false
false
false
false
false
false
false
false
false
false
false
false
false
false
false
false
false
No description of principal activity
2018-04-01
Sage Accounts Production Advanced 2018 - FRS
7,358
3,415
736
4,151
3,207
3,943
30,674
22,779
53,453
20,357
10,407
30,764
22,689
10,317
1,002
1,002
1,002
xbrli:pure
xbrli:shares
iso4217:GBP
OC344021
2018-04-01
2019-03-31
OC344021
2019-03-31
OC344021
2018-03-31
OC344021
2017-04-01
2018-03-31
OC344021
2018-03-31
OC344021
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2018-04-01
2019-03-31
OC344021
core:FurnitureFittings
2018-04-01
2019-03-31
OC344021
bus:Director3
2018-04-01
2019-03-31
OC344021
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2018-03-31
OC344021
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2019-03-31
OC344021
core:WithinOneYear
2019-03-31
OC344021
core:WithinOneYear
2018-03-31
OC344021
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2018-03-31
OC344021
core:CostValuation
core:Non-currentFinancialInstruments
2019-03-31
OC344021
core:Non-currentFinancialInstruments
2019-03-31
OC344021
core:Non-currentFinancialInstruments
2018-03-31
OC344021
bus:SmallEntities
2018-04-01
2019-03-31
OC344021
bus:Audited
2018-04-01
2019-03-31
OC344021
bus:FullAccounts
2018-04-01
2019-03-31
OC344021
bus:SmallCompaniesRegimeForAccounts
2018-04-01
2019-03-31
OC344021
bus:LimitedLiabilityPartnershipLLP
2018-04-01
2019-03-31
OC344021
core:OfficeEquipment
2018-04-01
2019-03-31
OC344021
core:OfficeEquipment
2018-03-31
OC344021
core:OfficeEquipment
2019-03-31
REGISTERED NUMBER:
OC344021
Filleted Financial Statements
|
|
Statement of Financial Position
|
|
31 March 2019
Fixed assets
Intangible assets
|
4
|
|
3,207
|
3,943
|
Tangible assets
|
5
|
|
22,689
|
10,317
|
Investments
|
6
|
|
1,002
|
1,002
|
|
|
--------
|
--------
|
|
|
26,898
|
15,262
|
|
|
|
|
|
Current assets
Debtors
|
7
|
1,113,059
|
|
1,240,484
|
Investments
|
8
|
90
|
|
90
|
Cash at bank and in hand
|
1,423,374
|
|
260,788
|
|
------------
|
|
------------
|
|
2,536,523
|
|
1,501,362
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
9
|
1,275,404
|
|
573,099
|
|
------------
|
|
------------
|
Net current assets
|
|
1,261,119
|
928,263
|
|
|
------------
|
---------
|
Total assets less current liabilities
|
|
1,288,017
|
943,525
|
|
|
------------
|
---------
|
Net assets
|
|
1,288,017
|
943,525
|
|
|
------------
|
---------
|
|
|
|
|
|
Represented by:
Loans and other debts due to members
Other amounts
|
11
|
|
1,139,812
|
943,525
|
|
|
|
|
|
Members' other interests
Members' capital classified as equity
|
|
148,205
|
–
|
Other reserves
|
|
–
|
–
|
|
|
------------
|
---------
|
|
|
1,288,017
|
943,525
|
|
|
------------
|
---------
|
|
|
|
|
Total members' interests
Loans and other debts due to members
|
11
|
|
1,139,812
|
943,525
|
Members' other interests
|
|
148,205
|
–
|
|
|
------------
|
---------
|
|
|
1,288,017
|
943,525
|
|
|
------------
|
---------
|
|
|
|
|
|
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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) regulations 2008) with respect to accounting records and the preparation of financial statements.
Statement of Financial Position (continued)
|
|
31 March 2019
These financial statements were approved by the
members
and authorised for issue on
25 July 2019
, and are signed on their behalf by:
Mr S Hennig
|
Designated Member
|
|
Registered number:
OC344021
Notes to the Financial Statements
|
|
Year ended 31 March 2019
The LLP is registered in England and Wales. The address of the registered office is 15 Bowling Green Lane, London, EC1R 0BD.
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).
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 prepared in sterling, which is the functional currency of the entity.
