Ibbett Mosely Surveyors LLP Filleted accounts for Companies House (small and micro)
Ibbett Mosely Surveyors LLP Filleted accounts for Companies House (small and micro)
REGISTERED NUMBER:
OC341637
|
|
YEAR ENDED |
|
|
MEMBERS' REPORT |
YEAR ENDED 31 MARCH 2019
The members present their report and the unaudited financial statements of the LLP for the year ended
31 March 2019
.
Principal activities
Designated members
The designated members who served the LLP during the year were as follows:
|
|
|
|
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on
4 December 2019
and signed on behalf of the members by:
|
|
Designated Member |
Designated Member |
|
|
Member |
Member |
|
|
Member |
|
Registered office: |
|
|
|
|
|
BALANCE SHEET |
2019 |
2018 |
|||
Note |
£ |
£ |
£ |
£ |
FIXED ASSETS
Intangible assets |
5 |
|
|
||
Tangible assets |
6 |
|
|
||
--------- |
--------- |
||||
|
|
||||
CURRENT ASSETS
Debtors |
7 |
|
|
||
Cash at bank and in hand |
|
|
|||
--------- |
--------- |
||||
|
|
||||
CREDITORS: amounts falling due within one year |
8 |
|
|
||
--------- |
--------- |
||||
NET CURRENT ASSETS |
|
|
|||
--------- |
--------- |
||||
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
--------- |
--------- |
||||
NET ASSETS |
|
|
|||
--------- |
--------- |
||||
REPRESENTED BY:
LOANS AND OTHER DEBTS DUE TO MEMBERS
Members' capital classified as a liability |
9 |
178,181 |
183,681 |
||
Other amounts |
9 |
55,639 |
105,431 |
||
--------- |
--------- |
||||
233,820 |
289,112 |
||||
--------- |
--------- |
||||
MEMBERS' OTHER INTERESTS
Other reserves |
– |
– |
||
--------- |
--------- |
|||
233,820 |
289,112 |
|||
--------- |
--------- |
|||
TOTAL MEMBERS' INTERESTS
Loans and other debts due to members |
9 |
233,820 |
289,112 |
||
Members' other interests |
– |
– |
|||
--------- |
--------- |
||||
233,820 |
289,112 |
||||
--------- |
--------- |
||||
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the profit and loss account has not been delivered.
|
BALANCE SHEET (continued) |
These financial statements were approved by the
members
and authorised for issue on
4 December 2019
, and are signed on their behalf by:
|
|
Designated Member |
Designated Member |
|
|
Member |
Member |
|
|
Member |
|
Registered number:
OC341637
|
NOTES TO THE FINANCIAL STATEMENTS |
YEAR ENDED 31 MARCH 2019
1. |
General information |
The LLP is registered and incorporated in England and Wales. The address of the registered office is 125 High Street, Sevenoaks, Kent, TN13 1UT.
2. |
Statement of compliance |
3. |
Accounting policies |
Basis of preparation
Revenue recognition
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 profit and loss account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.
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 profit and loss account and are equity appropriations in the balance sheet.
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 balance sheet within 'Loans and other debts due to members' and are charged to the profit and loss account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'.
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 |
- |
10 years straight line |
|
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
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:
Land and buildings |
- |
|
|
Fixtures and fittings |
- |
|
|
Motor vehicles |
- |
|
|
Equipment |
- |
|
|
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.
Defined contribution plans
4. |
Employee numbers |
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to
30
(2018:
33
).
5. |
Intangible assets |
Goodwill |
|
£ |
|
Cost |
|
At 1 April 2018 and 31 March 2019 |
|
-------- |
|
Amortisation |
|
At 1 April 2018 |
|
Charge for the year |
|
-------- |
|
At 31 March 2019 |
|
-------- |
|
Carrying amount |
|
At 31 March 2019 |
|
-------- |
|
At 31 March 2018 |
|
-------- |
|
6. |
Tangible assets |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 April 2018 |
|
|
|
85,466 |
|
Additions |
– |
|
|
1,438 |
|
Disposals |
– |
– |
(
|
– |
(
|
--------- |
--------- |
-------- |
-------- |
--------- |
|
At 31 March 2019 |
|
|
|
86,904 |
|
--------- |
--------- |
-------- |
-------- |
--------- |
|
Depreciation |
|||||
At 1 April 2018 |
|
|
|
73,945 |
|
Charge for the year |
|
|
|
2,221 |
|
Disposals |
– |
– |
(
|
– |
(
|
--------- |
--------- |
-------- |
-------- |
--------- |
|
At 31 March 2019 |
|
|
|
76,166 |
|
--------- |
--------- |
-------- |
-------- |
--------- |
|
Carrying amount |
|||||
At 31 March 2019 |
|
|
|
10,738 |
|
--------- |
--------- |
-------- |
-------- |
--------- |
|
At 31 March 2018 |
|
|
|
11,521 |
|
--------- |
--------- |
-------- |
-------- |
--------- |
|
7. |
Debtors |
2019 |
2018 |
|
£ |
£ |
|
Trade debtors |
|
|
Other debtors |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
8.
Creditors:
amounts falling due within one year
2019 |
2018 |
|
£ |
£ |
|
Trade creditors |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
9. |
Loans and other debts due to members |
2019 |
2018 |
|
£ |
£ |
|
Amounts owed to members in respect of profits |
55,639 |
105,431 |
Other amounts |
178,181 |
183,681 |
--------- |
--------- |
|
233,820 |
289,112 |
|
--------- |
--------- |
|
10. |
Related party transactions |
In the opinion of the members the LLP is under the control of the designated members. During the year the LLP paid rent to Mr Wickham, a designated member totalling £26,583 (2018 - £26,583).
11. |
Members ranking in a winding up |
In the event of a winding up, loans and other debts due to members rank after unsecured creditors.