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Report of the Members and |
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Unaudited Financial Statements for the Year Ended 31 March 2018 |
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MTFC Innovation 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 March 2018 |
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for |
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MTFC Innovation LLP |
MTFC Innovation LLP (Registered number: OC390434) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2018 |
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General Information | 1 |
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Report of the Members | 2 |
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Income Statement | 4 |
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Balance Sheet | 5 |
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Reconciliation of Members' Interests | 7 |
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Notes to the Financial Statements | 9 |
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MTFC Innovation LLP |
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General Information |
for the Year Ended 31 March 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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Merlin House |
Langstone Business Park |
Newport |
NP18 2HJ |
MTFC Innovation LLP (Registered number: OC390434) |
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Report of the Members |
for the Year Ended 31 March 2018 |
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The members present their report with the financial statements of MTFC Innovation LLP (LLP) for |
the year ended 31 March 2018. |
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PRINCIPAL ACTIVITY |
The principal activity of the partnership is to invest in the Manchester therapeutic fostering |
program. |
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REVIEW OF BUSINESS |
The result for the year and the position at the year end were in line with the designated members' |
expectations. |
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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 £138,718 (2017 - |
£46,213 loss). |
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MEMBERS' INTERESTS |
Members capital contributions to the partnership to fund expenditure in the fostering program are |
detailed in the capital account schedule. No further capital contributions were made during the |
current year. |
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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; |
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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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MTFC Innovation LLP (Registered number: OC390434) |
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Report of the Members |
for the Year Ended 31 March 2018 |
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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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MTFC Innovation LLP (Registered number: OC390434) |
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Income Statement |
for the Year Ended 31 March 2018 |
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31.3.18 | 31.3.17 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses | ( |
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OPERATING PROFIT/(LOSS) |
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( |
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PROFIT/(LOSS) FOR THE
FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
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( |
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MTFC Innovation LLP (Registered number: OC390434) |
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Balance Sheet |
31 March 2018 |
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31.3.18 | 31.3.17 |
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 |
210,485 |
71,767 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 475,001 | 475,001 |
Other reserves | ( |
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210,485 | 71,767 |
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TOTAL MEMBERS' INTERESTS |
Members' other interests | 210,485 | 71,767 |
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The members acknowledge their responsibilities for: |
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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. |
MTFC Innovation LLP (Registered number: OC390434) |
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Balance Sheet - continued |
31 March 2018 |
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The financial statements were approved by the members of the LLP on
were signed by: |
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MTFC Innovation LLP (Registered number: OC390434) |
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Reconciliation of Members' Interests |
for the Year Ended 31 March 2018 |
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EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 April 2017 | 475,001 | (403,234 | ) | 71,767 |
Profit for the financial year available for
discretionary division among members |
- |
138,718 |
138,718 |
Members' interests after profit for the year | 475,001 | (264,516 | ) | 210,485 |
Balance at 31 March 2018 | 475,001 | (264,516 | ) | 210,485 |
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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 April 2017 | - | 71,767 |
Profit for the financial year available for
discretionary division among members |
- |
138,718 |
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Members' interests after profit for the year | - | 210,485 |
Amount due to members | - |
Amount due from members | - |
Balance at 31 March 2018 | - | 210,485 |
MTFC Innovation LLP (Registered number: OC390434) |
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Reconciliation of Members' Interests |
for the Year Ended 31 March 2018 |
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EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 April 2016 | 290,001 | (357,021 | ) | (67,020 | ) |
Loss for the financial year available for
discretionary division among members |
- |
(46,213 |
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(46,213 |
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Members' interests after loss for the year | 290,001 | (403,234 | ) | (113,233 | ) |
Introduced by members | 185,000 | - | 185,000 |
Balance at 31 March 2017 | 475,001 | (403,234 | ) | 71,767 |
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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 April 2016 | - | (67,020 | ) |
Loss for the financial year available for
discretionary division among members |
- |
(46,213 |
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Members' interests after loss for the year | - | (113,233 | ) |
Introduced by members | - | 185,000 |
Amount due to members | - |
Amount due from members | - |
Balance at 31 March 2017 | - | 71,767 |
MTFC Innovation LLP (Registered number: OC390434) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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1. | STATUTORY INFORMATION |
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MTFC Innovation 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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3. | INFORMATION IN RELATION TO MEMBERS |
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There was no members' remuneration charged during the year. |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Prepayments and accrued income |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Accruals and deferred income |
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