Top Out Brewery LLP Accounts

TOP OUT BREWERY LLP - Company Information






Top Out Brewery LLP
	Registered No. SO303793
	Information for Filing with the Registrar
		28 February 2017

at	28 February 2017

Registered No.		SO303793	Notes	2017	2016
				£	£
Fixed assets

	Tangible assets		3	15,641	12,020


				15,641	12,020
Current assets
	Stocks		4	13,927	3,440
	Debtors		5	13,174	12,593

	Cash at bank and in hand			2,878	8,731
				29,979	24,764
Creditors: Amounts falling due within one year			6	(10,166)	(7,056)
Net current assets				19,813	17,708
Total assets less current liabilities				35,454	29,728


Net assets attributable to members				35,454	29,728

Represented by:
	Loans and other debts due to members			35,454	29,728
	Members' other interests





				35,454	29,728


These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
For the year ended 28 February 2017 the LLP was entitled to exemption 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 Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the members on 23 November 2017

And signed on its behalf by:

M. Hopert
Designated member
23 November 2017

for the year ended 28 February 2017

Accounting policies

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships. There were no material departures from that standard.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Members' remuneration and division of profits

Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account.

In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense.

Profits are treated as being available for discretionary division only if the the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

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

Plant and machinery

20%% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

Members' Interests

Members' interests are classified as either equity or debt.

Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves.

Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members.

Taxation

Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.

2	Information in relation to members
		2017	2016
		Number	Number
	The average number of members during the year :	2	2

3	Tangible fixed assets
		Plant and machinery	Total
		£	£
	Cost
	At 1 March 2016	15,523	15,523
	Additions	5,450	5,450



	At 28 February 2017	20,973	20,973
	Depreciation
	At 1 March 2016	3,503	3,503
	Charge for the year	1,829	1,829



	At 28 February 2017	5,332	5,332
	Net book values
	At 28 February 2017	15,641	15,641
	At 29 February 2016	12,020	12,020

4	Stocks
		2017	2016
		£	£


	Finished goods	13,927	3,440
		13,927	3,440

5	Debtors
		2017	2016
		£	£
	Trade debtors	8,674	8,093



	Other debtors	4,500	4,500

		13,174	12,593

6	Creditors:
	amounts falling due within one year
		2017	2016
		£	£



	Trade creditors	5,465	782

	Other taxes and social security	1,119	5,688

	Accruals and deferred income	3,582	586
		10,166	7,056

7	Loans and other debts due to members
		2017	2016
		£	£

	Loans from members	-	48,067

	Amounts due to members in respect of profits	35,454	(18,339)
		35,454	29,728

	Amounts falling due within one year	35,454	-

		35,454	29,728

Related party disclosures

Controlling party

Immediate controlling party

No single party controls the LLP.

Additional information

Its registered number is:

SO303793

Its registered office is:

Unit 3

6B Dryden Road

Loanhead

Midlothian

EH20 9LZ