HIGGINS FAIRBAIRN ADVISORY LLP Filleted accounts for Companies House (small and micro)

HIGGINS FAIRBAIRN ADVISORY LLP - Company Information

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REGISTERED NUMBER: OC346765

HIGGINS FAIRBAIRN ADVISORY LLP

Filleted Unaudited Financial Statements

31 July 2018

HIGGINS FAIRBAIRN ADVISORY LLP

Statement of Financial Position

31 July 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	11,000	12,000
Tangible assets	6	23,943	24,991
		--------	--------
		34,943	36,991

Current assets

Debtors	7	22,938	11,195
Cash at bank and in hand		111,179	92,352
		---------	---------
		134,117	103,547

Creditors: amounts falling due within one year	8	15,508		12,397
		---------		---------
Net current assets			118,609	91,150
			---------	---------
Total assets less current liabilities			153,552	128,141
			---------	---------
Net assets			153,552	128,141
			---------	---------

Represented by:

Loans and other debts due to members

Other amounts	9		123,552	98,141

Members' other interests

Members' capital classified as equity	30,000	30,000
Other reserves	–	–
	---------	---------
	153,552	128,141
	---------	---------

Total members' interests

Loans and other debts due to members	9	123,552	98,141
Members' other interests		30,000	30,000
		---------	---------
		153,552	128,141
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the year ending 31 July 2018 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied 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 (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

HIGGINS FAIRBAIRN ADVISORY LLP

Statement of Financial Position (continued)

31 July 2018

These financial statements were approved by the members and authorised for issue on 10 April 2019 , and are signed on their behalf by:

G MANTINI

Designated Member

Registered number: OC346765

HIGGINS FAIRBAIRN ADVISORY LLP

Notes to the Financial Statements

Year ended 31 July 2018

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 1st Floor, 24-25 New Bond Street, Mayfair, London, W1S 2RR, UK.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in January 2017 (SORP 2017).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents commissions receivable and amounts invoiced in respect of fees, including share of joint venture fees and commissions.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the LLP's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Straight line basis over 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% straight line
Fixtures and fittings	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 4 (2017: 4 ).

5.	Intangible assets

	Goodwill
	£
Cost
At 1 August 2017 and 31 July 2018	20,000
	--------
Amortisation
At 1 August 2017	8,000
Charge for the year	1,000
	--------
At 31 July 2018	9,000
	--------
Carrying amount
At 31 July 2018	11,000
	--------
At 31 July 2017	12,000
	--------

6.	Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 August 2017	9,900	2,578	21,928	34,406
Additions	–	130	7,356	7,486
	-------	-------	--------	--------
At 31 July 2018	9,900	2,708	29,284	41,892
	-------	-------	--------	--------
Depreciation
At 1 August 2017	3,960	1,527	3,928	9,415
Charge for the year	1,980	279	6,275	8,534
	-------	-------	--------	--------
At 31 July 2018	5,940	1,806	10,203	17,949
	-------	-------	--------	--------
Carrying amount
At 31 July 2018	3,960	902	19,081	23,943
	-------	-------	--------	--------
At 31 July 2017	5,940	1,051	18,000	24,991
	-------	-------	--------	--------

7.	Debtors

	2018	2017
	£	£
Trade debtors	7,871	2,669
Other debtors	15,067	8,526
	--------	--------
	22,938	11,195
	--------	--------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	7,780	–
Other creditors	7,728	12,397
	--------	--------
	15,508	12,397
	--------	--------

9.	Loans and other debts due to members

	2018	2017
	£	£
Amounts owed to members in respect of profits	123,552	98,141
	---------	--------

10.	Related party transactions

Annual rent of £42,000(2017 annual rent:£35,000) was paid to Higgins Fairbairn & Co a partnership in which messrs Higgins and Patel are partners. This was on an arm's length basis.