McKelvie & Co LLP - Filleted accounts

McKelvie & Co LLP - Filleted accounts


Registered number
OC412254
McKelvie & Co LLP
Filleted Accounts
30 June 2017
McKelvie & Co LLP
Registered number: OC412254
Balance Sheet
as at 30 June 2017
Notes 2017
£
Fixed assets
Tangible assets 3 22,520
Current assets
Debtors 4 470,496
Cash at bank and in hand 35,367
505,863
Creditors: amounts falling due within one year 5 (157,701)
Net current assets 348,162
Total assets less current liabilities 370,682
Net assets attributable to members 370,682
Represented by:
Loans and other debts due to members 6 370,682
370,682
Total members' interests
Loans and other debts due to members 6 370,682
370,682
For the period ended 30 June 2017 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to 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.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 29 January 2018 and signed on their behalf by:
A McKelvie
Designated member
1
McKelvie & Co LLP
Notes to the Accounts
for the period from 13 June 2016 to 30 June 2017
1 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if 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. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Computer equipment 25% straight line
Fixtures, fittings, tools and equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2017
Number
Average number of persons employed by the LLP 14
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
Additions 7,988 21,712 29,700
At 30 June 2017 7,988 21,712 29,700
Depreciation
Charge for the period 1,752 5,428 7,180
At 30 June 2017 1,752 5,428 7,180
Net book value
At 30 June 2017 6,236 16,284 22,520
4 Debtors 2017
£
Trade debtors 306,172
Amounts recoverable on uncompleted projects 159,379
Other debtors 4,945
470,496
5 Creditors: amounts falling due within one year 2017
£
Trade creditors 2,334
Payments on account 40,193
Other taxes and social security costs 82,726
Other creditors 32,448
157,701
6 Loans and other debts due to members 2017
£
Amounts due to members in respect of profits 370,682
Amounts falling due within one year 370,682
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
McKelvie & Co LLP is a limited liability partnership incorporated in England. Its registered office is:
82 Wandsworth Bridge Road
London
SW6 2TF
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