Craven Lighthouse LLP LLP accounts

CRAVEN LIGHTHOUSE LLP - Company Information

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REGISTERED NUMBER: OC413453

Craven Lighthouse LLP

Filleted Unaudited Financial Statements

31 August 2017

Craven Lighthouse LLP

Financial Statements

Period from 27 August 2016 to 31 August 2017

Contents	Page

Members' report	1

Statement of financial position	2

Reconciliation of members' interests	4

Notes to the financial statements	5

Craven Lighthouse LLP

Members' Report

Period from 27 August 2016 to 31 August 2017

The members present their report and the unaudited financial statements of the LLP for the period ended 31 August 2017 .

Principal activities

The principal activity of the company during the year was design and development of visual thinking systems.

Designated members

The designated members who served the LLP during the period were as follows:

Mr D D Varney	(Appointed 27 August 2016)
Logovisual	(Appointed 27 August 2016)

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

This report was approved by the members on 11 December 2017 and signed on behalf of the members by:

Mr D D Varney

Designated Member

Registered office:

Unit 5b, Millennium Road

Airedale Business Centre,

Skipton

BD23 2TZ

Craven Lighthouse LLP

Statement of Financial Position

31 August 2017

	31 Aug 17
Note	£

Fixed assets

Intangible assets	4	291,433

Current assets

Debtors	5	14,150
Cash at bank and in hand		17,698
		--------
		31,848

Creditors: amounts falling due within one year	6	1,280
		--------
Net current assets		30,568
		---------
Total assets less current liabilities		322,001
		---------
Net assets		322,001
		---------

Represented by:

Loans and other debts due to members

Other amounts	7	322,001
		---------

Members' other interests

Other reserves	–
	---------
	322,001
	---------

Total members' interests

Loans and other debts due to members	7	322,001
Members' other interests		–
		---------
		322,001
		---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the period ending 31 August 2017 the LLP was entitled to exemption from audit 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 Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

Craven Lighthouse LLP

Statement of Financial Position (continued)

31 August 2017

These financial statements were approved by the members and authorised for issue on 11 December 2017 , and are signed on their behalf by:

Mr D D Varney

Designated Member

Registered number: OC413453

Craven Lighthouse LLP

Reconciliation of Members' Interests

Period from 27 August 2016 to 31 August 2017

	Members' other interests		Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Other reserves	Total	Other amounts	Total	Total 31 Aug 17
	£	£	£	£	£
Balance at 27 August 2016	–	–	–	–	–
Loss for the financial period available for discretionary division among members	(11,334)	(11,334)			(11,334)
	--------	--------	----	----	--------
Members' interests after loss for the period	(11,334)	(11,334)	–	–	(11,334)
Other division of profits	11,334	11,334	(11,334)	(11,334)	–
Introduced by members		–	464,399	464,399	464,399
Drawings			(131,064)	(131,064)	(131,064)
	--------	--------	---------	---------	---------
Balance at 31 August 2017	–	–	322,001	322,001	322,001
	--------	--------	---------	---------	---------

Craven Lighthouse LLP

Notes to the Financial Statements

Period from 27 August 2016 to 31 August 2017

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Unit 5b, Millennium Road, Airedale Business Centre,, Skipton, BD23 2TZ.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A 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' issued in January 2017 (SORP 2017).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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'.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the LLP's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units .

Financial instruments

A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4.	Intangible assets

	Goodwill
	£
Cost
Additions	323,814
	---------
At 31 August 2017	323,814
	---------
Amortisation
Charge for the period	32,381
	---------
At 31 August 2017	32,381
	---------
Carrying amount
At 31 August 2017	291,433
	---------

5.	Debtors

	31 Aug 17
	£
Trade debtors	14,150
	--------

6. Creditors: amounts falling due within one year

	31 Aug 17
	£
Trade creditors	740
Other creditors	540
	-------
	1,280
	-------

7.	Loans and other debts due to members

	31 Aug 17
	£
Amounts owed to members in respect of profits	322,001
	---------

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

There is no provision for specific legally enforceable protection afforded to creditors in such an event.

There are no restrictions or limitations on the ability of the members to reduce the amount of Members' other interests'