Limited Liability Partnership Registration No. OC363804 (England and Wales)
SEKURA GLOBAL LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
LB GROUP
Suite E2, 2nd Floor
The Octagon
Middleborough
Colchester
Essex
CO1 1TG
SEKURA GLOBAL LLP
CONTENTS
Page
Statement of financial position
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 8
SEKURA GLOBAL LLP
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
2
11,916
17,659
Tangible assets
3
3,901
5,202
15,817
22,861
Current assets
Debtors
4
808,535
806,253
Cash at bank and in hand
3,259
278
811,794
806,531
Creditors: amounts falling due within one year
5
(4,439)
(3,600)
Net current assets
807,355
802,931
Total assets less current liabilities
823,172
825,792
Represented by:
Members' other interests
6
Members' capital classified as equity
823,172
825,792
823,172
825,792
Total members' interests
6
Members' other interests
823,172
825,792
823,172
825,792
T
he members of the
limited liability partnership
have elected not to include a copy of the income statement within the financial statements.
SEKURA GLOBAL LLP
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
For the financial year ended 31 December 2017 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.
The financial statements were approved by the members and authorised for issue on 4 September 2018 and are signed on their behalf by:
04 September 2018
Mr R P Napthine
Mr C G Napthine
Designated member
Designated Member
Limited Liability Partnership Registration No. OC363804
SEKURA GLOBAL LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
Current financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
2017
£
£
£
Members' interests at 1 January 2017
825,792
-
825,792
Loss for the financial year available for discretionary division among members
-
(512)
(512)
Members' interests after loss for the year
825,792
(512)
825,280
Allocation of loss for the financial year
-
512
512
Other divisions of profits
(512)
-
(512)
(2,108)
-
(2,108)
Members' interests at 31 December 2017
823,172
-
823,172
SEKURA GLOBAL LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
Prior financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
2016
£
£
£
Members' interests at 1 January 2016
658,065
-
658,065
Profit for the financial year available for discretionary division among members
-
166,728
166,728
Members' interests after profit for the year
658,065
166,728
824,793
Allocation of profit for the financial year
-
(166,728)
(166,728)
Other divisions of profits
166,728
-
166,728
999
-
999
Members' interests at 31 December 2016
825,792
-
825,792
SEKURA GLOBAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
1
Accounting policies
Limited liability partnership information
Sekura Global LLP is a limited liability partnership incorporated in England and Wales. The registered office is Aspen House, Stephenson Road, Colchester, Essex, CO4 9QR.
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, 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
Members' participating interests
Members' participation rights are the rights of a member against the LLP that arise under the
m
embers' 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.
Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.
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.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably.
SEKURA GLOBAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 6 -
Amortisation 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:
Patents
20% Straight line
1.4
Tangible fixed assets
Tangible fixed assets
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:
Motor vehicles
25% 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
Impairment of fixed assets
At each reporting
period
end date, the
limited liability partnership
reviews the carrying amounts of its tangible and intangible 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.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
SEKURA GLOBAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
2
Intangible fixed assets
Other
£
Cost
At 1 January 2017 and 31 December 2017
28,712
Amortisation and impairment
At 1 January 2017
11,054
Amortisation charged for the year
5,742
At 31 December 2017
16,796
Carrying amount
At 31 December 2017
11,916
At 31 December 2016
17,659
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017 and 31 December 2017
8,000
Depreciation and impairment
At 1 January 2017
2,798
Depreciation charged in the year
1,301
At 31 December 2017
4,099
Carrying amount
At 31 December 2017
3,901
At 31 December 2016
5,202
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
808,535
806,253
SEKURA GLOBAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 8 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
2,639
2,950
Other creditors
1,800
650
4,439
3,600
6
Reconciliation of Members' Interests
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
2017
£
£
£
Members' interests at 1 January 2017
825,792
-
825,792
Loss for the financial year available for discretionary division among members
-
(512)
(512)
Members' interests after loss for the year
825,792
(512)
825,280
Allocation of loss for the financial year
-
512
512
Other divisions of profits
(512)
-
(512)
Drawings
(2,108)
-
(2,108)
Members' interests at 31 December 2017
823,172
-
823,172
7
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.
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