Limited Liability Partnership Registration No. SO300530 (Scotland)
A & G INVESTMENTS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
A & G INVESTMENTS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
A A Najafian
G R Najafian
Limited liability partnership number
SO300530
Registered office
13 Royal Crescent
Glasgow
G3 7SL
Accountants
Wylie & Bisset LLP
168 Bath Street
Glasgow
G2 4TP
A & G INVESTMENTS LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
A & G INVESTMENTS LLP
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
-
-
Investment properties
2
1,145,000
1,145,000
Current assets
Debtors
3
38,738
27,452
Cash at bank and in hand
10,686
16,228
49,424
43,680
Creditors: amounts falling due within one year
4
(567,619)
(581,431)
Net current liabilities
(518,195)
(537,751)
Total assets less current liabilities
626,805
607,249
Represented by:
Loans and other debts due to members within one year
5
Amounts due in respect of profits
482,669
463,113
Members' other interests
5
Members' capital classified as equity
100
100
Revaluation reserve
144,036
144,036
626,805
607,249
Total members' interests
5
Loans and other debts due to members
482,669
463,113
Members' other interests
144,136
144,136
626,805
607,249

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 March 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).

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.

A & G INVESTMENTS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the members and authorised for issue on 20 December 2017 and are signed on their behalf by:
20 December 2017
A A Najafian
G R Najafian
Designated member
Designated Member
Limited Liability Partnership Registration No. SO300530
A & G INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Limited liability partnership information

A & G Investments LLP is a limited liability partnership incorporated in Scotland. The registered office is 13 Royal Crescent, Glasgow, G3 7SL.

 

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.

These financial statements for the year ended 31 March 2017 are the first financial statements of A & G Investments 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 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
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.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

A & G INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.4
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.

1.5
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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in or .

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and other creditors are initially recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

A & G INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
1.6
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
Investment property
2017
£
Fair value
At 1 April 2016 and 31 March 2017
1,145,000

Investment property comprises three properties.. The members believe this to be a true and fair value of these properties by reference to market evidence of transaction prices for similar properties.

3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
28,065
16,784
Other debtors
10,673
10,668
38,738
27,452
4
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
1,800
5,820
Other taxation and social security
3,072
1,830
Other creditors
562,747
573,781
567,619
581,431
A & G INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
5
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Revaluation
reserve
Other reserves
Total
Other amounts
Total
Total
2017
£
£
£
£
£
£
£
Amounts due to members
463,113
Members' interests at 1 April 2016
100
144,036
-
144,136
463,113
463,113
607,249
Profit for the financial year available for discretionary division among members
-
-
19,556
19,556
-
-
19,556
Members' interests after profit for the year
100
144,036
19,556
163,692
463,113
463,113
626,805
Allocation of profit for the financial year
-
-
(19,556)
(19,556)
19,556
19,556
-
Members' interests at 31 March 2017
100
144,036
-
144,136
482,669
482,669
626,805
Amounts due to members
482,669
482,669
A & G INVESTMENTS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 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.

7
Related party transactions

The following amounts were outstanding at the reporting end date:

 

Amounts due £10,673 (2016 : £10,668).

 

Amounts owed £262,164 (2016 : £345,048).

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