Drumcullen LLP - LLP accounts 16.3

Drumcullen LLP - LLP accounts 16.3

DRUMCULLEN LLP - Company Information

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REGISTERED NUMBER: OC392139 (England and Wales)















Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Drumcullen LLP
Ascendant Partners Limited
Endeavour House
78 Stafford Road
Wallington
Surrey
SM6 9AY








Drumcullen LLP (Registered number: OC392139)






Contents of the Financial Statements
for the Year Ended 31 March 2017




Page

General Information 1

Report of the Members 2

Chartered Accountants' Report 3

Income Statement 4

Statement of Financial Position 5

Notes to the Financial Statements 6

Reconciliation of Equity 9

Reconciliation of Profit 11


Drumcullen LLP

General Information
for the Year Ended 31 March 2017







DESIGNATED MEMBERS: M Booth
E Booth





REGISTERED OFFICE: Endeavour House
78 Stafford Road
Wallington
Surrey
SM6 9AY





REGISTERED NUMBER: OC392139 (England and Wales)





ACCOUNTANTS: Ascendant Partners Limited
Endeavour House
78 Stafford Road
Wallington
Surrey
SM6 9AY
Page 1
Drumcullen LLP (Registered number: OC392139)

Report of the Members
for the Year Ended 31 March 2017

The members present their report with the financial statements of the LLP for the year ended 31 March 2017.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of aviation consultancy.

DESIGNATED MEMBERS
The designated members during the year under review were:

M Booth
E Booth

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £647,958 (2016 - £306,214 profit).

MEMBERS' INTERESTS
DRAWINGS
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 accounts the anticipated cash needs of the LLP.

CAPITAL
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.

MEMBERS' PROFIT SHARES
Profits are allocated in full and there is transparency amongst the members of the total income allocated to each
individual.

ON BEHALF OF THE MEMBERS:





M Booth - Designated member


18 December 2017

Page 2
Chartered Accountants' Report to the Members
on the Unaudited Financial Statements of
Drumcullen LLP


In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability
Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your
approval the financial statements of Drumcullen LLP for the year ended 31 March 2017 which comprise the Income
Statement, Statement of Financial Position and the related notes from the LLP's accounting records and from
information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Drumcullen LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Drumcullen LLP and state those matters that we have agreed to state to the members of Drumcullen LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Drumcullen LLP members, as a body, for our work or for this report.

It is your duty to ensure that Drumcullen LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Drumcullen LLP. You consider that Drumcullen LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Drumcullen LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Ascendant Partners Limited
Endeavour House
78 Stafford Road
Wallington
Surrey
SM6 9AY


18 December 2017

This page does not form part of the statutory financial statements

Page 3
Drumcullen LLP (Registered number: OC392139)

Income Statement
for the Year Ended 31 March 2017

2017 2016
Notes £    £   

REVENUE 736,193 366,858

Administrative expenses 88,235 60,644
OPERATING PROFIT and
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES

647,958

306,214

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES

647,958

306,214

Members' remuneration charged as an
expense
4
(647,958
)
(306,214
)
PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS

-

-

The notes on pages 6 to 7 form part of these financial statements

Page 4
Drumcullen LLP (Registered number: OC392139)

Statement of Financial Position
31 March 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 5 2,064 3,096

CURRENT ASSETS
Debtors 6 65,530 32,237
Cash at bank 738,606 783,580
804,136 815,817
CREDITORS
Amounts falling due within one year 7 43,176 20,337
NET CURRENT ASSETS 760,960 795,480
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS
763,024
798,576

LOANS AND OTHER DEBTS DUE TO
MEMBERS
8
763,024
798,576

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 763,024 798,576

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 2017.

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 in accordance with the provisions of Part 15 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 small LLPs.

The financial statements were approved by the members of the LLP on 18 December 2017 and were signed by:





M Booth - Designated member

The notes on pages 6 to 7 form part of these financial statements

Page 5
Drumcullen LLP (Registered number: OC392139)

Notes to the Financial Statements
for the Year Ended 31 March 2017

1. STATUTORY INFORMATION

Drumcullen 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 the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with
FRS 102 Section 1A "Small Entities". The date of transition is 1 April 2015.

The transition to FRS 102 Section 1A "Small Entities" has resulted in no material changes to opening members'
interests and profit for the comparative period.

Revenue
Revenue is the total amount receivable by the company for services provided, excluding value added tax.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - 25% per annum on cost

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the
statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the
operating result.

