Limited Liability Partnership Registration No. OC356122 (England and Wales)
LORD INTERIM MANAGEMENT LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
LORD INTERIM MANAGEMENT LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr J J Lord
Mr R D Marshall
Limited liability partnership number
OC356122
Registered office
Crown House
The Square
Alvechurch
Birmingham
B48 7LA
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Royal Bank of Scotland
57 Calthorpe Road
Edgbaston
Birmingham
B15 1TT
LORD INTERIM MANAGEMENT LLP
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
LORD INTERIM MANAGEMENT LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LORD INTERIM MANAGEMENT LLP FOR THE YEAR ENDED 5 APRIL 2019
- 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 Lord Interim Management LLP for the year ended 5 April 2019 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 Lord Interim Management 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 Lord Interim Management LLP and state those matters that we have agreed to state to the limited liability partnership's members
of Lord Interim Management 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 Lord Interim Management LLP and its members
as a body, for our work or for this report.
It is your duty to ensure that Lord Interim Management 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 profit of Lord Interim Management LLP. You consider that Lord Interim Management 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 Lord Interim Management 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
2 August 2019
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
LORD INTERIM MANAGEMENT LLP
BALANCE SHEET
AS AT
5 APRIL 2019
05 April 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
108,590
76,844
Current assets
Debtors
3
48,728
56,570
Cash at bank and in hand
10,174
21,127
58,902
77,697
Creditors: amounts falling due within one year
4
(109,162)
(157,036)
Net current liabilities
(50,260)
(79,339)
Total assets less current liabilities
58,330
(2,495)
Creditors: amounts falling due after more than one year
5
-
(5,230)
Net assets/(liabilities) attributable to members
58,330
(7,725)
Represented by:
Members' other interests
Members' capital classified as equity
58,330
(7,725)
58,330
(7,725)
Total members' interests
Members' other interests
58,330
(7,725)
T
he 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 5 April 2019 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.
LORD INTERIM MANAGEMENT LLP
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 2019
- 3 -
The financial statements were approved by the members and authorised for issue on 2 August 2019 and are signed on their behalf by:
02 August 2019
Mr J J Lord
Designated member
Limited Liability Partnership Registration No. OC356122
LORD INTERIM MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2019
- 4 -
1
Accounting policies
Limited liability partnership information
Lord Interim Management LLP is a limited liability partnership incorporated in England and Wales. The registered office is Crown House, The Square, Alvechurch, Birmingham, B48 7LA.
The limited liability partnership'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.
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:
Office equipment
20% on cost
Motor vehicles
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.
LORD INTERIM MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2019
- 5 -
2
Tangible fixed assets
Office equipment
Motor vehicles
Total
£
£
£
Cost
At 6 April 2018
20,532
152,147
172,679
Additions
-
115,206
115,206
Disposals
-
(104,647)
(104,647)
At 5 April 2019
20,532
162,706
183,238
Depreciation and impairment
At 6 April 2018
20,260
75,575
95,835
Depreciation charged in the year
67
19,127
19,194
Eliminated in respect of disposals
-
(40,381)
(40,381)
At 5 April 2019
20,327
54,321
74,648
Carrying amount
At 5 April 2019
205
108,385
108,590
At 5 April 2018
272
76,572
76,844
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
11,443
4,750
Other debtors
37,285
51,820
48,728
56,570
4
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
5,230
53,119
Trade creditors
83,055
81,255
Other taxation and social security
17,823
19,722
Other creditors
3,054
2,940
109,162
157,036
LORD INTERIM MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2019
- 6 -
5
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
-
5,230
6
Secured debts
The following secured debts are included within creditors:
2019
2018
£
£
Bank loans
5,230
58,349
7
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.