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Limited Liability Partnership Registration No. SO303437 (Scotland)
MACFIE & CO LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
PAGES FOR FILING WITH REGISTRAR
MACFIE & CO LLP
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
MACFIE & CO LLP
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2018
31 July 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
2
277,113
280,790
Investments
3
100
100
277,213
280,890
Current assets
Trade and other receivables
4
1,526
1,364
Cash and cash equivalents
-
64,685
1,526
66,049
Current liabilities
5
(192,873)
(121,224)
Net current liabilities
(191,347)
(55,175)
Total assets less current liabilities
85,866
225,715
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(78,381)
89,393
Members' other interests
Other reserves classified as equity
164,247
136,322
85,866
225,715
Total members' interests
Loans and other debts due to members
(78,381)
89,393
Members' other interests
164,247
136,322
85,866
225,715

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 31 July 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.

MACFIE & CO LLP
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2018
31 July 2018
- 2 -
The financial statements were approved by the members and authorised for issue on 29 April 2019 and are signed on their behalf by:
29 April 2019
Mr J S Walker
Designated member
Limited Liability Partnership Registration No. SO303437
MACFIE & CO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
- 3 -
1
Accounting policies
Limited liability partnership information

MacFie & Co LLP is a limited liability partnership incorporated in Scotland. The registered office is 5 Cathkinview Road, Cathcart, Glasgow, Lanarkshire, G42 9EA.

 

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the Statement of financial position date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Statement of financial position date are carried forward as work in progress.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' 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.

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.

MACFIE & CO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 4 -
1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost
Fixtures and fittings
15% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Non-current 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 any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Impairment of non-current assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
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.

MACFIE & CO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 5 -
2
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2017
193,200
141,076
334,276
Additions
-
45,820
45,820
Disposals
-
(21,995)
(21,995)
At 31 July 2018
193,200
164,901
358,101
Depreciation and impairment
At 1 August 2017
7,909
45,577
53,486
Depreciation charged in the year
3,860
30,452
34,312
Eliminated in respect of disposals
-
(6,810)
(6,810)
At 31 July 2018
11,769
69,219
80,988
Carrying amount
At 31 July 2018
181,431
95,682
277,113
At 31 July 2017
185,291
95,499
280,790
3
Fixed asset investments
2018
2017
£
£
Investments
100
100
4
Trade and other receivables
2018
2017
Amounts falling due within one year:
£
£
Other receivables
1,526
1,364
5
Current liabilities
2018
2017
£
£
Bank loans and overdrafts
18,976
-
Trade payables
169,749
115,876
Other payables
4,148
5,348
192,873
121,224
MACFIE & CO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 6 -
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

7
Related party transactions

At the balance sheet date the LLP owed £169,749 (2018 - £115,876) to a related party.

2018-07-312017-08-01falseCCH SoftwareCCH Accounts Production 2019.10029 April 2019SO3034372017-08-012018-07-31SO3034372018-07-31SO3034372017-07-31SO303437core:LandBuildings2017-07-31SO303437core:Non-currentFinancialInstruments2018-07-31SO303437core:Non-currentFinancialInstruments2017-07-31SO303437bus:PartnerLLP12017-08-012018-07-31SO303437bus:LimitedLiabilityPartnershipLLP2017-08-012018-07-31SO303437bus:FRS1022017-08-012018-07-31SO303437bus:AuditExemptWithAccountantsReport2017-08-012018-07-31SO303437bus:SmallCompaniesRegimeForAccounts2017-08-012018-07-31SO303437bus:FullAccounts2017-08-012018-07-31xbrli:purexbrli:sharesiso4217:GBP