MossCo LLP LLP accounts

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.