Taylors Solicitors LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC321009 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2017 TO 30 MARCH 2018

FOR

TAYLORS SOLICITORS LLP

Page

General Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

Mr A R Catterall

Ms E Hurn

REGISTERED OFFICE:

Rawlings House

Exchange Street

Blackburn

Lancashire

BB1 7JN

REGISTERED NUMBER:

OC321009 (England and Wales)

ACCOUNTANTS:

Bishops

Chartered Accountants

Phoenix Park

Blakewater Road

Blackburn

Lancashire

BB1 5BG

The following reproduces the text of the report prepared for the members in respect of the LLP's

annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only

required to file a Statement of Financial Position. Readers are cautioned that the Income Statement

and certain other primary statements and the Report of the Members are not required to be filed with

the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited

Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have

prepared for your approval the financial statements of Taylors Solicitors LLP for the period ended

30 March 2018 which comprise the Income Statement, Statement of Financial Position and the related notes

from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Taylors Solicitors LLP, as a body, in accordance with the terms of our engagement letter dated 25 September 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Taylors Solicitors LLP and state those matters that we have agreed to state to the members of Taylors Solicitors LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Taylors Solicitors LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Taylors Solicitors LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Taylors Solicitors LLP. You consider that Taylors Solicitors LLP is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Taylors Solicitors LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bishops

Chartered Accountants

Phoenix Park

Blakewater Road

Blackburn

Lancashire

BB1 5BG

18 February 2019

FIXED ASSETS

Intangible assets

4

1,499,890

Tangible assets

5

70,872

1,570,762

CURRENT ASSETS

Debtors

6

708,314

Cash in hand

788

709,102

CREDITORS

Amounts falling due within one year

7

1,151,633

NET CURRENT LIABILITIES

(442,531

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,128,231

CREDITORS

Amounts falling due after more than one year

8

121,437

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,006,794

LOANS AND OTHER DEBTS DUE TO MEMBERS

11

1,006,794

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

1,006,794

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the period ended 30 March 2018.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP on 11 February 2019 and were signed by:

Mr A R Catterall - Designated member

1.	STATUTORY INFORMATION

Taylors Solicitors LLP is registered in England and Wales. The LLP's registered number and registered

office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises revenue recognised by the LLP in respect of goods and services supplied during

the year, exclusive of value added tax and discounts.

Fees receivable are recognised in the income statement when a right to consideration has been

obtained in exchange for performance of contractual obligations. Income is recorded at the fair value of

the right to consideration, including partner time and after deducting allowances for discounts, credit

risk and other uncertainties relating to client willingness to pay.

In all cases where the ability to recover fees on a matter is non-contingent, income is recognised on

the basis of time spent. For those cases where the ability to recover fees on a matter is contingent,

income will not be recognised until the matter is completed.

To the extent that revenue is recognised on matters for which an invoice has not yet been raised, it is

included in debtors as Amounts recoverable on contracts.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension

scheme are charged to profit or loss in the period to which they relate.

Taxation

Income tax payable by LLPs profits is the responsibility of the individual members and is not dealt with

in these financial statements.

3.	EMPLOYEE INFORMATION

The average number of employees during the period was 20 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 30 March 2018

1,560,000

AMORTISATION

Amortisation for period

60,110

At 30 March 2018

60,110

NET BOOK VALUE

At 30 March 2018

1,499,890

At 31 March 2017

1,560,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Tenants

and

Computer

improvements

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2017

20,105

433,163

391,552

844,820

Additions

-

-

2,190

2,190

At 30 March 2018

20,105

433,163

393,742

847,010

DEPRECIATION

At 1 April 2017

11,946

377,149

371,432

760,527

Charge for period

1,632

8,402

5,577

15,611

At 30 March 2018

13,578

385,551

377,009

776,138

NET BOOK VALUE

At 30 March 2018

6,527

47,612

16,733

70,872

At 31 March 2017

8,159

56,014

20,120

84,293

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

442,310

Amounts recoverable on contract

197,526

Other debtors

68,478

708,314

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank loans and overdrafts (see note 9)

619,830

Trade creditors

97,812

Taxation and social security

168,899

Other creditors

265,092

1,151,633

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Bank loans (see note 9)

121,437

9.

LOANS

An analysis of the maturity of loans is given below:

£

Amounts falling due within one year or on demand:

Bank overdrafts

161,315

Bank loans - less than 1 yr

458,515

619,830

Amounts falling due between one and two years:

Bank loans - 1-2 years

121,437

10.	SECURED DEBTS

The following secured debts are included within creditors:

£

Bank overdraft

161,315

Bank loans

579,952

741,267

11.

LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of a winding up, members' capital ranks after unsecured creditors. Other amounts due to

members rank pari passu with unsecured creditors in the event of a winding up. There is no further

formal protection afforded to creditors in the event of a winding up.