Limited Liability Partnership Registration No. OC384717 (England and Wales)
EDLINE PLACEMENTS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
PAGES FOR FILING WITH REGISTRAR
EDLINE PLACEMENTS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr J A Mitchell-Smith
Education Line Ltd
Limited liability partnership number
OC384717
Registered office
Bedford Heights
Brickhill Drive
Bedford
Bedfordshire
MK41 7PH
EDLINE PLACEMENTS LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 7
EDLINE PLACEMENTS LLP
BALANCE SHEET
AS AT
31 MAY 2018
31 May 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
-
-
Tangible assets
2
28,848
57,697
Current assets
Debtors
3
1,712
7,060
Cash at bank and in hand
10,306
3,387
12,018
10,447
Creditors: amounts falling due within one year
4
(100,119)
(84,038)
Net current liabilities
(88,101)
(73,591)
Total assets less current liabilities
(59,253)
(15,894)
Creditors: amounts falling due after more than one year
5
(45,626)
(57,771)
Net liabilities attributable to members
(104,879)
(73,665)
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(645)
-
Members' other interests
Other reserves
(104,234)
(73,665)
(104,879)
(73,665)

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

EDLINE PLACEMENTS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2018
31 May 2018
- 2 -

For the financial year ended 31 May 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).

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

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 12 November 2018 and are signed on their behalf by:
12 November 2018
Mr J A Mitchell-Smith
Designated member
Limited Liability Partnership Registration No. OC384717
EDLINE PLACEMENTS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MAY 2018
- 3 -
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
2018
£
£
Members' interests at 1 June 2017
(73,665)
(73,665)
Profit for the financial year available for discretionary division among members
(30,569)
(30,569)
Members' interests after loss for the year
(104,234)
(104,234)
Drawings
(645)
(645)
Members' interests at 31 May 2018
(104,879)
(104,879)
EDLINE PLACEMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
- 4 -
1
Accounting policies
Limited liability partnership information

Edline Placements LLP is a limited liability partnership incorporated in England and Wales. The registered office is Bedford Heights, Brickhill Drive, Bedford, Bedfordshire, England, MK41 7PH.

 

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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

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.

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.

EDLINE PLACEMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 5 -

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:

Motor vehicles
25% on cost

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 at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.8
Going concern
At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Therefore, the members continue to adopt the going concern basis of accounting in preparing the financial statements.
EDLINE PLACEMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 6 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2017 and 31 May 2018
115,395
Depreciation and impairment
At 1 June 2017
57,698
Depreciation charged in the year
28,849
At 31 May 2018
86,547
Carrying amount
At 31 May 2018
28,848
At 31 May 2017
57,697
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
2
5,468
Prepayments and accrued income
1,710
1,592
1,712
7,060
4
Creditors: amounts falling due within one year
2018
2017
£
£
Obligations under finance leases
12,145
11,339
Other taxation and social security
1,160
-
Other creditors
86,814
54,699
Accruals and deferred income
-
18,000
100,119
84,038
5
Creditors: amounts falling due after more than one year
2018
2017
£
£
Obligations under finance leases
45,626
57,771
EDLINE PLACEMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 7 -
6
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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