TUNNELCRAFT LABOUR SERVICES LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
PAGES FOR FILING WITH REGISTRAR
Limited Liability Partnership Registration No. OC425232 (England and Wales)
TUNNELCRAFT LABOUR SERVICES LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TUNNELCRAFT LABOUR SERVICES LLP
BALANCE SHEET
AS AT 31 JANUARY 2020
31 January 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
4
28,500,000
30,000,000
Current assets
Debtors
5
761,503
854,995
Cash at bank and in hand
2,023,029
1,025,372
2,784,532
1,880,367
Creditors: amounts falling due within one year
6
(464,892)
(18,033)
Net current assets
2,319,640
1,862,334
Total assets less current liabilities and net assets attributable to members
30,819,640
31,862,334
Represented by:
Loans and other debts due to members within one year
7
Amounts due in respect of losses
-
(70,135)
Members' other interests
7
Members' capital classified as equity
30,819,640
31,932,469
30,819,640
31,862,334
Total members' interests
7
Loans and other debts due to members
-
(70,135)
Members' other interests
30,819,640
31,932,469
30,819,640
31,862,334
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.
For the financial year ended 31 January 2020 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.
TUNNELCRAFT LABOUR SERVICES LLP
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2020
31 January 2020
- 2 -
The financial statements were approved by the members and authorised for issue on 28 January 2021 and are signed on their behalf by:
28 January 2021
C P Hicks
Designated member
Limited Liability Partnership Registration No. OC425232
TUNNELCRAFT LABOUR SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
- 3 -
1
Accounting policies
Limited liability partnership information
Tunnelcraft Labour Services LLP is a limited liability partnership incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable from the supply of labour and direct contracting for tunnelling projects, provided in the normal course of business, and is shown net of VAT.
1.3
Intangible fixed assets - goodwill
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
1.4
Financial instruments
The limited liability partnership 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.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are
recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
TUNNELCRAFT LABOUR SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 4 -
1.5
Leases
Rentals payable under operating leases are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
d
asset are consumed.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.7
Gross amounts due from contract customers
Gross amounts due from contract customers, which are included in debtors, are stated at the net sales
value of the work done less amounts received as progress payments on account.
2
Employees
There were no direct employees during the period apart from members. The LLP's employment costs refers to amounts recharged by Tunnelcraft Limited in respect of employees.
3
Information in relation to members
2020
2019
Number
Number
Average number of members during the year
4
4
4
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2019 and 31 January 2020
30,000,000
Amortisation and impairment
At 1 February 2019
-
Amortisation charged for the year
1,500,000
At 31 January 2020
1,500,000
Carrying amount
At 31 January 2020
28,500,000
At 31 January 2019
30,000,000
TUNNELCRAFT LABOUR SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 5 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Gross amounts owed by contract customers
640,340
740,384
Other debtors
28,000
36,891
Prepayments and accrued income
93,163
77,720
761,503
854,995
6
Creditors: amounts falling due within one year
2020
2019
£
£
Other taxation and social security
428,793
-
Other creditors
5,251
12,074
Accruals and deferred income
30,848
5,959
464,892
18,033
TUNNELCRAFT LABOUR SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 6 -
7
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2020
£
£
£
£
£
£
Amounts due to members
(70,135)
Members' interests at 1 February 2019
31,932,469
-
31,932,469
(70,135)
(70,135)
31,862,334
Loss for the financial year available for discretionary division among members
-
(2,283,040)
(2,283,040)
-
-
(2,283,040)
Members' interests after loss for the year
31,932,469
(2,283,040)
29,649,429
(70,135)
(70,135)
29,579,294
Allocation of loss for the financial year
-
2,283,040
2,283,040
-
-
2,283,040
Other divisions of profits
(2,283,040)
-
(2,283,040)
-
-
(2,283,040)
(70,135)
-
(70,135)
70,135
70,135
-
Other movements
1,240,346
-
1,240,346
-
-
1,240,346
Members' interests at 31 January 2020
30,819,640
-
30,819,640
-
-
30,819,640
TUNNELCRAFT LABOUR SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 7 -
8
Operating lease commitments
Lessee
At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
93,334
113,889
9
Related party transactions
During the year, the LLP was charged for wages cost of £7,171,770 (2019: £57,960), subcontractor labour cost of £813,610 (2019: £Nil), agency service commissions of £18,113 (2019: £5,010), licence fees of £319,159 (2019: £2,004) and use of plant and equipment costs of £34,061 (2019: £340) by Tunnelcraft Limited, a corporate member of the LLP, on commercial terms.