Limited Liability Partnership Registration No. OC321458 (England and Wales)
BIOTOP UK LLP
MEMBERS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
PAGES FOR FILING WITH REGISTRAR
BIOTOP UK LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
BIOTOP UK LLP
BALANCE SHEET
AS AT
31 AUGUST 2017
31 August 2017
- 1 -
2017
2016
Notes
$
$
$
$
Current assets
Stocks
338,890
322,425
Debtors
3
1,025,144
734,744
Cash at bank and in hand
152,401
152,983
1,516,435
1,210,152
Creditors: amounts falling due within one year
4
(7,044)
(5,032)
Net current assets
1,509,391
1,205,120
Represented by:
Loans and other debts due to members within one year
Other amounts
1,140,119
1,135,940
Members' other interests
Members' capital classified as equity
65,000
65,000
Other reserves classified as equity
304,272
4,180
1,509,391
1,205,120
Total members' interests
Loans and other debts due to members
1,140,119
1,135,940
Members' other interests
369,272
69,180
1,509,391
1,205,120

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

For the financial year ended 31 August 2017 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 acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to limited liability partnerships) 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.

BIOTOP UK LLP
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2017
31 August 2017
- 2 -
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
M F Leung
Designated member
Limited Liability Partnership Registration No. OC321458
BIOTOP UK LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
- 3 -
1
Accounting policies
Limited liability partnership information

Biotop UK LLP is a limited liability partnership incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

 

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

1.1
Accounting convention

The financial statements are prepared under the historical cost convention.

The financial statements are prepared in dollars, 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 August 2017 are the first financial statements of Biotop UK LLP prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 September 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover represents amounts receivable for the sale of mining machinery. Revenue is recognised once mining equipment is sold to a third party.

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.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

BIOTOP UK LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 4 -
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
25% straight line

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
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.7
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

BIOTOP UK LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 5 -
2
Tangible fixed assets
Plant and machinery etc
$
Cost
At 1 September 2016 and 31 August 2017
15,652
Depreciation and impairment
At 1 September 2016 and 31 August 2017
15,652
Carrying amount
At 31 August 2017
-
At 31 August 2016
-
3
Debtors
2017
2016
Amounts falling due within one year:
$
$
Trade debtors
290,400
-
Other debtors
734,744
734,744
1,025,144
734,744
4
Creditors: amounts falling due within one year
2017
2016
$
$
Bank loans and overdrafts
93
-
Trade creditors
1,757
158
Other creditors
5,194
4,874
7,044
5,032
5
Loans and other debts due to members

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

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