V&S Solicitors LLP - Accounts to registrar (filleted) - small 18.2

V&S Solicitors LLP - Accounts to registrar (filleted) - small 18.2

V&S SOLICITORS LLP - Company Information

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REGISTERED NUMBER: OC344486 (England and Wales)








Unaudited Financial Statements

for the Year Ended 31 March 2019

for

V&S Solicitors LLP
V&S Solicitors LLP (Registered number: OC344486)






Contents of the Financial Statements
for the Year Ended 31 March 2019




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


V&S Solicitors LLP

General Information
for the Year Ended 31 March 2019







DESIGNATED MEMBERS: Mr C Vento
Mrs S Vento





REGISTERED OFFICE: Central House
1 Ballards Lane
Finchley
London
N3 1LQ





REGISTERED NUMBER: OC344486 (England and Wales)





ACCOUNTANTS: Jelliff Lamprey Partnership Limited
8th Floor
Connect Centre
Kingston Crescent
Portsmouth
Hampshire
PO2 8QL
Page 1
V&S Solicitors LLP (Registered number: OC344486)

Balance Sheet
31 March 2019

2019 2018
Notes £    £   
CURRENT ASSETS
Stocks - 8,000
Debtors 5 12,237 12,423
Cash at bank and in hand 7,545 499
19,782 20,922
CREDITORS
Amounts falling due within one year 6 5,976 9,136
NET CURRENT ASSETS 13,806 11,786
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS
13,806
11,786

LOANS AND OTHER DEBTS DUE TO
MEMBERS
7
3,806
1,786

MEMBERS' OTHER INTERESTS
Capital accounts 10,000 10,000
13,806 11,786

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 3,806 1,786
Members' other interests 10,000 10,000
13,806 11,786

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 year ended 31 March 2019.

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 notes form part of these financial statements

Page 2 continued...
V&S Solicitors LLP (Registered number: OC344486)

Balance Sheet - continued
31 March 2019


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

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 20 September 2019 and were signed by:





Mr C Vento - Designated member

The notes form part of these financial statements

Page 3
V&S Solicitors LLP (Registered number: OC344486)

Notes to the Financial Statements
for the Year Ended 31 March 2019

1. STATUTORY INFORMATION

V&S 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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 represents revenue recognised as earned, under a wide variety of contracts to provide professional services, when
and to the extent the LLP obtains the right to consideration in exchange for its performance under the contracts. It is
measured at the fair value of the right to consideration, including expenses and disbursements, but excluding VAT.

Turnover that has not been billed to clients in debtors and amounts billed in excess of revenue recognised are included in
creditors.

Costs in respect of contingency fee assignments are written off to the profit and loss account as incurred until the contingent
event occurs and collectability is assured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either
financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual
interest in the assets of the company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price
including transaction costs and subsequently measured at amortised cost using the effective interest method. Financial
assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price. Financial
liabilities classified as payable within one year are not amortised.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends
payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2018 - 2 ).

Page 4 continued...
V&S Solicitors LLP (Registered number: OC344486)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2019

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2018
and 31 March 2019 3,218
DEPRECIATION
At 1 April 2018
and 31 March 2019 3,218
NET BOOK VALUE
At 31 March 2019 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade debtors 9,404 6,614
Other debtors 2,833 5,809
12,237 12,423

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Bank loans and overdrafts - 1,163
Trade creditors 1,600 3,445
Taxation and social security 3,176 2,729
Other creditors 1,200 1,799
5,976 9,136

7. LOANS AND OTHER DEBTS DUE TO MEMBERS

During the year the Management Board sets the level of interim profit allocations and members' monthly drawings after
considering the working capital and funding needs of the partnership. To the extent that interim profit allocations exceed
drawings then the excess profit is included in the balance sheet under trade and other payables. Where drawings exceed the
allocated profits then the excess is included in trade and other receivables. Unallocated profits are included in Reserves
within Members' equity.

Page 5