Accounts filed on 31-03-2018

HARRISON SEYMOUR LLP - Company Information


Registered number: OC369344






HARRISON SEYMOUR LLP


UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2018
























Prepared By:
Harrison Seymour LLP
ACCA
Cygnet House
Exchange Road
Lincoln
LN6 3JZ


HARRISON SEYMOUR LLP


ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2018





DESIGNATED MEMBERS
John Arthur HARRISON
Christopher John LOVETT


REGISTERED OFFICE
Cygnet House Exchange Road
Lincoln
Lincs
LN6 3JZ


COMPANY NUMBER
OC369344



ACCOUNTANTS
Harrison Seymour LLP
ACCA
Cygnet House
Exchange Road
Lincoln
LN6 3JZ


CONTENTS



		Page

Report of the Members		3


Report of the Accountants		4

Profit and Loss Account		5

Balance Sheet		6

Notes to the Accounts		8


The following do not form part of the statutory financial statements:


Trading and Profit and Loss Account		13

Profit and Loss Account Summaries		14

Capital Accounts		-

Current Accounts		14


MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2018


The members present their report and accounts for the year ended 31 March 2018


PRINCIPAL ACTIVITIES

The principal activity of the LLP in the year under review was accountants and business advisors .


RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £18,141 (2017 £24,143).

DRAWINGS POLICY

The LLP operates a drawings policy which has regard to a cautious estimate of expected profits. Drawings are restricted to prudent levels, taking into account working capital performance, until the results for the year and individual members' allocations have been determined.


This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 as modified by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs.

This report was approved on behalf of the members on 26 January 2019




Christopher John LOVETT
Designated member


ACCOUNTANTS' REPORT TO THE MEMBERS ON THE UNAUDITED ACCOUNTS
OF HARRISON SEYMOUR LLP, FOR THE YEAR ENDED 31 MARCH 2018



In order to assist you to fulfill your duties under the Companies Act 2006 as applied to LLP's, we have prepared for your approval the accounts of HARRISON SEYMOUR LLP for the year ended 31 March 2018 as set out on pages 5 to 12 from the entity's accounting records and from information and explanations you have given us.

As a practising member of the ACCA, we are subject to its ethical and other professional requirements which are detailed on their website.

This report is made solely to the members of HARRISON SEYMOUR LLP, as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of HARRISON SEYMOUR LLP and state those matters that we have agreed to state to the Board of Directors of HARRISON SEYMOUR LLP, as a body, in this report, in accordance with the requirements of the ACCA as detailed on their website. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HARRISON SEYMOUR LLP and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that HARRISON SEYMOUR LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profitability of HARRISON SEYMOUR LLP. You consider that HARRISON SEYMOUR LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of HARRISON SEYMOUR 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 accounts.



Harrison Seymour LLP
ACCA
Cygnet House
Exchange Road
Lincoln
LN6 3JZ


PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED31 MARCH 2018


	Notes	2018	2017
		£	£

TURNOVER	3	131,331	133,904

GROSS PROFIT		131,331	133,904

Administrative expenses		(109,705)	(106,167)
OPERATING PROFIT		21,626	27,737

Interest payable and similar charges		(3,485)	(3,594)
PROFIT FOR THE FINANCIALYEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS		18,141	24,143


BALANCE SHEET AT 31 March 2018

			2018		2017
	Notes		£		£

FIXED ASSETS

Intangible assets	5		26,040		26,040
Tangible assets	6		32,763		48,869

			58,803		74,909

CURRENT ASSETS

Stock	1d	7,000		7,750
Debtors	8	35,899		55,005
		42,899		62,755
CREDITORS: Amounts falling due within one year	9	58,485		68,969
NET CURRENT LIABILITIES			(15,586)		(6,214)

TOTAL ASSETS LESS CURRENT LIABILITIES			43,217		68,695


CREDITORS: Amounts falling due after more than oneyear	10		23,441		39,294
NET ASSETS ATTRIBUTABLE TO MEMBERS			19,776		29,401

LOANS AND OTHER DEBTS DUE TO MEMBERS	11		19,776		29,401
MEMBERS ' OTHER INTERESTS
			19,776		29,401

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members	11		19,776		29,401
Amounts due from members	8		(14,434)		(39,899)
			5,342		(10,498)


BALANCE SHEET AT 31 March 2018

For the year ending 31 March 2018 the LLP was entitled to exemption under section 477 of the Companies Act 2006 as modified 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 with respect to accounting records and the preparation of accounts as modified 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime modified by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs.


Approved by the members on 26 January 2019 and signed on their behalf by



.............................
Christopher John LOVETT
Designated Member


NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2018

1. ACCOUNTING POLICIES




1b. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.




1b. Basis Of Accounting
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.




1c. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Fixtures and Fittings		reducing balance 15%
Equipment		reducing balance 25%
Motor Cars		reducing balance 25%




1d. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.




1e. Turnover
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.




1f. Goodwill
Goodwill arising in connection with the acquisition of businesses is capitalised and amortised over its estimated economic life to a maximum of 20 years. Goodwill is reviewed annually for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.




2. INFORMATION IN RELATION TO MEMBERS	2018	2017

The average number of members during the year was	2	2




3. TURNOVER

The turnover and pre-tax result is attributable to accountants and business advisors.

