Limited Liability Partnership Registration No. OC391503 (England and Wales)
ISFIELD INVESTMENTS LLP
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
ISFIELD INVESTMENTS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
I Armitage
S Vardigans
Limited liability partnership number
OC391503
Registered office
8 Lichfield Road
Kew
Surrey
TW9 3JR
Accountants
TWP Accounting LLP
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
ISFIELD INVESTMENTS LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ISFIELD INVESTMENTS LLP
Limited Liability Partnership Registration No. OC391503
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
-
-
Investments
2
167,957
417,292
Current assets
Debtors
3
143,001
134,394
Cash at bank and in hand
60,315
41,156
203,316
175,550
Creditors: amounts falling due within one year
4
(33,361)
(61,809)
Net current assets
169,955
113,741
Total assets less current liabilities
337,912
531,033
Represented by:
Members' other interests
5
Members' capital classified as equity
337,912
531,033
337,912
531,033
Total members' interests
5
Members' other interests
337,912
531,033
T
he members of the
limited liability partnership
have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 March 2018 the
limited liability partnership
was entitled to exemption from audit under section 477 of the Companies Act 2006
(as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
The financial statements were approved by the members and authorised for issue on 22 December 2018 and are signed on their behalf by:
22 December 2018
S Vardigans
Designated member
ISFIELD INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
1
Accounting policies
Limited liability partnership information
Isfield Investments LLP is a limited liability partnership incorporated in England and Wales. The registered office is 8 Lichfield Road, Kew, Surrey, TW9 3JR.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
The financial statements are prepared in
sterling
, which is the functional currency of the limited liability partnership.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is the parent undertaking of a small group and as such is not required by the Companies Act
2006 to prepare group accounts. These financial statements therefore present information about the
company as an individual undertaking and not about its group.
1.2
Turnover
Turnover represents amounts receivable for
consultancy
services
supplied
net of VAT and trade discounts.
Income is recognised in the year in which the service was supplied.
1.3
Members' participating interests
Members' participation rights are the rights of a member against the LLP that arise under the
m
embers' agreement (for example, in respect of amounts subscribed or otherwise contributed
remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that
are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of
FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by
members, for example members' capital, are classed as liabilities unless the LLP has an
unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other
debts due to members' and, where such an amount relates to current year profits, they are recognised
within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result.
Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts
recoverable from members are presented as debtors and shown as amounts due from members
within members’ interests.
Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.
Once an unavoidable obligation has been created in favour of members through allocation of profits
or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other
debts due to members’ to the extent they exceed debts due from a specific member.
ISFIELD INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 3 -
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
a
ny impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the
limited liability partnership. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
Quoted investments are shown at fair value.
1.5
Equity instruments
Equity instruments issued by the limited liability partnership
are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.
2
Fixed asset investments
2018
2017
£
£
Investments
167,957
417,292
ISFIELD INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
2
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 April 2017
2
417,290
417,292
Additions
-
113,531
113,531
Valuation changes
-
(38,504)
(38,504)
Disposals
-
(324,362)
(324,362)
At 31 March 2018
2
167,955
167,957
Carrying amount
At 31 March 2018
2
167,955
167,957
At 31 March 2017
2
417,290
417,292
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
6,000
-
Other debtors
137,001
134,394
143,001
134,394
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
23
-
Amounts due to undertakings in which the LLP has a participating interest
2
2,021
Amounts due to members
4,064
Other taxation and social security
8,332
8,160
Other creditors
25,004
47,564
33,361
61,809
ISFIELD INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
5
Reconciliation of Members' Interests
TOTAL
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
2018
£
£
£
Members' interests at 1 April 2017
200,000
331,033
531,033
Profit for the financial year available for discretionary division among members
-
80,558
80,558
Members' interests after profit for the year
200,000
411,591
611,591
Drawings
-
(273,679)
(273,679)
Members' interests at 31 March 2018
200,000
137,912
337,912