
Other division of profits |
(1,051,428) |
(1,051,428) |
1,051,428 |
1,051,428 |
– |
Drawings |
(1,049,541) |
(1,049,541) |
(1,049,541) |
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Balance at 30 June 2018 |
– |
– |
5,782 |
5,782 |
5,782 |
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Reconciliation of Members' Interests (continued) |
Year ended 30 June 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 July 2016 |
– |
– |
8,840 |
8,840 |
8,840 |
Profit for the financial year available for discretionary division among members |
396,373 |
396,373 |
396,373 |
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------- |
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Members' interests after profit for the year |
396,373 |
396,373 |
8,840 |
8,840 |
405,213 |
Other division of profits |
(396,373) |
(396,373) |
396,373 |
396,373 |
– |
Drawings |
(401,318) |
(401,318) |
(401,318) |
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Balance at 30 June 2017 |
– |
– |
3,895 |
3,895 |
3,895 |
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Notes to the Financial Statements |
Year ended 30 June 2018
1. |
General information |
The LLP is registered in England and Wales. The address of the registered office is WFI House, 2 Queens Road, Sheffield, S2 4DG.
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.
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'.
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:
Computer equipment |
- |
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Impairment of fixed assets
Financial instruments
Defined contribution plans
4. |
Employee numbers |
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to
1
(2017: Nil).
5. |
Tangible assets |
Equipment |
Total |
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£ |
£ |
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Cost |
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At 1 July 2017 and 30 June 2018 |
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Depreciation |
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At 1 July 2017 |
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Charge for the year |
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---- |
---- |
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At 30 June 2018 |
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---- |
---- |
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Carrying amount |
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At 30 June 2018 |
– |
– |
---- |
---- |
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At 30 June 2017 |
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---- |
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6.
Creditors:
amounts falling due within one year
2018 |
2017 |
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£ |
£ |
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Other creditors |
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------- |
------- |
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7. |
Loans and other debts due to members |
2018 |
2017 |
|
£ |
£ |
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Amounts owed to members in respect of profits |
5,782 |
3,895 |
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------- |
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8. |
Related party transactions |
The LLP is controlled by the designated members
MWF Rendall
and Mrs LP Rendall who hold a controlling interest.