George Schofield Investments LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC361808 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

GEORGE SCHOFIELD INVESTMENTS LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Dennis Schofield Ltd

Schofield Homes Ltd

REGISTERED OFFICE:

Unit 44

Longshot Lane

Bracknell

Berkshire

RG12 1RL

REGISTERED NUMBER:

OC361808 (England and Wales)

ACCOUNTANTS:

Acuity Professional Partnership LLP

Fifth Floor

11 Leadenhall Street

London

EC3V 1LP

CURRENT ASSETS

Debtors

4

142,517

152,668

Cash at bank

52,723

116,107

195,240

268,775

CREDITORS

Amounts falling due within one year

5

5,824

9,586

NET CURRENT ASSETS

189,416

259,189

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

189,416

259,189

LOANS AND OTHER DEBTS DUE TO MEMBERS

6

189,416

259,189

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

6

189,416

259,189

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 March 2019.

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 applicable to LLPs subject to the small LLPs regime.

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the members of the LLP on 30 November 2019 and were signed by:

Schofield Homes Ltd - Designated member

1.	STATUTORY INFORMATION

George Schofield Investments LLP is registered in England and Wales. The LLP's registered number and

registered office address can be found on the General Information page.

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest pound.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

In preparing the financial statements, management were not required to make any estimates or judgements which

materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other

Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there

is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised cost using the effective interest method

unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value

of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one

year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are initially

recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt

instrument is measured at the present value of the future payment is discounted at a market rate of interest.

Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors greater than one year are recognised

initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2018 - NIL ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

142,517

152,668

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

VAT

5,074

8,886

Accrued expenses

750

700

5,824

9,586

6.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with other debts due to creditors in the event of a winding up

and are payable on demand.

7.	RELATED PARTY DISCLOSURES

Entities with common controlling parties

2019

2018

£

£

Amounts charged to related parties for consultancy and commission

145,650

152,388

Amounts owed to related parties

-

-

Amounts owed by related parties

120,077

145,228

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the members of George Schofield Investments LLP.