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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