Going concern
The directors are confident that the partnership will continue to operate as a going concern into the foreseeable future. A profit and cash flow forecast for the next 12 months based upon existing contracts prepared by management indicates that the entity will have sufficient cash assets to meet it's debts as and when they are due.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue is recognised when the the work has been undertaken and it is probable that the associated economic benefits will flow to the entity. Work done as at the year end but not invoiced has been included in sales when the post balance sheet review has shown that work was subsequently invoiced and paid. Any work undertaken which the revenue will be determined upon the outcome of a critical event is not recognised in turnover.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 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'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
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.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Development Costs
|
-
|
10% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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 & Fittings
|
-
|
25% straight line
|
|
Office Equipment
|
-
|
25% straight line
|
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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
All financial instruments are recognised at fair value, which is normally the transaction price.
|
Development costs
|
|
£
|
Cost
|
|
At 1 April 2018 and 31 March 2019
|
7,358
|
|
-------
|
Amortisation
|
|
At 1 April 2018
|
3,415
|
Charge for the year
|
736
|
|
-------
|
At 31 March 2019
|
4,151
|
|
-------
|
Carrying amount
|
|
At 31 March 2019
|
3,207
|
|
-------
|
At 31 March 2018
|
3,943
|
|
-------
|
|
|
|
Equipment
|
Total
|
|
£
|
£
|
Cost
|
|
|
At 1 April 2018
|
30,674
|
30,674
|
Additions
|
22,779
|
22,779
|
|
--------
|
--------
|
At 31 March 2019
|
53,453
|
53,453
|
|
--------
|
--------
|
Depreciation
|
|
|
At 1 April 2018
|
20,357
|
20,357
|
Charge for the year
|
10,407
|
10,407
|
|
--------
|
--------
|
At 31 March 2019
|
30,764
|
30,764
|
|
--------
|
--------
|
Carrying amount
|
|
|
At 31 March 2019
|
22,689
|
22,689
|
|
--------
|
--------
|
At 31 March 2018
|
10,317
|
10,317
|
|
--------
|
--------
|
|
|
|
|
Shares in group undertakings
|
|
£
|
Cost
|
|
At 1 April 2018 and 31 March 2019
|
1,002
|
|
-------
|
Impairment
|
|
At 1 April 2018 and 31 March 2019
|
–
|
|
-------
|
|
|
Carrying amount
|
|
At 31 March 2019
|
1,002
|
|
-------
|
At 31 March 2018
|
1,002
|
|
-------
|
|
|
|
2019
|
2018
|
|
£
|
£
|
Trade debtors
|
930,214
|
1,080,195
|
Other debtors
|
182,845
|
160,289
|
|
------------
|
------------
|
|
1,113,059
|
1,240,484
|
|
------------
|
------------
|
|
|
|
|
2019
|
2018
|
|
£
|
£
|
Investments in group undertakings
|
90
|
90
|
|
----
|
----
|
|
|
|
9.
Creditors:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Bank loans and overdrafts
|
705,276
|
321,716
|
Trade creditors
|
81,637
|
29,845
|
Other creditors
|
4,902
|
6,867
|
Other creditors
|
483,589
|
214,671
|
|
------------
|
---------
|
|
1,275,404
|
573,099
|
|
------------
|
---------
|
|
|
|
10.
|
Financial instruments at fair value
|
|
|
All financial instruments are recognised at fair value, which is normally the transaction price.
11.
|
Loans and other debts due to members
|
|
|
|
2019
|
2018
|
|
£
|
£
|
Amounts owed to members in respect of profits
|
1,139,812
|
943,525
|
|
------------
|
---------
|
|
|
|
12.
|
Summary audit opinion
|
|
|
The auditor's report for the year dated 25 July 2019 was unqualified.
The senior statutory auditor was
Mr Paul Ashby
, for and on behalf of
Cantelowes Limited
.
13.
|
Related party transactions
|
|
|
During the year the partnership was invoiced £954,791 (£720,050 - 2017/18) for labour costs from Fideres Advisors Consulting Limited. Fideres Advisors Consulting Limited is an associated company owned by
Fideres Partners LLP
. All invoices were issued on an arms length basis. All invoices were paid as at 31st March 2019. A total charge was made at the year end of £782,676 in respect of services undertaken by Fideres USA and Fideres dermany to the LLP.Of these charges £586,303 is in respect of US charges and additional services on £196,373 in respect of Germany. During the year the partnership received service and maintainance invoices for £150,922 (£65,433 -2017/18) from Fideres Germany, a German based company owned by S.Hennig. These invoices were issued on an arms length bais and were paid in full at 31st March 2019. Included in other creditors is £55,213 owed to Alberto Thomas (£55,213 2017/18),£67,512 owed to Steffen Hennig (£54,320 2017/18)and £82.13 to Marcus Neimeier (£82.13 in 2017/18) in outstsanding expenses.