Taxation
The taxation payable on the LLP's profits is a personal liability of the members during the year. Retention from
profits earned up to the balance sheet date is made personally by members to fund payment of taxation on
members' behalf.

Members' remuneration
A member's share in the profit and loss for the year is accounted for as an allocation of profits. Unallocated
profits and losses are included within "other reserves".

3. OPERATING PROFIT

The operating profit is stated after charging:

2017 2016
£    £   
Depreciation - owned assets 1,032 1,032

Page 6 continued...
Drumcullen LLP (Registered number: OC392139)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2017

4. INFORMATION IN RELATION TO MEMBERS
2017 2016
£    £   
Members' remuneration charged as an expense
Automatic division of profit 647,958 306,214

2017 2016

The average number of members during the year was 2 2

5. PROPERTY, PLANT AND EQUIPMENT
Computer
equipment
£   
COST
At 1 April 2016
and 31 March 2017 4,128
DEPRECIATION
At 1 April 2016 1,032
Charge for year 1,032
At 31 March 2017 2,064
NET BOOK VALUE
At 31 March 2017 2,064
At 31 March 2016 3,096

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Prepayments and accrued income 65,530 32,237

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Trade creditors 176 -
Social security and other taxes 38,500 17,837
Accruals and deferred income 4,500 2,500
43,176 20,337

Page 7 continued...
Drumcullen LLP (Registered number: OC392139)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2017

8. LOANS AND OTHER DEBTS DUE TO MEMBERS
2017 2016
£    £   
Amounts owed to members in respect of profits 763,024 798,576

Falling due within one year 763,024 798,576

Loans and other debts due to members outstanding at the balance sheet date would rank alongside other creditors
in the events of a winding up. There are no restrictions or limitations on the ability of members to reduce the
amounts of members other interests.

The LLP has no equity and consequently a statement of changes in equity is not given.

9. ULTIMATE CONTROLLING PARTY

The LLP is controlled by M Booth.

Page 8
Drumcullen LLP (Registered number: OC392139)

Reconciliation of Equity
1 April 2015
(Date of Transition to FRS 102)

Effect of
UK transition
GAAP to FRS 102 FRS 102
Notes £    £    £   
CURRENT ASSETS
Debtors 539,872 - 539,872
Cash at bank 157,140 - 157,140
697,012 - 697,012
CREDITORS
Amounts falling due within one year (61,978 ) - (61,978 )
NET CURRENT ASSETS 635,034 - 635,034
TOTAL ASSETS LESS CURRENT
LIABILITIES
635,034
-
635,034
NET ASSETS ATTRIBUTABLE TO
MEMBERS
635,034
-
635,034

LOANS AND OTHER DEBTS DUE TO MEMBERS 635,034 - 635,034

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 635,034 - 635,034

The notes on pages 6 to 8 form part of these financial statements

Page 9 continued...
Drumcullen LLP (Registered number: OC392139)

Reconciliation of Equity - continued
31 March 2016

Effect of
UK transition
GAAP to FRS 102 FRS 102
Notes £    £    £   
FIXED ASSETS
Property, plant and equipment 3,096 - 3,096
CURRENT ASSETS
Debtors 32,237 - 32,237
Cash at bank 783,580 - 783,580
815,817 - 815,817
CREDITORS
Amounts falling due within one year (20,337 ) - (20,337 )
NET CURRENT ASSETS 795,480 - 795,480
TOTAL ASSETS LESS CURRENT
LIABILITIES
798,576
-
798,576
NET ASSETS ATTRIBUTABLE TO
MEMBERS
798,576
-
798,576

LOANS AND OTHER DEBTS DUE TO MEMBERS 798,576 - 798,576

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 798,576 - 798,576

The notes on pages 6 to 8 form part of these financial statements

Page 10
Drumcullen LLP (Registered number: OC392139)

Reconciliation of Profit
for the Year Ended 31 March 2016

Effect of
UK transition
GAAP to FRS 102 FRS 102
£    £    £   
REVENUE 366,858 - 366,858

Administrative expenses (60,644 ) - (60,644 )
OPERATING PROFIT 306,214 - 306,214
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES

306,214

-

306,214

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES

306,214

-

306,214

Members' remuneration charged as an
expense
(306,214
)
-
(306,214
)
PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS

-

-

-

The notes on pages 6 to 8 form part of these financial statements

Page 11