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REPORT OF THE MEMBERS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2018 |
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FOR |
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ARC DESIGN PARTNERSHIP LLP |
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REGISTERED NUMBER:
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REPORT OF THE MEMBERS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2018 |
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FOR |
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ARC DESIGN PARTNERSHIP LLP |
ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2018 |
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General Information | 1 |
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Report of the Members | 2 |
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Report of the Accountants | 3 |
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Income Statement | 4 |
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Other Comprehensive Income | 5 |
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Statement of Financial Position | 6 |
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Reconciliation of Members' Interests | 8 |
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Notes to the Financial Statements | 10 |
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ARC DESIGN PARTNERSHIP LLP |
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GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MAY 2018 |
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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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Fifth Floor |
11 Leadenhall Street |
London |
EC3V 1LP |
ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 MAY 2018 |
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The members present their report with the financial statements of the LLP for the year ended 31 May 2018. |
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DESIGNATED MEMBERS |
Mr. Gareth Paul Gerner |
Mrs. Helen Gerner |
Arc Design Network Ltd |
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RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £36,953 (2017 - £22,530 profit). |
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MEMBERS' INTERESTS |
The members take drawings in accordance with the partnership agreement. The profits of the business are attributed firstly |
to meet the expenses and liabilities of the partnership, secondly to provide a contingency for future trading, thirdly to |
apply remuneration for those members engaged in the business and finally to allocation of profit between the partners as |
decided from time to time. |
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ON BEHALF OF THE MEMBERS: |
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ARC DESIGN PARTNERSHIP LLP |
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REPORT OF THE ACCOUNTANTS TO THE MEMBERS OF |
ARC DESIGN PARTNERSHIP LLP |
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In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, |
we have compiled the financial statements of the Limited Liability Partnership for the period ended 31 May 2018 from the |
accounting records and information and explanations you have given to us. |
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This report is made to the Partners, as a body, in accordance with the terms of our engagement. Our work has been |
undertaken so that we might compile the financial statements that we have been engaged to compile, report to the partners |
that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. |
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Limited Liability |
Partnership and the Partners, as a body, for our work or for this report. |
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We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered |
Accountants in England and Wales and abide by the ethical guidance laid down by the Institute relating to the compilation |
of financial statements. |
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You have acknowledged on the Balance Sheet as at 31 May 2018 your duty to ensure that the Limited Liability |
Partnership has kept proper accounting records and to prepare financial statements that give a true and fair view under the |
Companies Act 2006. You consider that the Limited Liability Partnership is exempt from the statutory requirement for an |
audit for the year. |
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We have not been instructed to carry out an audit of the financial statements. 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 financial statements. |
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Fifth Floor |
11 Leadenhall Street |
London |
EC3V 1LP |
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Date: ............................................. |
ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 MAY 2018 |
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2018 | 2017 |
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 | 4 |
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Interest receivable and similar income |
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PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
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ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MAY 2018 |
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2018 | 2017 |
Notes | £ | £ |
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PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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STATEMENT OF FINANCIAL POSITION |
31 MAY 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
44,184 |
40,561 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 44,184 | 40,561 |
44,184 | 40,561 |
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TOTAL MEMBERS' INTERESTS |
Members' other interests | 44,184 | 40,561 |
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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 |
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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. |
ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MAY 2018 |
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The financial statements were approved by the members of the LLP on
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ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 MAY 2018 |
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EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 June 2017 | 40,561 | - | 40,561 |
Profit for the financial year available for
discretionary division among members |
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36,953 |
36,953 |
Members' interests after profit for the year | 40,561 | 36,953 | 77,514 |
Other divisions of profit | - | (36,953 | ) | (36,953 | ) |
Introduced by members | 3,623 | - | 3,623 |
Balance at 31 May 2018 | 44,184 | - | 44,184 |
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DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | - |
Amount due from members | - |
Balance at 1 June 2017 | - | 40,561 |
Profit for the financial year available for
discretionary division among members |
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36,953 |
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Members' interests after profit for the year | - | 77,514 |
Other divisions of profit | 36,953 | - |
Introduced by members | (36,953 | ) | (33,330 | ) |
Amount due to members | - |
Amount due from members | - |
Balance at 31 May 2018 | - | 44,184 |
ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 MAY 2018 |
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EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 June 2016 | 52,131 | - | 52,131 |
Profit for the financial year available for
discretionary division among members |
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22,530 |
22,530 |
Members' interests after profit for the year | 52,131 | 22,530 | 74,661 |
Other divisions of profit | - | (22,530 | ) | (22,530 | ) |
Introduced by members | (11,570 | ) | - | (11,570 | ) |
Balance at 31 May 2017 | 40,561 | - | 40,561 |
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DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | - |
Amount due from members | - |
Balance at 1 June 2016 | - | 52,131 |
Profit for the financial year available for
discretionary division among members |
- |
22,530 |
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Members' interests after profit for the year | - | 74,661 |
Other divisions of profit | 22,530 | - |
Introduced by members | (22,530 | ) | (34,100 | ) |
Amount due to members | - |
Amount due from members | - |
Balance at 31 May 2017 | - | 40,561 |
ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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1. | STATUTORY INFORMATION |
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Arc Design Partnership 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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The presentation currency of the financial statements is Sterling (£), rounded to the nearest whole Pound. |
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PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of providing designing services. |
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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TURNOVER |
Turnover represents the value of work (net of VAT) performed during the period with respect to services. |
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TANGIBLE FIXED ASSETS |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Office equipment | - 25% on reducing balance |
Fixture & fittings | - 25% on reducing balance |
Motor vehicles | - 25% on reducing balance |
Computer equipment, software & licence | - 33% on cost |
ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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2. | ACCOUNTING POLICIES - continued |
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FINANCIAL INSTRUMENTS |
The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other |
Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the LLP's balance sheet when the LLP becomes party to the contractual |
provisions of the instrument. |
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The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised cost using the effective interest method |
unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value |
of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one |
year are not amortised. |
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Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of |
the LLP after deducting all of its liabilities. |
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Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group LLP are initially recognised at |
transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is |
measured at the present value of the future payment ts discounted at a market rate of interest. |
Financial liabilities classified as payable within one year are not amortised. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price |
and subsequently measured at amortised cost using the effective interest method. |
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DEBTORS |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially |
at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest |
method, less any impairment. |
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CREDITORS |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, |
aremeasured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using |
the effective interest method. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was NIL (2017 - NIL). |
ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2018 | 2017 |
£ | £ |
Depreciation - owned assets |
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5. | TANGIBLE FIXED ASSETS |
Computer | Fixtures |
equipment | and | Motor | Office |
& software | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 June 2017 |
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Additions |
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At 31 May 2018 |
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Depreciation |
At 1 June 2017 |
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Charge for year |
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At 31 May 2018 |
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Net book value |
At 31 May 2018 |
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At 31 May 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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VAT |
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Other creditors |
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ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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8. | RELATED PARTY DISCLOSURES |
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Arc Design Network Limited is a corporate member of Arc Design Partnership LLP. |
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Mr G Gerner & Mrs H Gerner are designated members in the LLP. They are also the directors in Arc Design |
Network Limited. |