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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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SLINGSHOT CARTEL LLP |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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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 year ended 31 March 2020 |
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General Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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SLINGSHOT CARTEL LLP |
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General Information |
for the year ended 31 March 2020 |
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DESIGNATED MEMBERS: | G C Morrison |
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D M Osbourn |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SLINGSHOT CARTEL LLP (REGISTERED NUMBER: OC413640) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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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 |
95,461 |
365,874 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
8 |
95,461 |
365,874 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 95,461 | 365,874 |
Amounts due from members | 6 | (26,340 | ) | - |
69,121 | 365,874 |
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The members acknowledge their responsibilities for: |
(a) | 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 |
(b) | 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 2020 |
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In accordance with Section 444 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 Income Statement has not been delivered. |
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The financial statements were approved by the members of the LLP and authorised for issue on
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SLINGSHOT CARTEL LLP (REGISTERED NUMBER: OC413640) |
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Notes to the Financial Statements |
for the year ended 31 March 2020 |
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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, registered office address and business address can be found on the Company Information page. |
The presentational 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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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, the amortisation and depreciation of these assets, provisions for liabilities, investments and the recoverability of debtors. |
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Turnover |
Turnover represents the fair value of consideration received or receivable net of VAT. |
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Revenue for management services is recognised as contract activity progresses. Revenue not billed is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors. |
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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. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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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 year ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Impairment |
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. | EMPLOYEE INFORMATION |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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SLINGSHOT CARTEL LLP (REGISTERED NUMBER: OC413640) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2020 | 2019 |
£ | £ |
Amounts owed to members in respect of profits | 95,461 | 365,874 |
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Falling due within one year | 95,461 | 365,874 |
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Amounts in loans and other debts due to members (other than members' capital classified as debt) rank below other creditors. |