Registered number |
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Registered number: | OC345787 | ||||
Balance Sheet | |||||
as at |
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Notes | 2019 | 2018 | |||
£ | £ | ||||
Creditors: amounts falling due within one year | 5 | ( |
( |
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Net current liabilities | ( |
( |
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Total assets less current liabilities | ( |
( |
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Net liabilities attributable to members | ( |
( |
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Represented by: | |||||
Members' other interests | |||||
Members' capital classified as equity | ( |
( |
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(9) | (9) | ||||
Total members' interests | |||||
Members' other interests | (9) | (9) | |||
(9) | (9) | ||||
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These accounts were approved by the members on |
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Mr A M Jones | |||||
Designated member | |||||
Cicada Property Partnership #2 LLP | ||||||||
Notes to the Accounts | ||||||||
for the year ended 31 May 2019 | ||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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2 | 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 FRS 25 (IAS 32) Financial Instruments Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. 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 the 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 Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet. Conversely, where profits are divided only after a decision by the LLP or its representatives, 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 Profit and Loss Account and are equity appropriations in the Balance Sheet. 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 as 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 Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'. |
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3 | Going concern | |||||||
There being no trade and the material asset of the LLP being contingent upon the outcome of a legal dispute the entity is not a going concern. | ||||||||
4 | Employees | 2019 | 2018 | |||||
Number | Number | |||||||
Average number of persons employed by the LLP |
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5 | Creditors: amounts falling due within one year | 2019 | 2018 | |||||
£ | £ | |||||||
Bank loans and overdrafts |
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6 | Other information | |||||||
Cicada Property Partnership #2 LLP is a limited liability partnership incorporated in England. Its registered office is: | ||||||||
c/o Mr A M Jones, Dungeon Cottage, | ||||||||
Saccary Lane, Mellor, | ||||||||
Blackburn | ||||||||
Lancashire | ||||||||
BB1 9DL |