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REGISTERED NUMBER:
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REPORT OF THE MEMBERS AND |
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UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 9 SEPTEMBER 2016 TO 31 MARCH 2017 |
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SLINGSHOT CARTEL LLP |
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REGISTERED NUMBER:
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REPORT OF THE MEMBERS AND |
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UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 9 SEPTEMBER 2016 TO 31 MARCH 2017 |
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FOR |
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SLINGSHOT CARTEL LLP |
SLINGSHOT CARTEL LLP (REGISTERED NUMBER: OC413640) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 9 September 2016 to 31 March 2017 |
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General Information | 1 |
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Report of the Members | 2 |
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Income Statement | 4 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 7 |
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SLINGSHOT CARTEL LLP |
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GENERAL INFORMATION |
for the period 9 September 2016 to 31 March 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 |
Preston Park House |
South Road |
Brighton |
East Sussex |
BN1 6SB |
SLINGSHOT CARTEL LLP (REGISTERED NUMBER: OC413640) |
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REPORT OF THE MEMBERS |
for the period 9 September 2016 to 31 March 2017 |
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The members present their report with the financial statements of the LLP for the period 9 September 2016 to 31 March 2017. |
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INCORPORATION |
The LLP was incorporated on 9 September 2016 and commenced trading on 17 November 2016. |
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PRINCIPAL ACTIVITY |
The principal activity of the LLP in the period under review was that of management services. |
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DESIGNATED MEMBERS |
The designated members during the period under review were: |
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RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS |
The loss for the period before members' remuneration and profit shares was £2,125. |
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MEMBERS' INTERESTS |
The policy of members' drawings and the subscription and repayment of members' capital, is consistent with the working |
capital requirements of the Limited Liability Partnership. |
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GOING CONCERN |
The members have a reasonable expectation that the company has adequate resources to continue in existence for the |
foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial |
statements. |
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STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with |
applicable law and regulations. |
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Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each |
financial year. Under that law the members have elected to prepare the financial statements in accordance with United |
Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under |
legislation applicable to limited liability partnerships the members must not approve the financial statements unless they |
are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for |
that period. In preparing these financial statements, the members are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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SLINGSHOT CARTEL LLP (REGISTERED NUMBER: OC413640) |
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REPORT OF THE MEMBERS |
for the period 9 September 2016 to 31 March 2017 |
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The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's |
transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to |
ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability |
Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible |
for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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ON BEHALF OF THE MEMBERS: |
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SLINGSHOT CARTEL LLP (REGISTERED NUMBER: OC413640) |
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INCOME STATEMENT |
for the period 9 September 2016 to 31 March 2017 |
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Notes | £ |
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TURNOVER |
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Cost of sales | ( |
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GROSS PROFIT |
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Administrative expenses | ( |
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OPERATING LOSS and |
LOSS FOR THE FINANCIAL PERIOD
BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
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SLINGSHOT CARTEL LLP (REGISTERED NUMBER: OC413640) |
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BALANCE SHEET |
31 March 2017 |
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Notes | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
308,803 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
9 |
308,803 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 308,803 |
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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. |
SLINGSHOT CARTEL LLP (REGISTERED NUMBER: OC413640) |
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BALANCE SHEET - continued |
31 March 2017 |
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The financial statements were approved by the members of the LLP on
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SLINGSHOT CARTEL LLP (REGISTERED NUMBER: OC413640) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the period 9 September 2016 to 31 March 2017 |
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1. | STATUTORY INFORMATION |
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Slingshot Cartel LLP is registered in England and Wales. 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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The impact on the financial statements from transition to FRS 102 has been disclosed in the notes to the financial |
statements. |
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Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates and |
these estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates |
are recognised in the period in which the estimate is revised if the revision affects only that period, or in the |
period of the revision and future periods if the revision affects both current and future periods. |
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The items in the financial statements where these judgements and estimates have been made include the useful |
economic life of tangible fixed assets and the depreciation of these assets. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts. |
Revenue from the sale of services is recognised at the point of sale. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and |
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating |
as intended by management. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Fixtures & fittings | - 25% reducing balance |
Motor vehicles | - 25% reducing balance |
Computer equipment | - 33% on cost |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of |
the entity after deducting all of its financial liabilities. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
SLINGSHOT CARTEL LLP (REGISTERED NUMBER: OC413640) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 9 September 2016 to 31 March 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Impairment policy |
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is |
any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable |
amount of an 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 asset, the Company estimates the recoverable amount of the |
cash-generating unit to which the asset belongs. |
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Going concern |
The members have a reasonable expectation that the company has adequate resources to continue in existence for |
the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its |
financial statements. |
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3. | OPERATING LOSS |
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The operating loss is stated after charging: |
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Depreciation - owned assets |
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4. | INFORMATION IN RELATION TO MEMBERS |
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The average number of members during the period was | 4 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
Additions |
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At 31 March 2017 |
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DEPRECIATION |
Charge for period |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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SLINGSHOT CARTEL LLP (REGISTERED NUMBER: OC413640) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 9 September 2016 to 31 March 2017 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other creditors |
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9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
£ |
Amounts owed to members in respect of profits | 308,803 |
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Falling due within one year | 308,803 |
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Amounts in loans and other debts due to members (other than members' capital classified as debt) rank below |
other creditors. |