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Report of the Members and |
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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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Automation Panels LLP |
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REGISTERED NUMBER:
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Report of the Members and |
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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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Automation Panels LLP |
Automation Panels LLP (Registered number: OC370844) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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General Information | 1 |
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Report of the Members | 2 |
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Report of the Accountants | 4 |
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Income Statement | 5 |
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Balance Sheet | 6 |
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Notes to the Financial Statements | 7 |
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Automation Panels LLP |
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General Information |
for the Year Ended 31 December 2020 |
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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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3rd Floor, Fairgate House |
78 New Oxford Street |
London |
WC1A 1HB |
Automation Panels LLP (Registered number: OC370844) |
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Report of the Members |
for the Year Ended 31 December 2020 |
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The members present their report with the financial statements of the LLP for the year ended 31 December 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of the production of highly-intelligent control panels for the oil and gas business outside the UK. |
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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 $1,806,802 (2019 - $2,015,543 profit). |
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MEMBERS' INTERESTS |
The capital of the LLP is $100.00 to be provided by the members in specified shares together with such further sums as shall be determined by the members as being required for the purposes of the LLP. Such further capital shall be provided in the proportions in which the members are for the time being entitled to share in the profits of the LLP. |
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Interest on members' capital shall be payable at a rate equal to the base lending rate from time to time of the LLP bank. Any loans made to the partnership (apart from any amounts of members' capital which have been contributed) shall bear interest at a rate equal to 2 per cent per annum over the base lending rate from time to time of the LLP bank. |
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The profits and losses of the LLP, including profits and losses of a capital nature, shall be shared between the members in specified shares. |
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Each member may receive drawings from the LLP on account of their entitlement to profits in such amounts as shall be determined by the members. |
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STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
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Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
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Automation Panels LLP (Registered number: OC370844) |
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Report of the Members |
for the Year Ended 31 December 2020 |
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STATEMENT OF MEMBERS' RESPONSIBILITIES - continued |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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ON BEHALF OF THE MEMBERS: |
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Automation Panels LLP |
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Report of the Accountants to the Members of |
Automation Panels LLP |
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As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2020 set out on pages five to eight and you consider that the LLP is exempt from an audit. |
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In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
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3rd Floor, Fairgate House |
78 New Oxford Street |
London |
WC1A 1HB |
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Automation Panels LLP (Registered number: OC370844) |
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Income Statement |
for the Year Ended 31 December 2020 |
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31.12.20 | 31.12.19 |
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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1,744,753 | 1,929,105 |
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Other operating income |
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OPERATING PROFIT and |
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
1,806,802 |
2,015,543 |
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PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
1,806,802 |
2,015,543 |
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Members' remuneration charged as an
expense |
3 |
(1,806,802 |
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(2,015,543 |
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PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
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Automation Panels LLP (Registered number: OC370844) |
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Balance Sheet |
31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | $ | $ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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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 |
593,884 |
1,516,290 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
6 |
593,884 |
1,516,290 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 6 | 593,884 | 1,516,290 |
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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 and authorised for issue on
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Automation Panels LLP (Registered number: OC370844) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The Financial Statements have been prepared in US Dollars. |
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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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Allocation of profits and losses |
A member's share in the profits of the year is accounted for as an allocation of profits. The income profits and losses of the LLP shall be shared between the members in specified shares.The new LLP operating agreement was accepted on 01/01/2020 with the effect to the result of Y/E 31/12/2020. |
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Taxation |
Taxation on partnership profits is solely the responsibility of individual members. Consequently neither taxation nor deferred taxation arising in respect of the LLP are accounted for in these financial statements. |
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2. | EMPLOYEE INFORMATION |
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The average number of employees during the year was
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3. | INFORMATION IN RELATION TO MEMBERS |
31.12.20 | 31.12.19 |
$ | $ |
Members' remuneration charged as an expense |
Other payments | 38,500 | 45,192 |
Automatic division of profit | 1,768,302 | 1,970,351 |
Total remuneration | 1,806,802 | 2,015,543 |
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31.12.20 | 31.12.19 |
$ | $ |
The amount of profit attributable to the member with the largest entitlement was |
689,640 |
807,843 |
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31.12.20 | 31.12.19 |
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The average number of members during the year was | 7 | 7 |
Automation Panels LLP (Registered number: OC370844) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
$ | $ |
Trade debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
$ | $ |
Accruals and deferred income |
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6. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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As per member discretion. |
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7. | ULTIMATE CONTROLLING PARTY |
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