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LLP Accounts Query

Hi All

A question regarding LLP Accounts. A set of LLP accounts has me puzzled. The firm is a large practice

with a 5 million plus turnover each year yet on each set of annual accounts, the balance sheet only

shows net assets and members equity capital of £12 (12 Partners at £1 each i expect)

Current Assets

Debtors 12

Total Assets 12

Equity

Members Capital 12

Total Members Interests 12

My question is where does the money go?, how can there be no end of year debtors/creditors?

Many Thanks

PL

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27th Jul 2012 09:29

If the profits have all been distributed to the members, net assets could indeed be small.

SA

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By gde2005
18th Mar 2013 19:09

VAT Liability

If the turnover is £5m plus, there is VAT to account for. Should it not be found as a current liability on the balance sheet?

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