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Financial Statements for the Year Ended 31 July 2017 |
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Graves & Graves Architecture LLP |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 July 2017 |
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for |
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Graves & Graves Architecture LLP |
Graves & Graves Architecture LLP (Registered number: SO304969) |
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Contents of the Financial Statements |
for the Year Ended 31 July 2017 |
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General Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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Graves & Graves Architecture LLP |
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General Information |
for the Year Ended 31 July 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 |
Westburn Business Centre |
McNee Road |
Prestwick |
Ayrshire |
KA9 2PB |
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Graves & Graves Architecture LLP |
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The following reproduces the text of the report prepared for the members in respect of the LLP's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a |
Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Members are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability |
Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your |
approval the financial statements of Graves & Graves Architecture LLP for the year ended 31 July 2017 which comprise |
the Profit and Loss Account, Balance Sheet, and the related notes from the LLP's accounting records and from |
information and explanations you have given us. |
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As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
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This report is made solely to the members of Graves & Graves Architecture LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Graves & Graves Architecture LLP and state those matters that we have agreed to state to the members of Graves & Graves Architecture LLP, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report. |
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It is your duty to ensure that Graves & Graves Architecture LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Graves & Graves Architecture LLP. You consider that Graves & Graves Architecture LLP is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Graves & Graves Architecture LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
Westburn Business Centre |
McNee Road |
Prestwick |
Ayrshire |
KA9 2PB |
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Graves & Graves Architecture LLP (Registered number: SO304969) |
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Balance Sheet |
31 July 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 |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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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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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
6,489 |
100 |
Graves & Graves Architecture LLP (Registered number: SO304969) |
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Balance Sheet - continued |
31 July 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO
MEMBERS |
11 |
6,389 |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 100 | 100 |
6,489 | 100 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 11 | 6,389 | - |
Members' other interests | 100 | 100 |
Amounts due from members | 6 | - | (10,565 | ) |
6,489 | (10,465 | ) |
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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. |
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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 Account has not been delivered. |
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The financial statements were approved by the members of the LLP on
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Graves & Graves Architecture LLP (Registered number: SO304969) |
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Notes to the Financial Statements |
for the Year Ended 31 July 2017 |
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1. | STATUTORY INFORMATION |
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Graves & Graves Architecture LLP is registered in Scotland. The LLP's registered number and registered office |
address can be found on the General Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Changes in accounting policies |
For all periods up to and including the year ended 31 July 2016, the Limited Liability Partnership prepared its |
financial statements in accordance with the Financial Reporting Standard for Smaller Entities (effective January |
2015). These financial statements, for the year ended 31 July 2017, are the first the company has prepared in |
accordance with FRS 102. |
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Accordingly, the Limited Liability Partnership has prepared financial statements which comply with FRS 102 |
applicable for the period beginning on 1 August 2015 and the significant accounting policies meeting those |
requirements are described in the relevant notes. |
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There is no material financial impact on the transition to FRS 102. |
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Fees earned |
Fees comprise the fair value of the consideration received or receivable for the rendering of services in the |
ordinary course of the Company's activities. Fees are presented, net of value-added tax, rebates and discounts. |
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The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is |
probable that the collectability of the related receivables is reasonably assured and when the specific criteria for |
each of the Company's activities are met. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Computer equipment | - |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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Taxation |
No provision is made in the accounts in respect of tax due by the individual partners on their profit share. Tax |
paid by the Limited Liability Partnership to satisfy partners tax liabilities is charged to their respective current |
account balances when paid. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was
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Graves & Graves Architecture LLP (Registered number: SO304969) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Website |
development |
costs |
£ |
COST |
Additions |
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At 31 July 2017 |
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AMORTISATION |
Amortisation for year |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 August 2016 |
and 31 July 2017 |
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DEPRECIATION |
At 1 August 2016 |
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Charge for year |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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At 31 July 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts due from members | - | 10,565 |
Prepayments and accrued income |
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Graves & Graves Architecture LLP (Registered number: SO304969) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts (see note 9) |
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Other loans (see note 9) |
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Trade creditors |
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Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Other loans (see note 9) |
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9. | LOANS |
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An analysis of the maturity of loans is given below: |
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2017 | 2016 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Loans |
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Amounts falling due between one and two years: |
Loans | 5,000 |
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Amounts falling due between two and five years: |
Other loans - 2-5 years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Loans |
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The other loan is secured by personal guarantees from each of the members. |
Graves & Graves Architecture LLP (Registered number: SO304969) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
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11. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2017 | 2016 |
£ | £ |
Amounts owed to members in respect of profits | 6,389 | - |
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Falling due within one year | 6,389 | - |
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Members' interests are subordinated to bank borrowings. Loans and other debts due to members rank equally |
with unsecured creditors in the event of a winding up. Members' other interests, represented by members' capital |
(classified as equity), rank after unsecured creditors |
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12. | CONTROLLING PARTY |
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The limited liability partnership is under the control of Richard and Claire Graves. |
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13. | DEBTS DUE TO MEMBERS |
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Members' interests are subordinated to bank borrowings. Loans and other debts due to members rank equally |
with unsecured creditors in the event of a winding up. Members' other interests, represented by members' capital |
(classified as equity), rank after unsecured creditors |