Lochurst LLP - LLP accounts 18.2
Lochurst LLP - LLP accounts 18.2
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 5 April 2018 |
for |
LOCHURST LLP |
LOCHURST LLP (REGISTERED NUMBER: OC339306) |
Contents of the Financial Statements |
for the Year Ended 5 April 2018 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Statement of Financial Position | 4 |
Notes to the Financial Statements | 6 |
LOCHURST LLP |
General Information |
for the Year Ended 5 April 2018 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Granary |
Brewer Street |
Bletchingley |
Surrey |
RH1 4QP |
LOCHURST LLP (REGISTERED NUMBER: OC339306) |
Report of the Members |
for the Year Ended 5 April 2018 |
The members present their report with the financial statements of the LLP for the year ended 5 April 2018. |
PRINCIPAL ACTIVITY |
The principal activity of the limited liability partnership is the licensing,development and exploitation of know |
how and intellectual property .which is unchanged from the previous year . |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £1,689 (2017 - £18,469 loss). |
MEMBERS' INTERESTS |
Members' capital contributions are required to be contributed and advanced in cash. Any member may |
borrow |
from the limited liability partnership's bankers up to 80% of their total capital contribution. Members do not |
have the right to the return of their capital contributions other than upon the termination or liquidation of the |
limited liability partnership. Profits and losses are allocated between the members in the proportions that their |
respective capital contributions bear to the total of the capital contributions of all members. Profits are |
distributed to the members at such time and in such amounts as the members may determine but no |
drawings |
are permitted which would leave the limited liability partnership insolvent or which in the opinion of the |
members might leave the limited liability partnership with insufficient funds to meet any of its future liabilities |
and obligations. |
ON BEHALF OF THE MEMBERS: |
LOCHURST LLP (REGISTERED NUMBER: OC339306) |
Income Statement |
for the Year Ended 5 April 2018 |
5.4.18 | 5.4.17 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING LOSS | 3 | ( |
) | ( |
) |
Interest receivable and similar income |
(1,689 | ) | (17,719 | ) |
Interest payable and similar expenses |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
( |
) |
LOCHURST LLP (REGISTERED NUMBER: OC339306) |
Statement of Financial Position |
5 April 2018 |
5.4.18 | 5.4.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
4,448,099 |
4,448,099 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
MEMBERS' OTHER INTERESTS |
Capital accounts | 5,059,002 | 5,059,002 |
Other reserves | ( |
) | ( |
) |
4,448,099 | 4,448,099 |
TOTAL MEMBERS' INTERESTS |
Members' other interests | 4,448,099 | 4,448,099 |
Amounts due from members | 5 | (4,416,010 | ) | (4,414,321 | ) |
32,089 | 33,778 |
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. |
LOCHURST LLP (REGISTERED NUMBER: OC339306) |
Statement of Financial Position - continued |
5 April 2018 |
The financial statements were approved by the members of the LLP on |
LOCHURST LLP (REGISTERED NUMBER: OC339306) |
Notes to the Financial Statements |
for the Year Ended 5 April 2018 |
1. | STATUTORY INFORMATION |
Lochurst 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 |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
at cost less any accumulated amortisation and any accumulated impairment losses. |
Intangible fixed assets and amortisation |
Intangible fixed assets are stated at cost less amortisation. Amortisation is provided so as to fully write |
down the assets' carrying value over the anticipated period of profitable exploitation under existing |
arrangements. |
Compliance with accounting standards |
The financial statements are prepared in accordance with the Financial Reporting Standard for Smaller |
Entities (effective April 2008) and the Statement of Recommended Practice Accounting by Limited |
Liability |
Partnerships published in 2010. |
3. | OPERATING LOSS |
The operating loss is stated after charging: |
5.4.18 | 5.4.17 |
£ | £ |
Patents and licences amortisation |
LOCHURST LLP (REGISTERED NUMBER: OC339306) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2018 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 6 April 2017 |
and 5 April 2018 |
AMORTISATION |
At 6 April 2017 |
Charge for year |
At 5 April 2018 |
NET BOOK VALUE |
At 5 April 2018 |
At 5 April 2017 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5.4.18 | 5.4.17 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5.4.18 | 5.4.17 |
£ | £ |
Trade creditors |
Other creditors |
7. | MEMBERS INTERESTS |
The profit for the year has been allocated between the members in the proportions that their respective |
capital contributions bear to the total of the capital contributions of all members. Losses (net of profits) |
have not been disclosed above as transferred from Members' other interests to Loans and other debts |
due to/from members on the basis that the accumulated losses are not repayable by the members. |
In the event of a winding up there is no protection afforded to creditors in respect of Members' other |
interests. |
LOCHURST LLP (REGISTERED NUMBER: OC339306) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2018 |
8. | OTHER MATTERS |
On 7th May 2014, the First Tier Tax Tribunal Chamber issued a decision relating to an Appeal by a |
Member of Limited Liability Partnerships against decisions of HM Revenue & Customs. Lochurst LLP |
was not one of the appellant partnerships and consequently that decision is not binding on Lochurst |
LLP. |
The Tribunal concluded that the accounts that the appellant partnerships for the relevant years were |
not GAAP compliant, but the Tribunal did not express an opinion on the correct accounting treatment |
of the appellant partnerships transactions. The Tribunal's conclusion was based on its interpretation of |
arrangements for those that are similar to those into which Lochurst LLP has entered for the purposes |
of its trade. |
The Members of Lochurst LLP further understand that the appellant partnerships appealed against |
the Tribunals decision at a Hearing which took place in March 2016 and also found in favour of HMRC. |
There is however an outstanding claim to differentiate from these lead cases raised under Section 18 |
(4) of the Tribunal Rules which is of material interest to Lochurst LLP. |
The Members await the outcome of the Section 18 (4) Claim. In the absence of any outcome, the |
Members of Lochurst LLP continue to consider that they do not have sufficient information in order to |
change the accounting treatment previously adopted by Lochurst LLP and hence these accounts are |
prepared on the basis which is consistent of that adopted in previous years. |