George Schofield Investments LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC361808 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

GEORGE SCHOFIELD INVESTMENTS LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Dennis Schofield Ltd

Schofield Homes Ltd

REGISTERED OFFICE:

Unit 44

Longshot Lane

Bracknell

Berkshire

RG12 1RL

REGISTERED NUMBER:

OC361808 (England and Wales)

ACCOUNTANTS:

Acuity Professional Partnership LLP

Chartered Accountants & Tax Advisers

Fifth Floor

11 Leadenhall Street

London

EC3V 1LP

CURRENT ASSETS

Debtors

4

152,668

196,236

Cash at bank

116,107

98,994

268,775

295,230

CREDITORS

Amounts falling due within one year

5

9,586

45,451

NET CURRENT ASSETS

259,189

249,779

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

259,189

249,779

LOANS AND OTHER DEBTS DUE TO MEMBERS

6

259,189

249,779

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

6

259,189

249,779

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 2018.

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 and delivered 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.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the members of the LLP on 11 December 2018 and were signed by:

Schofield Homes Ltd - Designated member

1.	STATUTORY INFORMATION

George Schofield Investments 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 Pound Sterling (£) rounded to the nearest pound.

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.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

In preparing the financial statements, management were not required to make any estimates or judgements which

materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other

Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes 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 an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic financial assets

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, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not

amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements

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

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies 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 payment is discounted at a market rate of interest. Financial liabilities classified as

payable within one year are not amortised.

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 payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors greater than one year are recognised initially

at transaction price and subsequently measured at amortised cost using the effective interest method.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2017 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

152,668

196,236

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

VAT

8,886

44,451

Accrued expenses

700

1,000

9,586

45,451

6.

LOANS AND OTHER DEBTS DUE TO MEMBERS

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

are payable on demand.

7.	RELATED PARTY DISCLOSURES

Entities with common controlling parties

2018

2017

£

£

Amounts charged to related parties for consultancy and commission

152,388

323,780

Amounts owed to related parties

-

-

Amounts owed by related parties

145,228

188,796

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the members of George Schofield Investments LLP.