back to LUMSDEN'S JEWELLERY WORKSHOP LLP detail Lumsden's Jewellery Workshop LLP - Filleted accounts
Registered number
SO300534
Lumsden's Jewellery Workshop LLP
Filleted Accounts
31 March 2018
Lumsden's Jewellery Workshop LLP
Registered number: SO300534
Balance Sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 2 119 158
Current assets
Stocks 288 189
Debtors 3 1,943 1,355
2,231 1,544
Creditors: amounts falling due within one year 4 (5,104) (3,381)
Net current liabilities (2,873) (1,837)
Total assets less current liabilities (2,754) (1,679)
Net liabilities attributable to members (2,754) (1,679)
Represented by:
Loans and other debts due to members 5 (37,942) (36,867)
Members' other interests
Members' capital classified as equity 35,188 35,188
(2,754) (1,679)
Total members' interests
Loans and other debts due to members 5 (37,942) (36,867)
Members' other interests 35,188 35,188
(2,754) (1,679)
For the year ended 31 March 2018 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 5 December 2018 and signed on their behalf by:
David McConnachie
Designated member
Lumsden's Jewellery Workshop LLP
Notes to the Accounts
for the year ended 31 March 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on equipment at 25% reducing balance method.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
2 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2017 699 996 1,695
At 31 March 2018 699 996 1,695
Depreciation
At 1 April 2017 602 935 1,537
Charge for the year 24 15 39
At 31 March 2018 626 950 1,576
Net book value
At 31 March 2018 73 46 119
At 31 March 2017 97 61 158
3 Debtors 2018 2017
£ £
Trade debtors 1,943 1,355
4 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 3,371 1,206
Trade creditors 1,295 1,570
Other taxes and social security costs 438 605
5,104 3,381
5 Loans and other debts due (by)/to members 2018 2017
£ £
Amounts due (by)/to members (37,942) (36,867)
Amounts falling due within one year (37,942) (36,867)
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
6 Other information
Lumsden's Jewellery Workshop LLP is a limited liability partnership incorporated in Scotland. Its registered office is 7 Cairngorm Crescent, Bearsden, Glasgow, G61 4EH
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