Oglethorpe Sturton & Gillibrand LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC343759 (England and Wales)

OGLETHORPE STURTON & GILLIBRAND LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Designated members:

Mr D L Gillibrand

Mrs A M Kinder

Ms E J Briggs

Mr D E Park

Mrs C L Love

Mrs J M Grabowski

Registered office:

16 Castle Park

LANCASTER

LA1 1YG

Registered number:

OC343759 (England and Wales)

Accountants:

Scott & Wilkinson LLP

Chartered Accountants

Dalton House

9 Dalton Square

LANCASTER

LA1 1WD

Bankers:

HSBC Bank Plc

35 Market Street

LANCASTER

LA1 1JQ

Fixed assets

Tangible assets

4

291,078

292,390

Current assets

Debtors

5

1,059,606

1,047,270

Prepayments and accrued income

76,162

63,621

Cash at bank and in hand

144,468

78,962

1,280,236

1,189,853

Creditors

Amounts falling due within one year

6

294,883

194,611

Net current assets

985,353

995,242

Total assets less current liabilities

1,276,431

1,287,632

Creditors

Amounts falling due after more than one year

7

(165,195

)

(199,003

)

Accruals and deferred income

(17,549

)

(12,388

)

Net assets attributable to members

1,093,687

1,076,241

Loans and other debts due to members

9

1,093,687

1,076,241

Total members' interests

Loans and other debts due to members

9

1,093,687

1,076,241

Amounts due from members

5

(26,283

)

(17,145

)

1,067,404

1,059,096

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 May 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 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 17 October 2019 and were signed by:

Mr D L Gillibrand - Designated member

1.	Statutory information

Oglethorpe Sturton & Gillibrand 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 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Land and buildings

-

2% Straight line

Plant and machinery etc

-

25% on cost, 15% Reducing balance and 2% Straight line

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.

3.	Employee information

The average number of employees during the year was 52 (2018 - 47 ) .

4.	Tangible fixed assets

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost

At 1 June 2018

288,697

119,992

408,689

Additions

-

13,909

13,909

At 31 May 2019

288,697

133,901

422,598

Depreciation

At 1 June 2018

41,163

75,136

116,299

Charge for year

5,796

9,425

15,221

At 31 May 2019

46,959

84,561

131,520

Net book value

At 31 May 2019

241,738

49,340

291,078

At 31 May 2018

247,534

44,856

292,390

5.

Debtors: amounts falling due within one year

2019

2018

£

£

Trade debtors

306,348

333,430

Other debtors

753,258

713,840

1,059,606

1,047,270

6.

Creditors: amounts falling due within one year

2019

2018

£

£

Bank loans and overdrafts

16,252

14,647

Trade creditors

12,741

9,397

Taxation and social security

116,165

102,286

Other creditors

149,725

68,281

294,883

194,611

7.

Creditors: amounts falling due after more than one year

2019

2018

£

£

Bank loans

77,664

94,082

Other creditors

87,531

104,921

165,195

199,003

2019

2018

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

5,719

29,395

Payments to former member

17,441

34,831

23,160

64,226

8.	Secured debts

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

93,916

108,729

Fixed charge over the freehold property known as 17, Main Street, Kirkby Lonsdale, Carnforth LA6 2AQ

HSBC have a fixed and floating charge over the undertaking and all property and assets present and future.

9.

Loans and other debts due to members

2019

2018

£

£

Loans from members

905,300

905,300

Amounts owed to members in respect of profits

188,387

170,941

1,093,687

1,076,241

Falling due within one year

1,093,687

1,076,241

Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors

in the event of a winding up.

10.	Related party disclosures

During the year the LLP paid rent on a normal commercial basis to SIPP's, owned by the designated members of

the LLP, in the sum of £55,000.