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REPORT OF THE MEMBERS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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WILLTON HOMES WESSEX LLP |
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REGISTERED NUMBER:
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REPORT OF THE MEMBERS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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FOR |
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WILLTON HOMES WESSEX LLP |
WILLTON HOMES WESSEX LLP (REGISTERED NUMBER: OC353628) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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General Information | 1 |
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Report of the Members | 2 |
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Income Statement | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 6 |
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WILLTON HOMES WESSEX LLP |
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GENERAL INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
WILLTON HOMES WESSEX LLP (REGISTERED NUMBER: OC353628) |
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REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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The members present their report with the financial statements of the LLP for the year ended 28 February 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of builders and developers. |
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DESIGNATED MEMBERS |
The designated members during the year under review were: |
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RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £646,181 (2018 - £518,279 profit). |
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MEMBERS' INTERESTS |
Members' contribute loans to the LLP which are used as working capital for the projects. Upon completion of |
the development all loans are repaid together with a share of profit agreed between the members. |
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ON BEHALF OF THE MEMBERS: |
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WILLTON HOMES WESSEX LLP (REGISTERED NUMBER: OC353628) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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2019 | 2018 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT |
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Interest payable and similar expenses |
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PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
646,181 |
518,279 |
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PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
646,181 |
518,279 |
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Members' remuneration charged as an
expense |
3 |
(646,181 |
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(518,279 |
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PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
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WILLTON HOMES WESSEX LLP (REGISTERED NUMBER: OC353628) |
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BALANCE SHEET |
28 FEBRUARY 2019 |
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2019 | 2018 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 4 |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
1,180,585 |
2,875,473 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
7 |
1,180,585 |
2,875,473 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 1,180,585 | 2,875,473 |
Amounts due from members | 5 | (193,845 | ) | (165,290 | ) |
986,740 | 2,710,183 |
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The members acknowledge their responsibilities for: |
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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 |
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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. |
WILLTON HOMES WESSEX LLP (REGISTERED NUMBER: OC353628) |
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BALANCE SHEET - continued |
28 FEBRUARY 2019 |
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The financial statements were approved by the members of the LLP on
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WILLTON HOMES WESSEX LLP (REGISTERED NUMBER: OC353628) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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1. | STATUTORY INFORMATION |
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Willton Homes Wessex LLP is registered in England and Wales. The LLP's registered number and |
registered office address can be found on the General Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts earned from building and development works during the period. |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling |
costs in bringing stocks to their present location and condition. |
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3. | INFORMATION IN RELATION TO MEMBERS |
2019 | 2018 |
£ | £ |
Members' remuneration charged as an expense |
Automatic division of profit | 646,181 | 518,279 |
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4. | STOCKS |
2019 | 2018 |
£ | £ |
Work-in-progress |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Amounts due from members | 193,845 | 165,290 |
VAT |
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WILLTON HOMES WESSEX LLP (REGISTERED NUMBER: OC353628) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Deposits held | 1,500 | 5,500 |
Accruals and deferred income |
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7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2019 | 2018 |
£ | £ |
Loans from members | 933,866 | 2,703,341 |
Amounts owed to members in respect of profits | 246,719 | 172,132 |
1,180,585 | 2,875,473 |
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Falling due within one year | 1,180,585 | 2,875,473 |
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Loans and other debts to members' (other than members' capital classified as debt) would rank pari passu |
with other creditors. |