The Derek Evans Partnership LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC354835 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

THE DEREK EVANS PARTNERSHIP LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mr R V Davies

Mr N R Hague

REGISTERED OFFICE:

Newport House

Newport Road

Stafford

Staffordshire

ST16 1DA

REGISTERED NUMBER:

OC354835 (England and Wales)

ACCOUNTANTS:

Howards Limited

Chartered Certified Accountants

Newport House

Newport Road

Stafford

Staffordshire

ST16 1DA

FIXED ASSETS

Tangible assets

4

30,246

18,822

Investments

5

50,300

50,300

80,546

69,122

CURRENT ASSETS

Debtors

6

171,301

298,761

Prepayments and accrued income

17,646

3,511

Cash at bank and in hand

326,215

231,531

515,162

533,803

CREDITORS

Amounts falling due within one year

7

(150,128

)

(114,601

)

NET CURRENT ASSETS

365,034

419,202

TOTAL ASSETS LESS CURRENT LIABILITIES

445,580

488,324

CREDITORS

Amounts falling due after more than one year

8

(122,045

)

-

PROVISIONS FOR LIABILITIES

9

-

(12,000

)

ACCRUALS AND DEFERRED INCOME

(9,578

)

(8,866

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

313,957

467,458

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

313,957

467,458

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

313,957

467,458

Amounts due from members

6

-

(33,195

)

313,957

434,263

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 December 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 19 July 2019 and were signed by:

Mr R V Davies - Designated member

Mr N R Hague - Designated member

1.	STATUTORY INFORMATION

The Derek Partnership LLP is a limited liability partnership incorporated in England and Wales. The registered

office is Newport House, Newport Road, Stafford, ST16 1DA

The limited liability partnerships principal activities and nature of its operations are disclosed in the Members'

Report.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the Statement of Recommended Practice

"Accounting by Limited Liability Partnerships" issued in January 2017, together with FRS 102 "The Financial

Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the

Companies Act 2006 as applicable to limited liability partnerships subject to the small limited liability partnerships

regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional

disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional current of the limited liability partnership.

Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting

policies adopted are set out below.

The LLP has taken advantage of the exemption of the Companies Act 2006 (small group) from the requirement to

prepare consolidated financial statements. Consequently these financial statements present the financial position

and performance of the LLP as a single entity.

Going concern

The designated members have a reasonable expectation that the LLP has adequate resources to continue in

operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of

accounting in preparing the annual financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services

in the ordinary nature of the business. Turnover is shown net of Value Added Tax, of goods and services

provided to customers and, in the case of long term contracts, credit is taken appropriate to the stage of

completion when the outcome of the contract can be ascertained with reasonable certainty.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the

partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual

of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included

in amounts recoverable on contracts within debtors, and payments on account in excess of the relevant amount

of revenue are included in creditors.

Tangible fixed assets

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

Plant and machinery

-

20% on cost

Fixtures and fittings

-

10% on cost

Financial instruments

The limited liability partnership has elected to apply the provisions of Section 'Basic Financial Instruments' and

Section 'Other Financial Instruments Issues' of FRS to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the

limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the

present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities , including trade and other creditors, bank loans, loans from fellow group companies and

preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement

constitutes a financing transaction, where the debt instrument is measured at the present value of the future

payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost using the effective interest rate method.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are

reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of

possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value

in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable

amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is

recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is

increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been

determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A

reversal of an impairment loss is recognised immediately in profit or loss.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a

straight line basis over the term of the relevant lease except where another more systematic basis is more

representative of the time pattern in which economic benefits from the lease asset are consumed.

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.

There are no post retirement payments due to members.

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. A member's

participation rights including amounts subscribed or otherwise contributed by members, for example members'

capital, are classed as liabilities unless the LLP has an unconditional right to refuse payments to members, in

which case they are classified as equity.

Amounts subscribed or otherwise contributed by members, for example members' capital are classed as equity if

the LLP has unconditional right to refuse payment to members. If the LLP does not have such an unconditional

right, such amounts are classified as liabilities.

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment

and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an

expense and presented as members remuneration charged as an expense in arriving at the result for the relevant

year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

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 within 'Loans and other debts due to

members' and, where such an amount relates to current year profits, they are recognised within 'Members'

remuneration charged as an expense' in arriving at the relevant year's result. Undivided amounts that are

classified as equity are shown within 'Members' other interests'. Amounts recoverable from members are

presented as debtors and shown as amounts due from members within members' interests.

Provisions

Provisions are recognised when the limited liability partnership has a legal or constructive present obligation as a

result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and

a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present

obligation at the reporting end date, taking in to account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the the

obligation is recognised at present value. When a provision is measured at present value the unwinding of the

discount is recognised as a finance cost in profit or loss in the period it arises.

Provisions for the expected costs of future dilapidations under leases are charged against profits on an annual

basis, spread over the life of the lease. The effect of the time value of money is not material and therefore the

provisions are not discounted.

Employee benefits

The costs of short-term employee benefits are recognised as a liability as an expense, unless those costs are

required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are

received.

Termination benefits are recognised immediately as an expense when the limited liability partnership is

demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 16 (2017 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2018

81,202

16,322

97,524

Additions

24,421

382

24,803

At 31 December 2018

105,623

16,704

122,327

DEPRECIATION

At 1 January 2018

68,331

10,371

78,702

Charge for year

12,680

699

13,379

At 31 December 2018

81,011

11,070

92,081

NET BOOK VALUE

At 31 December 2018

24,612

5,634

30,246

At 31 December 2017

12,871

5,951

18,822

5.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 January 2018

and 31 December 2018

50,300

NET BOOK VALUE

At 31 December 2018

50,300

At 31 December 2017

50,300

The LLP has taken advantage of the exemption under FRS102 paragraph 9.26 to recognise the value of its

subsidiary at cost.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

91,603

198,494

Amounts recoverable on contract

79,698

67,072

Other debtors

-

33,195

171,301

298,761

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

-

5,186

Payments on account

-

21,323

Trade creditors

39,494

8,208

Amounts owed to group undertakings

2,620

7,515

Taxation and social security

76,955

72,369

Other creditors

31,059

-

150,128

114,601

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Other creditors

122,045

-

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Dilapidations provision

-

12,000

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2018

2017

£

£

Amounts owed to members in respect of profits

18,957

2,458

Capital account

295,000

465,000

313,957

467,458

Falling due within one year

313,957

467,458

In the event of a winding up the amounts included in "loans and other dents due to members" will rank equally

with unsecured creditors.

There are no restrictions or limitations on the ability of members to reduce the amount of members' other

interests.

11.	OTHER FINANCIAL COMMITMENTS

At the reporting date the limited liability partnership had outstanding commitments for future minimum lease

payments under non-cancellable operating leases, which fall due as follows:-

2018

2017

£

£

Within one year

24,780

34,975

Between one and five years

64,450

86,730

89,230

121,705

12.	RELATED PARTY TRANSACTIONS