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2016-04-01
Sage Accounts Production Advanced 2017 Update 3 - FRS
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2016-04-01
2017-03-31
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2016-04-01
2017-03-31
REGISTERED NUMBER:
OC398677
Berkeley Square Developments Services LLP
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Filleted Unaudited Financial Statements
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Berkeley Square Developments Services LLP
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Year ended 31 March 2017
Statement of financial position
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2
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Reconciliation of members' interests
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3
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Notes to the financial statements
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5
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Berkeley Square Developments Services LLP
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Year ended 31 March 2017
The members present their report and the unaudited financial statements of the LLP for the year ended
31 March 2017
.
The LLP has been dormant as defined in section 1169 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 throughout the year and preceding financial year. It is anticipated that the LLP will remain dormant for the foreseeable future.
Designated members
The designated members who served the LLP during the year were as follows:
I H J Ltd
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K S R Securities Ltd
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Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on
15 December 2017
and signed on behalf of the members by:
I H J Ltd
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Designated Member
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Registered office:
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88 Sheep Street
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Bicester
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Oxfordshire
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OX26 6LP
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Berkeley Square Developments Services LLP
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Statement of Financial Position
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31 March 2017
Current assets
Creditors: amounts falling due within one year
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5
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100
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100
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Represented by:
Loans and other debts due to members
Other amounts
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–
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–
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----
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----
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Members' other interests
Other reserves
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–
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–
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----
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----
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–
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–
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----
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----
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Total members' interests
Loans and other debts due to members
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–
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–
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Members' other interests
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–
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–
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----
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----
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–
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–
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----
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----
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These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
The LLP did not trade during the current year or prior period and has not made either a profit or loss.
For the year ending 31 March 2017 the LLP was entitled to exemption from audit under section 480 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to dormant LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
members
and authorised for issue on
15 December 2017
, and are signed on their behalf by:
I H J Ltd
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Designated Member
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Registered number:
OC398677
Berkeley Square Developments Services LLP
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Reconciliation of Members' Interests
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Year ended 31 March 2017
Berkeley Square Developments Services LLP
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Reconciliation of Members' Interests (continued)
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Year ended 31 March 2017
Brought forward
Berkeley Square Developments Services LLP
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Notes to the Financial Statements
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Year ended 31 March 2017
The LLP is registered in England and Wales. The address of the registered office is 88 Sheep Street, Bicester, Oxfordshire, OX26 6LP.
2.
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Statement of compliance
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These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in January 2017 (SORP 2017).
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 6 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
Income statement
The LLP is dormant as defined by section 1169 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 LLP received no income and incurred no expenditure during the current year or prior period and therefore no income statement is presented within these financial statements. There have been no movements in members funds during the current year or prior year.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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2017
|
2016
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£
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£
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Investments in group undertakings
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100
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100
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----
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----
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5.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
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£
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£
|
Other creditors
|
100
|
100
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----
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----
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6.
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Related party transactions
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In the opinion of the members there is no controlling party as defined by financial reporting Standard No 8 "Related party disclosures".
These are the first financial statements that comply with FRS 102. The LLP transitioned to FRS 102 on 6 March 2015.
No transitional adjustments were required in equity or profit or loss for the period.