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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 31 DECEMBER 2016 |
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M H POSKITT 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 31 DECEMBER 2016 |
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FOR |
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M H POSKITT LLP |
M H POSKITT LLP (REGISTERED NUMBER: OC358296) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Page |
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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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Reconciliation of Members' Interests | 5 |
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Notes to the Financial Statements | 7 |
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M H POSKITT LLP |
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GENERAL INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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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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Medina House |
2 Station Avenue |
Bridlington |
East Yorkshire |
YO16 4LZ |
M H POSKITT LLP (REGISTERED NUMBER: OC358296) |
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REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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The members present their report with the financial statements of the LLP for the year ended 31 December 2016. |
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PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of farming. |
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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 £107,584 (2015 - £24,230 loss). |
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MEMBERS' INTERESTS |
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash |
requirements of the business. |
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A members' capital requirement is linked to their share of profit and financing requirement of the limited liability |
partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their |
capital at "par", so the retiring members are repaid their capital at "par". |
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ON BEHALF OF THE MEMBERS: |
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M H POSKITT LLP (REGISTERED NUMBER: OC358296) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT/(LOSS) |
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( |
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Administrative expenses |
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29,622 | (161,473 | ) |
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Other operating income |
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OPERATING PROFIT/(LOSS) and |
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
107,584 |
(24,230 |
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PROFIT/(LOSS) FOR THE FINANCIAL
YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
107,584 |
(24,230 |
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Members' remuneration charged as an
expense |
5 |
(107,584 |
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24,230 |
PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
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M H POSKITT LLP (REGISTERED NUMBER: OC358296) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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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 |
4,499,479 |
4,596,202 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
9 |
4,499,479 |
4,596,202 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 4,499,479 | 4,596,202 |
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The members acknowledge their responsibilities for: |
(a) |
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 |
(b) |
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. |
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The financial statements were approved by the members of the LLP on
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M H POSKITT LLP (REGISTERED NUMBER: OC358296) |
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RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 4,596,202 |
Amount due from members | - |
Balance at 1 January 2016 | - | 4,596,202 | 4,596,202 |
Members' remuneration charged as
an expense, including employment and retirement benefit costs |
- |
107,584 |
107,584 |
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Profit for the financial year
available for discretionary division among members |
- |
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Members' interests after profit for
the year |
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4,703,786 |
4,703,786 |
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Drawings | - | (204,307 | ) | (204,307 | ) |
Amount due to members | 4,499,479 |
Amount due from members | - |
Balance at 31 December 2016 | - | 4,499,479 | 4,499,479 |
M H POSKITT LLP (REGISTERED NUMBER: OC358296) |
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RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 2,603,968 |
Amount due from members | - |
Balance at 1 January 2015 | - | 2,603,968 | 2,603,968 |
Members' remuneration charged as
an expense, including employment and retirement benefit costs |
- |
(24,230 |
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(24,230 |
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Profit for the financial year
available for discretionary division among members |
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Members' interests after profit for
the year |
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2,579,738 |
2,579,738 |
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Introduced by members | - | 2,016,464 | 2,016,464 |
Amount due to members | 4,596,202 |
Amount due from members | - |
Balance at 31 December 2015 | - | 4,596,202 | 4,596,202 |
M H POSKITT LLP (REGISTERED NUMBER: OC358296) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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M H Poskitt 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was
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4. | OPERATING PROFIT/(LOSS) |
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The operating profit (2015 - operating loss) is stated after charging: |
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31.12.16 | 31.12.15 |
£ | £ |
Depreciation - owned assets |
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5. | INFORMATION IN RELATION TO MEMBERS |
31.12.16 | 31.12.15 |
£ | £ |
Members' remuneration charged as an expense |
Partners' profit allocation | 107,584 | (24,230 | ) |
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31.12.16 | 31.12.15 |
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The average number of members during the year was | 4 | 4 |
M H POSKITT LLP (REGISTERED NUMBER: OC358296) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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6. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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Disposals |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade creditors |
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Other creditors |
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9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
31.12.16 | 31.12.15 |
£ | £ |
Amounts owed to members in respect of profits | 4,499,479 | 4,596,202 |
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Falling due within one year | 4,499,479 | 4,596,202 |
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In the event of a winding up of the LLP the amounts included in 'loans and other debts due to members' would |
rank equally with unsecured creditors. |