MossCo LLP LLP accounts


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REGISTERED NUMBER: OC378332
MossCo LLP
Filleted Unaudited Financial Statements
31 March 2017
MossCo LLP
Financial Statements
Year ended 31 March 2017
Contents
Page
Members' Report
1
Statement of Financial Position
2
Reconciliation of Members' Interests
4
Notes to the Financial Statements
6
MossCo LLP
Members' Report
Year ended 31 March 2017
The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2017 .
Principal Activities
The principal activity of the LLP during the period was the provision of architecture services.
Designated Members
The designated members who served the LLP during the year were as follows:
Mr J G Moss
Brookgate Plealey Ltd
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 13 February 2018 and signed on behalf of the members by:
Mr J G Moss
Designated Member
Trading address:
Brookside
Plealey
Pontesbury
Shropshire
SY5 0UY
MossCo LLP
Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
£
Fixed Assets
Tangible assets
5
254,514
252,488
Current Assets
Stocks
2,810
3,125
Debtors
6
217,215
170,264
Cash at bank and in hand
23,749
12,849
----------
----------
243,774
186,238
Creditors: amounts falling due within one year
7
32,108
40,703
----------
----------
Net Current Assets
211,666
145,535
----------
----------
Total Assets Less Current Liabilities
466,180
398,023
Creditors: amounts falling due after more than one year
8
247,984
247,984
----------
----------
Net Assets
218,196
150,039
----------
----------
Represented by:
Loans and Other Debts due to Members
Other amounts
9
218,196
150,039
----------
----------
Members' Other Interests
Other reserves
----------
----------
218,196
150,039
----------
----------
Total Members' Interests
Amounts due from members
(73,172)
(25,869)
Loans and other debts due to members
9
218,196
150,039
Members' other interests
----------
----------
145,024
124,170
----------
----------
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.
MossCo LLP
Statement of Financial Position (continued)
31 March 2017
For the year ending 31 March 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 .
These financial statements were approved by the members and authorised for issue on 13 February 2018 , and are signed on their behalf by:
Mr J G Moss
Designated Member
Registered number: OC378332
MossCo LLP
Reconciliation of Members' Interests
Year ended 31 March 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 2017
£
£
£
£
£
Amounts due to members
150,039
150,039
Amounts due from members
(25,869)
(25,869)
----------
----------
Balance at 1 April 2016
124,170
124,170
124,170
Profit for the financial year available for discretionary division among members
37,740
37,740
37,740
---------
---------
----------
----------
----------
Members' interests after profit for the year
37,740
37,740
124,170
124,170
161,910
Other division of profits
(37,740)
(37,740)
37,740
37,740
Introduced by members
75,500
75,500
75,500
Drawings
(92,386)
(92,386)
(92,386)
----------
----------
Amounts due to members
218,196
218,196
Amounts due from members
(73,172)
(73,172)
---------
---------
----------
----------
----------
Balance at 31 March 2017
145,024
145,024
145,024
---------
---------
----------
----------
----------
MossCo LLP
Reconciliation of Members' Interests (continued)
Year ended 31 March 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 2016
£
£
£
£
£
Amounts due to members
120,960
120,960
Amounts due from members
(15,672)
(15,672)
----------
----------
Balance at 1 April 2015
105,288
105,288
105,288
Profit for the financial year available for discretionary division among members
22,230
22,230
22,230
---------
---------
----------
----------
----------
Members' interests after profit for the year
22,230
22,230
105,288
105,288
127,518
Other division of profits
(22,230)
(22,230)
22,230
22,230
Introduced by members
65,000
65,000
65,000
Drawings
(68,348)
(68,348)
(68,348)
----------
----------
Amounts due to members
150,039
150,039
Amounts due from members
(25,869)
(25,869)
---------
---------
----------
----------
----------
Balance at 31 March 2016
124,170
124,170
124,170
---------
---------
----------
----------
----------
MossCo LLP
Notes to the Financial Statements
Year ended 31 March 2017
1.
General Information
The LLP is registered in England and Wales. The address of the registered office is Emstrey House (North), Shrewsbury Business Park, Shrewsbury, Shropshire, SY2 6LG.
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 presented in sterling which is the functional currency of the company and rounded to the nearest £.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Members' Participation Rights
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.
Operating Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
The members consider that the freehold property is maintained in such a state of repair that the residual value is at least equal to the net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. The members perform annual impairment reviews in accordance with relevant accounting standards to ensure that the carrying value is not lower than the recoverable amount.
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
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payments is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
4.
Employee Numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 4 (2016: 3 ).
5.
Tangible Assets
Freehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2016
244,633
15,561
911
261,105
Additions
5,320
5,320
----------
---------
----
----------
At 31 March 2017
244,633
20,881
911
266,425
----------
---------
----
----------
Depreciation
At 1 April 2016
7,994
623
8,617
Charge for the year
3,222
72
3,294
----------
---------
----
----------
At 31 March 2017
11,216
695
11,911
----------
---------
----
----------
Carrying amount
At 31 March 2017
244,633
9,665
216
254,514
----------
---------
----
----------
At 31 March 2016
244,633
7,567
288
252,488
----------
---------
----
----------
6.
Debtors
2017
2016
£
£
Trade debtors
42,548
42,340
Other debtors
174,667
127,924
----------
----------
217,215
170,264
----------
----------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
16,393
16,785
Social security and other taxes
12,152
18,717
Other creditors
3,563
5,201
---------
---------
32,108
40,703
---------
---------
8. Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
247,984
247,984
----------
----------
The bank loans are secured against all assets of the company.
9.
Loans and Other Debts due to Members
2017
2016
£
£
Amounts owed to members in respect of profits
218,196
150,039
----------
----------
10.
Related Party Transactions
In the opinion of the members the controlling party is Mr J G Moss . Included with other debtors is £ 99,520 (2016 - £ 99,520 ) due from St. Laurence Homes Ltd , a company of which Mr J G Moss is director and 40% shareholder. The non-interest bearing loan is repayable on demand.
11.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The LLP transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.