Jurit LLP FILLETED ACCOUNTS COVER
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Registered No. OC385560
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Jurit LLP BALANCE SHEET REGISTRAR
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at
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Registered No.
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Notes
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2019
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2018
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£
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£
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Current assets
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Debtors
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2
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293,767
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121,218
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Cash at bank and in hand
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1,256,797
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121,074
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1,550,564
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242,292
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Creditors: Amounts falling due within one year
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3
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(1,322,215)
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(153,329)
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Net current assets
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228,349
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88,963
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Total assets less current liabilities
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228,349
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88,963
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Net assets attributable to members
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228,349
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88,963
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Represented by:
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Loans and other debts due to members
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168,349
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43,963
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Members' other interests
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Members' capital
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60,000
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45,000
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60,000
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45,000
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228,349
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88,963
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As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.
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Approved by the members on 31 March 2019
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And signed on its behalf by designated member:
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R. Marcus
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Jurit LLP NOTES TO THE ACCOUNTS REGISTRAR
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for the year ended 31 March 2019
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1
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Accounting policies
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Basis of preparation
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships. There were no material departures from that standard.
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Turnover
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Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Company; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. |
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Members' remuneration and division of profits
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Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account.
In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense. Profits are treated as being available for discretionary division only if the the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'. |
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Trade and other debtors
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Trade and other creditors
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Provisions
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Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. |
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Members' Interests
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Members' interests are classified as either equity or debt.
Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves. Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members. |
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Foreign currencies
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Taxation
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Retirement benefits of former members
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The retirement benefits of former members are determined annually base on a formula directly linked to the profits of the partnership. Provision is made at the date of retirement of the member for the estimated present value of the expected future payments to that member. On initial recognition the estimated current value of the future pension is transferred from members' interests to provisions for liabilities and charges. The unwinding of the discount of the provision to retirement benefits is charged to the profit and loss account and including in interest payable. The liability is reassessed annually and any changes in the estimates are included within the profit and loss account.
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2
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Debtors
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2019
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2018
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£
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£
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Trade debtors
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Amounts owed by members
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Other debtors
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Prepayments and accrued income
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3
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Creditors:
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amounts falling due within one year
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2019
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2018
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£
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£
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Bank loans and overdrafts
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Trade creditors
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Other taxes and social security
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Other creditors
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Accruals and deferred income
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4
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Loans and other debts due to members
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2019
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2018
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£
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£
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Loans from members
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43,963
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-
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Amounts due to members in respect of profits
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124,386
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43,963
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168,349
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43,963
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Amounts falling due within one year
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168,349
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-
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168,349
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43,963
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Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
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5
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Additional information
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Its registered number is:
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