Apollo & Co LLP Small abridged accounts

Statement of Consent to Prepare Abridged Financial Statements

All of the members of Apollo & Co LLP have consented to the preparation of the abridged profit and loss account and the balance sheet for the year ending 31 August 2017 in accordance with Section 444(2A) of the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

REGISTERED NUMBER: OC308995

Apollo & Co LLP

Unaudited Abridged Financial Statements

31 August 2017

Apollo & Co LLP

Abridged Financial Statements

Year ended 31 August 2017

Contents	Pages

Abridged profit and loss account	1

Balance sheet	2 to 3

Reconciliation of members' interests	4 to 5

Notes to the abridged financial statements	6 to 10

Apollo & Co LLP

Abridged Profit and Loss Account

Year ended 31 August 2017

	2017	2016
Note	£	£
Gross profit	196,750	216,673

Administrative expenses		( 55,448)	( 79,685)
		---------	---------
Operating profit	4	141,302	136,988

Other interest receivable and similar income	86	348
	---------	---------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members	141,388	137,336
	---------	---------

All the activities of the LLP are from continuing operations.

Apollo & Co LLP

Balance Sheet

31 August 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	1	1
Tangible assets	6	23,278	30,998
		--------	--------
		23,279	30,999

Current assets

Debtors	7	218,512	240,250
Cash at bank and in hand		95,731	74,677
		---------	---------
		314,243	314,927

Creditors: amounts falling due within one year	8	( 185,667)		( 123,842)
		---------		---------
Net current assets			128,576	191,085
			---------	---------
Total assets less current liabilities			151,855	222,084
			---------	---------
Net assets			151,855	222,084
			---------	---------

Represented by:

Loans and other debts due to members

Other amounts	9		150,855	221,084

Members' other interests

Members' capital classified as equity	1,000	1,000
Other reserves	–	–
	---------	---------
	151,855	222,084
	---------	---------

Total members' interests

Loans and other debts due to members	9	150,855	221,084
Members' other interests		1,000	1,000
		---------	---------
		151,855	222,084
		---------	---------

These abridged financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 August 2017 the LLP 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 LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of abridged financial statements .

Apollo & Co LLP

Balance Sheet (continued)

31 August 2017

These abridged financial statements were approved by the members and authorised for issue on 30 May 2018 , and are signed on their behalf by:

Mr U Somaia	Mr K Somaia
Designated Member	Designated Member

Registered number: OC308995

Apollo & Co LLP

Reconciliation of Members' Interests

Year ended 31 August 2017

	Members' other interests			Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total	Total 2017
	£	£	£	£	£	£
Balance at 1 September 2016	1,000	–	1,000	221,084	221,084	222,084
Profit for the financial year available for discretionary division among members		141,388	141,388			141,388
	-------	---------	---------	---------	---------	---------
Members' interests after profit for the year	1,000	141,388	142,388	221,084	221,084	363,472
Other division of profits		(141,388)	(141,388)	141,388	141,388	–
Drawings				(211,617)	(211,617)	(211,617)
	-------	---------	---------	---------	---------	---------
Balance at 31 August 2017	1,000	–	1,000	150,855	150,855	151,855
	-------	---------	---------	---------	---------	---------

Apollo & Co LLP

Reconciliation of Members' Interests (continued)

Year ended 31 August 2017

	Members' other interests			Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total	Total 2016
	£	£	£	£	£	£
Balance at 1 September 2015	1,000	–	1,000	435,342	435,342	436,342
Profit for the financial year available for discretionary division among members		137,336	137,336			137,336
	-------	---------	---------	---------	---------	---------
Members' interests after profit for the year	1,000	137,336	138,336	435,342	435,342	573,678
Other division of profits		(137,336)	(137,336)	137,336	137,336	–
Drawings				(351,594)	(351,594)	(351,594)
	-------	---------	---------	---------	---------	---------
Balance at 31 August 2016	1,000	–	1,000	221,084	221,084	222,084
	-------	---------	---------	---------	---------	---------

Apollo & Co LLP

Notes to the Abridged Financial Statements

Year ended 31 August 2017

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 77 Grand Parade, Green Lanes, London, England, N4 1DX.

2.	Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in January 2017 (SORP 2017).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

Turnover represents rents and management fees receivable during the period and is exclusive of Value Added Tax.

Members' participation rights

Individual members

Members' share of profits are automatically allocated. Members' drawings are set by the Management Board after considering the working capital needs of the business. To the extent the profit allocations exceed drawings, the excess profit is included in the balance sheet under creditors. Where drawings exceed the allocated profits the excess is included in debtors.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the LLP's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Apollo & Co LLP

Notes to the Abridged Financial Statements (continued)

Year ended 31 August 2017 3. Accounting policies (continued) Goodwill (continued) Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	over 4 years on a straight line basis

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property	-	over the term of lease
Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Taxation

Taxation on LLP profits is the personal liability of the members, consequently neither taxation nor related deferred taxation are accounted for in these financial statements.

Financial instruments

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4.	Operating profit

Operating profit or loss is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	7,720	10,281
	-------	--------

5.	Intangible assets

	£
Cost
At 1 September 2016 and 31 August 2017	97,979
	--------
Amortisation
At 1 September 2016 and 31 August 2017	97,978
	--------
Carrying amount
At 31 August 2017	1
	--------
At 31 August 2016	1
	--------

6.	Tangible assets

	£
Cost
At 1 September 2016 and 31 August 2017	148,886
	---------
Depreciation
At 1 September 2016	117,888
Charge for the year	7,720
	---------
At 31 August 2017	125,608
	---------
Carrying amount
At 31 August 2017	23,278
	---------
At 31 August 2016	30,998
	---------

7.	Debtors

	2017	2016
	£	£
Trade debtors	68,946	84,534
Prepayments and accrued income	29,506	1,116
Other debtors	120,060	154,600
	---------	---------
	218,512	240,250
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	130,599	61,082
Accruals and deferred income	47,261	55,021
Social security and other taxes	355	287
Other creditors	7,452	7,452
	---------	---------
	185,667	123,842
	---------	---------

9.	Loans and other debts due to members

	2017	2016
	£	£
Amounts owed to members in respect of profits	150,855	221,084
	---------	---------

Loans and other debts due to members represent allocated profits not yet paid to members and are due within one year. In the event of a winding up, loans and other debts due to members rank equally with unsecured creditors.

10.	Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Later than 5 years	138,333	158,333
	---------	---------

11.	Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The LLP transitioned to FRS 102 on 1 September 2015.

No transitional adjustments were required in equity or profit or loss for the year.