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REGISTERED NUMBER:
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EFC FENCING LLP |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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REGISTERED NUMBER:
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EFC FENCING LLP |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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EFC FENCING LLP (REGISTERED NUMBER: OC402877) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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General Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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EFC FENCING LLP |
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GENERAL INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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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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Chartered Accountants |
Gibson House |
Hurricane Court |
Hurricane Close |
Stafford |
ST16 1GZ |
EFC FENCING LLP (REGISTERED NUMBER: OC402877) |
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BALANCE SHEET |
30 NOVEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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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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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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NET ASSETS ATTRIBUTABLE TO MEMBERS | 1,538,544 | 1,348,952 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
10 |
1,538,544 |
1,348,952 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 1,538,544 | 1,348,952 |
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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. |
EFC FENCING LLP (REGISTERED NUMBER: OC402877) |
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BALANCE SHEET - continued |
30 NOVEMBER 2017 |
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In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and loss has not been delivered. |
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The financial statements were approved by the members of the LLP on
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EFC FENCING LLP (REGISTERED NUMBER: OC402877) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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1. | STATUTORY INFORMATION |
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EFC Fencing 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 |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section |
1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of |
the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial |
statements have been prepared under the historical cost convention |
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The financial statements are presented in sterling which is the functional currency of the LLP and rounded to |
the nearest £. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade |
discounts. The policies adopted for the recognition of turnover are as follows: |
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Sale of goods |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods |
have transferred to the buyer, the amount of turnover 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. This is usually at the point of sale or the |
dispatch of the goods. |
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Interest and dividends receivable |
Interest income is recognised using the effective interest method. |
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Intangible assets |
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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All intangible assets are considered to have a finite life. If a reliable estimate of the useful life cannot be made, |
the useful life shall not exceed 10 years. |
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The estimated useful lives range as follows: |
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Website development expenditure: 2 years |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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EFC FENCING LLP (REGISTERED NUMBER: OC402877) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes |
all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and |
condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and |
slow-moving stock where appropriate. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under |
finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 1 December 2016 |
and 30 November 2017 |
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AMORTISATION |
At 1 December 2016 |
and 30 November 2017 |
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NET BOOK VALUE |
At 30 November 2017 |
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At 30 November 2016 |
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EFC FENCING LLP (REGISTERED NUMBER: OC402877) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 December 2016 |
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Additions |
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Disposals |
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( |
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At 30 November 2017 |
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DEPRECIATION |
At 1 December 2016 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 30 November 2017 |
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NET BOOK VALUE |
At 30 November 2017 |
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At 30 November 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 December 2016 |
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Additions |
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At 30 November 2017 |
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DEPRECIATION |
At 1 December 2016 |
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Charge for year |
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At 30 November 2017 |
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NET BOOK VALUE |
At 30 November 2017 |
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At 30 November 2016 |
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EFC FENCING LLP (REGISTERED NUMBER: OC402877) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Social security and other |
taxes |
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VAT | 60,552 | 46,548 |
Other creditors |
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Accruals and deferred income |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Hire purchase contracts | 139,063 | - |
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10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2017 | 2016 |
£ | £ |
Amounts owed to members in respect of profits | 1,538,544 | 1,348,952 |
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Falling due within one year | 1,538,544 | 1,348,952 |
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Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up. |