REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
FOR |
LUCID PARTNERSHIP LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
FOR |
LUCID PARTNERSHIP LLP |
LUCID PARTNERSHIP LLP (REGISTERED NUMBER: OC382133) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2018 |
Page |
General Information | 1 |
Report of the Members | 2 |
Profit and Loss Account | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
LUCID PARTNERSHIP LLP |
GENERAL INFORMATION |
for the Year Ended 31 March 2018 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Carlton House |
Bull Close Lane |
Halifax |
West Yorkshire |
HX1 2EG |
LUCID PARTNERSHIP LLP (REGISTERED NUMBER: OC382133) |
REPORT OF THE MEMBERS |
for the Year Ended 31 March 2018 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2018. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of the supply and installation of electronic control |
systems. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £136,860 (2017 - £235,781 profit). |
MEMBERS' INTERESTS |
The policy regarding members' drawings is that monthly drawings may be paid out as determined by the LLP. No |
drawings shall be taken if the LLP determines that it has insufficient banking facilities for that purpose. |
The policy regarding the subscription and repayments of amounts subscribed is described below. |
Each member has made a capital subscription of £10,000. |
There were no transfers between debt and equity during the period. |
There have been no transfers between debt and equity between the period end and the signing of these accounts. |
A member's capital account is repayable only upon the death, retirement, deemed retirement or expulsion of that |
member. |
The balances on the members' current accounts are payable to them after the approval of the accounts, provided the LLP |
has sufficient working capital to make such payments. |
ON BEHALF OF THE MEMBERS: |
LUCID PARTNERSHIP LLP (REGISTERED NUMBER: OC382133) |
PROFIT AND LOSS ACCOUNT |
for the Year Ended 31 March 2018 |
31.3.18 | 31.3.17 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
133,729 | 232,455 |
Other operating income |
OPERATING PROFIT |
Interest receivable and similar income |
136,860 | 235,783 |
Interest payable and similar expenses |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
LUCID PARTNERSHIP LLP (REGISTERED NUMBER: OC382133) |
BALANCE SHEET |
31 March 2018 |
31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
236,651 |
256,451 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
216,651 |
236,451 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 20,000 | 20,000 |
236,651 | 256,451 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 216,651 | 236,451 |
Members' other interests | 20,000 | 20,000 |
236,651 | 256,451 |
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. |
LUCID PARTNERSHIP LLP (REGISTERED NUMBER: OC382133) |
BALANCE SHEET - continued |
31 March 2018 |
The financial statements were approved by the members of the LLP on |
LUCID PARTNERSHIP LLP (REGISTERED NUMBER: OC382133) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2018 |
1. | STATUTORY INFORMATION |
Lucid Partnership LLP is registered in England and Wales. The LLP's registered number and registered office |
address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Computer equipment | - |
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. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme |
are charged to profit or loss in the period to which they relate. |
Post retirement payments to members |
Members are not entitled to receive any share of profit of the LLP after their retirement date. The profits of the |
LLP in the period of retirement are apportioned on a time basis in respect of the periods before and after the |
retirement date. The balance on the retiring member's capital and current accounts are shown in the accounts at |
the date of retirement.The retiring member is also entitled to a goodwill payment being 1.5 times their average |
annual profit share for the previous three years, provided they have been a member for at least 3 years. |
The balance on the current account has to be made within one month of the approval of the accounts. |
The balance on the capital account has to be made within twelve months of the retirement date. |
The goodwill share payment has to be made within twelve months of the retirement date. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
LUCID PARTNERSHIP LLP (REGISTERED NUMBER: OC382133) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2018 |
4. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2017 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2018 |
DEPRECIATION |
At 1 April 2017 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
Other loans | 679 | - |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
VAT | 30,655 | 37,238 |
Other creditors |
Employee expense claims | 429 | 418 |
Pension creditor | 409 | - |
Accrued expenses |
Payments on account |
LUCID PARTNERSHIP LLP (REGISTERED NUMBER: OC382133) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2018 |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.18 | 31.3.17 |
£ | £ |
Within one year |
Between one and five years |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members would rank behind other secured creditors in the event of a winding up. |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is Lucid Programming Limited. |
The ultimate controlling party is |