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- Apr 11, 2013
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hi all
I have a question regarding LLP accounts. Doing research this week I have come across a LLP which is trading, turnover is 3m plus per annum, there are 5 members, all individuals, yet for all there published accounts at companies house the abbv. balance sheet shows the following.
Assets
Debtors.....5
Total Assets.....5
Equity
Members Interests.....5
Total Members Interests.....5
Can anyone explain how a LLP, which has a turnover, has profits, is registered for VAT can have the same year end figure, every year?
I have tried doing my debits and credits, but I can never get the figure to balance what is shown here, the best I achieve is having a remaining VAT creditor at year end, no cash, no other creditors, no reserves.
Any thoughts you may have on this, I would love to hear from you.
Thanks all.
I have a question regarding LLP accounts. Doing research this week I have come across a LLP which is trading, turnover is 3m plus per annum, there are 5 members, all individuals, yet for all there published accounts at companies house the abbv. balance sheet shows the following.
Assets
Debtors.....5
Total Assets.....5
Equity
Members Interests.....5
Total Members Interests.....5
Can anyone explain how a LLP, which has a turnover, has profits, is registered for VAT can have the same year end figure, every year?
I have tried doing my debits and credits, but I can never get the figure to balance what is shown here, the best I achieve is having a remaining VAT creditor at year end, no cash, no other creditors, no reserves.
Any thoughts you may have on this, I would love to hear from you.
Thanks all.