Limited Liability Partnership Registration No. OC355088 (England and Wales)
VAS CENTRAL SERVICES LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
PAGES FOR FILING WITH REGISTRAR
VAS CENTRAL SERVICES LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr J D Sheahan
Mr P S Buttery
Mr N J Houghton
Mr M M Long
Mr I A Scott
Limited liability partnership number
OC355088
Registered office
Unit 13
Credenda Road
West Bromwich
West Midlands
B70 7JE
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
3 Church Street
Oldbury
Warley
West Midlands
B69 3ND
VAS CENTRAL SERVICES LLP
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
VAS CENTRAL SERVICES LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VAS CENTRAL SERVICES LLP FOR THE YEAR ENDED 31 MAY 2017
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of VAS Central Services LLP for the year ended 31 May 2017 which comprise, the Balance Sheet and the related notes from the limited liability partnership’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 at http://www.icaew.com/en/members/regulations-standards-and-guidance.

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

It is your duty to ensure that VAS Central Services 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 loss of VAS Central Services LLP. You consider that VAS Central Services 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 VAS Central Services 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.

Ormerod Rutter Limited
25 January 2018
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
VAS CENTRAL SERVICES LLP
BALANCE SHEET
AS AT
31 MAY 2017
31 May 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
2
2,158
2,539
Current assets
Debtors
3
143,008
111,252
Cash at bank and in hand
-
23,304
143,008
134,556
Creditors: amounts falling due within one year
4
(87,974)
(71,210)
Net current assets
55,034
63,346
Total assets less current liabilities
57,192
65,885
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(9,735)
(12,275)
Members' other interests
Members' capital classified as equity
66,927
78,160
57,192
65,885
Total members' interests
Loans and other debts due to members
(9,735)
(12,275)
Members' other interests
66,927
78,160
57,192
65,885

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 May 2017 the limited liability partnership 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).

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships' regime.

VAS CENTRAL SERVICES LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2017
31 May 2017
- 3 -
The financial statements were approved by the members and authorised for issue on 25 January 2018 and are signed on their behalf by:
25 January 2018
Mr I A Scott
Designated member
Limited Liability Partnership Registration No. OC355088
VAS CENTRAL SERVICES LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
- 4 -
1
Accounting policies
Limited liability partnership information

VAS Central Services LLP is a limited liability partnership incorporated in England and Wales. The registered office is Unit 13, Credenda Road, West Bromwich, West Midlands, B70 7JE.

 

The limited liability partnerships's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 May 2017 are the first financial statements of VAS Central Services LLP prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the Balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance sheet date are carried forward as work in progress.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% on reducing balance
Computer equipment
15% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

VAS CENTRAL SERVICES LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 5 -
2
Tangible fixed assets
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 June 2016 and 31 May 2017
2,600
1,438
4,038
Depreciation and impairment
At 1 June 2016
722
777
1,499
Depreciation charged in the year
282
99
381
At 31 May 2017
1,004
876
1,880
Carrying amount
At 31 May 2017
1,596
562
2,158
At 31 May 2016
1,878
661
2,539
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
142,781
110,295
Other debtors
227
957
143,008
111,252
4
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
38,418
-
Trade creditors
47,216
68,683
Other taxation and social security
-
229
Other creditors
2,340
2,298
87,974
71,210
5
Secured debts
The following secured debts are included within creditors:
2017
2016
£
£
Bank overdrafts
38,418
-
VAS CENTRAL SERVICES LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 6 -
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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