	2018	2017
	£	£
Sales	131,331	133,904
	131,331	133,904




4. OPERATING PROFIT
	2018	2017
	£	£
Operating Profit is stated after charging:
Amortisation of goodwill	-	17,020
Depreciation	16,834	10,333
	16,834	27,353




5. INTANGIBLE FIXED ASSETS

	Purchased
	Goodwill	Total
	£	£
Cost
At 1 April 2017	85,100	85,100
At 31 March 2018	85,100	85,100
Depreciation
At 1 April 2017	59,060	59,060
At 31 March 2018	59,060	59,060
Net Book Amounts
At 31 March 2018	26,040	26,040
At 31 March 2017	26,040	26,040




6. TANGIBLE FIXED ASSETS

	Fixtures
	and Fittings	Equipment	Motor Cars	Total
	£	£	£	£
Cost
At 1 April 2017	7,447	976	65,000	73,423
Additions	728	-	-	728
At 31 March 2018	8,175	976	65,000	74,151
Depreciation
At 1 April 2017	6,815	732	17,007	24,554
For the year	340	244	16,250	16,834
At 31 March 2018	7,155	976	33,257	41,388
Net Book Amounts
At 31 March 2018	1,020	-	31,743	32,763
At 31 March 2017	632	244	47,993	48,869




7. STOCK	2018	2017
	£	£
Stock comprises:

Work in progress	7,000	7,750
	7,000	7,750




8. DEBTORS	2018	2017
	£	£

Amounts falling due within one year:
Trade debtors	21,465	15,106
Amounts due from members	14,434	39,899
	35,899	55,005




9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
	2018	2017
	£	£
Bank loans and overdrafts	15,192	16,095
Trade creditors	2,164	1,874
Taxation and social security	11,176	21,359
Other creditors	29,953	29,641
	58,485	68,969




10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
	2018	2017
	£	£
Bank loans and overdrafts	1,812	10,198
Other creditors	21,629	29,096
	23,441	39,294


Included in other creditors are:
Obligations under hire purchase	21,629	29,096




11. LOANS AND OTHER DEBTS DUE TO MEMBERS	2018	2017
	£	£
Amounts due to members	19,776	29,401

The loans and debts due to members rank equally with debts due to ordinary creditors in a winding up.




12. MEMBERS INTERESTS

	Members' capital (classified as equity)	Reserves	Total	Loans and other debts due to/(from) members	Total
	£	£	£	£	£
Amount due to members				29,400
Amount due from members				(39,899)
Balance at 1 April 2017	-	-	-	(10,499)	(10,499)
Profit for the financial year available for discretionary division among members		18,141	18,141	-	18,141
Members' interests after profit for the year	-	18,141	18,141	(10,499)	7,642
Other divisions of profit		(18,141)	(18,141)	18,141
Capital Introduced				10,083	10,083
Drawings				(12,383)	(12,383)
Amount due to members				19,776
Amount due from members				(14,434)
Balance at 31 March 2018	-	-	-	5,342	5,342


TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2018

		2018		2017
		£		£

Turnover		131,331		133,904
Cost of Sales:
Gross Profit		131,331		133,904
		131,331		133,904
Less:
Distribution costs	4,527		519
Administrative expenses	105,178		105,648
Interest payable and similar charges	3,485		3,594
		113,190		109,761
Net profit for the year before taxation		18,141		24,143
Net profit for the year after taxation		18,141		24,143
Retained profits carried forward		18,141		24,143


This page does not form part of the Company's Statutory Accounts and is prepared for the information of the Directors only.


PROFIT AND LOSS ACCOUNT SUMMARIES
FOR THE YEAR ENDED 31 MARCH 2018

	2018	2017
	£	£


Distribution Costs:

Advertising and sales promotion	1,090	99
Marketing	1,067	420
Website costs	2,370	-
	4,527	519



Interest payable and similar charges:

Bank interest	808	764
Interest on loans repayable within 5 years	566	664
Hire purchase interest	2,111	2,166
	3,485	3,594



Administrative Expenses:

Bad debts	-	1,529
Rates	312	276
Insurance	4,636	2,819
Heat and light	1,876	1,804
Rent	7,200	5,860
Wages - regular	46,513	41,941
Training	430	197
Equipment rental	640	602
Computer costs	4,227	4,861
Motor expenses - fuel and oil	3,227	2,439
Professional fees	1,224	2,447
Stationery & office supplies	8,088	7,172
Telephone	4,374	4,459
Software costs	4,285	-
Subscriptions	236	1,043
Charitable donations	300	125
Bank charges	776	721

Depreciation and Amortisation:
Amortisation of purchased goodwill	-	17,020
Depreciation of fixtures and fittings	340	18
Depreciation of equipment	244	244
Depreciation of motor cars	16,250	10,071
	105,178	105,648


This page does not form part of the Company's Statutory Accounts and is prepared for the information of the Directors only.




13. MEMBERS' CURRENT ACCOUNTS

	John Arthur HARRISON	Christopher John LOVETT	Total
	£	£	£

At 1 April 2017	29,400	(39,899)	(10,499)
Introductions	-	10,083	10,083
Share of profit	-	18,141	18,141
	29,400	(11,675)	17,725
Drawings	9,624	2,759	12,383
At 31 March 2018	19,776	(14,434)	5,342