Marlborough Consulting LLP
Annual Report and Unaudited Financial Statements
For the year ended 30 June 2018
Accounts for filing with the Registrar
Limited Liability Partnership Registration No. OC400141 (England and Wales)
Marlborough Consulting LLP
Limited Liability Partnership Information
Designated members
A B Eccleston
L M Eccleston
Limited liability partnership number
OC400141
Registered office
Devonshire House
60 Goswell Road
London
EC1M 7AD
Accountants
Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Marlborough Consulting LLP
Contents
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3
Notes to the financial statements
4 - 7
Marlborough Consulting LLP
Balance Sheet
As at 30 June 2018
Page 1
2018
2017
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,118
560
Current assets
Debtors
4
185,537
300,371
Cash at bank and in hand
203,887
14,877
389,424
315,248
Creditors: amounts falling due within one year
5
(269,023)
(90,118)
Net current assets
120,401
225,130
Total assets less current liabilities
122,519
225,690
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
122,519
225,690
Total members' interests
Loans and other debts due to members
122,519
225,690

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

Marlborough Consulting LLP
Balance Sheet (Continued)
As at 30 June 2018
Page 2

For the financial year ended 30 June 2018 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 have not yet required the limited liability partnership to obtain an audit of its financial statements for the year in question in accordance with section 476. The members acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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 13 November 2018 and are signed on their behalf by:
13 November 2018
A B Eccleston
Designated member
Limited Liability Partnership Registration No. OC400141
Marlborough Consulting LLP
Reconciliation of Members' Interests
For the year ended 30 June 2018
Page 3
Current financial year
DEBT
TOTAL
Loans and other debts due to members
MEMBERS'
INTERESTS
Other amounts
Total
Total
2018
£
£
£
Amount due to members
225,690
Members' interests at 1 July 2017
225,690
225,690
225,690
Members' remuneration charged as an expense
450,960
450,960
450,960
Members' interests after profit and remuneration for the year
676,650
676,650
676,650
Drawings
(554,131)
(554,131)
(554,131)
Members' interests at 30 June 2018
122,519
122,519
122,519
Amounts due to members
122,519
122,519
Prior financial year
DEBT
TOTAL
Loans and other debts due to members
MEMBERS'
INTERESTS
Other amounts
Total
Total
2017
£
£
£
Members' interests at 1 July 2016
-
-
-
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
449,854
449,854
449,854
Profit for the financial year available for discretionary division among members
-
-
-
Members' interests after profit for the year
449,854
449,854
449,854
Drawings
(224,164)
(224,164)
(224,164)
Members' interests at 30 June 2017
225,690
225,690
225,690
Amounts due to members
225,690
225,690
Marlborough Consulting LLP
Notes to the Financial Statements
For the year ended 30 June 2018
Page 4
1
Accounting policies
Limited liability partnership information

Marlborough Consulting LLP is a limited liability partnership incorporated in England and Wales. The registered office is Devonshire House, 60 Goswell Road, London, EC1M 7AD.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

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 section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

1.3
Members' participating interests

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. 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.

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:

Fixtures, fittings & equipment
3 years straight line
Computer equipment
3 years straight line
Marlborough Consulting LLP
Notes to the Financial Statements (Continued)
For the year ended 30 June 2018
1
Accounting policies
(Continued)
Page 5

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 profit and loss account.

1.5
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.6
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits and post retirement payments to members

Retiring members are repaid their capital at par.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was 0 (2016: 0).

Marlborough Consulting LLP
Notes to the Financial Statements (Continued)
For the year ended 30 June 2018
Page 6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2017
840
Additions
2,206
At 30 June 2018
3,046
Depreciation and impairment
At 1 July 2017
280
Depreciation charged in the year
648
At 30 June 2018
928
Carrying amount
At 30 June 2018
2,118
At 30 June 2017
560
4
Debtors: amounts falling due within one year
2018
2017
£
£
Trade debtors
185,537
67,800
Other debtors
-
232,571
185,537
300,371
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
216,446
2,698
Other taxation and social security
50,477
83,304
Other creditors
2,100
4,116
269,023
90,118
Marlborough Consulting LLP
Notes to the Financial Statements (Continued)
For the year ended 30 June 2018
Page 7
6
Loans and other debts due to members
2018
2017
£
£
Analysis of loans
Amounts falling due within one year
122,519
225,690
122,519
225,690

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

7
Related party transactions

A B Eccleston is a member of the LLP and owns a majority of the issued share capital of Marlborough Advisors Limited.

 

During the year, invoices to the amount of £nil (2017: £502,208) were issued to Marlborough Advisors Limited, and invoices to the amount of £120,000 (2017: £145,895) were received from Marlborough Advisors Limited.

 

At the year end, included in other creditors is a balance of £213,870 due to Marlborough Advisors Limited (2017: £232,571 due from Marlborough Advisors Limited).

8
Control

The ultimate controlling party is A B Eccleston by virtue of his voting rights of the LLP.

9
Prior year restatement

An adjustment has been made to the prior year figures in relation to the timing of payments to members. This has had the impact of increasing other debtors and amounts due to members by £33,330, with no impact on the profit and loss account.

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