Collett Hulance LLP Filleted accounts for Companies House (small and micro)

COLLETT HULANCE LLP - Company Information

false false false false false false false false false false false false false false false false false No description of principal activity 2018-04-01 Sage Accounts Production Advanced 2018 - FRS 1,320,000 475,273 45,878 525,273 794,727 844,727 xbrli:pure xbrli:shares iso4217:GBP OC334932 2018-04-01 2019-03-31 OC334932 2019-03-31 OC334932 2018-03-31 OC334932 2017-04-01 2018-03-31 OC334932 2018-03-31 OC334932 core:NetGoodwill 2018-04-01 2019-03-31 OC334932 core:FurnitureFittings 2018-04-01 2019-03-31 OC334932 bus:Director1 2018-04-01 2019-03-31 OC334932 bus:Director2 2018-04-01 2019-03-31 OC334932 core:NetGoodwill 2018-03-31 OC334932 core:NetGoodwill 2019-03-31 OC334932 core:FurnitureFittings 2018-03-31 OC334932 core:FurnitureFittings 2019-03-31 OC334932 core:WithinOneYear 2019-03-31 OC334932 core:WithinOneYear 2018-03-31 OC334932 core:AfterOneYear 2019-03-31 OC334932 core:AfterOneYear 2018-03-31 OC334932 core:NetGoodwill 2018-03-31 OC334932 core:FurnitureFittings 2018-03-31 OC334932 bus:SmallEntities 2018-04-01 2019-03-31 OC334932 bus:AuditExempt-NoAccountantsReport 2018-04-01 2019-03-31 OC334932 bus:FullAccounts 2018-04-01 2019-03-31 OC334932 bus:SmallCompaniesRegimeForAccounts 2018-04-01 2019-03-31 OC334932 bus:LimitedLiabilityPartnershipLLP 2018-04-01 2019-03-31 OC334932 core:OfficeEquipment 2018-04-01 2019-03-31 OC334932 core:OfficeEquipment 2018-03-31 OC334932 core:OfficeEquipment 2019-03-31

REGISTERED NUMBER: OC334932

Collett Hulance LLP

Filleted Unaudited Financial Statements

31 March 2019

Collett Hulance LLP

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	5	794,727	844,727
Tangible assets	6	14,114	12,220
		---------	---------
		808,841	856,947

Current assets

Stocks		212,666	172,347
Debtors	7	304,759	355,462
Cash at bank and in hand		24	6,224
		---------	---------
		517,449	534,033

Creditors: amounts falling due within one year	8	241,038		237,207
		---------		---------
Net current assets			276,411	296,826
			------------	------------
Total assets less current liabilities			1,085,252	1,153,773

Creditors: amounts falling due after more than one year	9	77,755	128,875
		------------	------------
Net assets		1,007,497	1,024,898
		------------	------------

Represented by:

Loans and other debts due to members

Other amounts	10		45,682	78,961

Members' other interests

Members' capital classified as equity	580,000	560,000
Revaluation reserve	381,815	385,937
Other reserves	–	–
	------------	------------
	1,007,497	1,024,898
	------------	------------

Total members' interests

Loans and other debts due to members	10	45,682	78,961
Members' other interests		961,815	945,937
		------------	------------
		1,007,497	1,024,898
		------------	------------

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.

Collett Hulance LLP

Statement of Financial Position (continued)

31 March 2019

For the year ending 31 March 2019 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 .

These financial statements were approved by the members and authorised for issue on 23 December 2019 , and are signed on their behalf by:

Mr L P Richardson	Mr M J Hill
Designated Member	Designated Member

Registered number: OC334932

Collett Hulance LLP

Notes to the Financial Statements

Year ended 31 March 2019

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.

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

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

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'.

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	-	5% 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

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:

Fixtues and fittings	-	15% straight line
Office equipment	-	25% straight line

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.

Stocks

Stocks represent work in progress related to services rendered measured at estimated invoice price less costs to complete.The value includes all costs of personnel and other costs incurred in bringing the services rendered to its expected invoice value.

Financial instruments

A financial asset or a financial liability is recognised only when the LLP 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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 23 (2018: 23 ).

5.	Intangible assets

	Goodwill
	£
Cost
At 1 April 2018 and 31 March 2019	1,320,000
	------------
Amortisation
At 1 April 2018	475,273
Charge for the year	45,878
Transfers	4,122
	------------
At 31 March 2019	525,273
	------------
Carrying amount
At 31 March 2019	794,727
	------------
At 31 March 2018	844,727
	------------

Intangible assets held at valuation

The revaluation was made at the balance sheet date by the members to increase the gross value to the fair value of goodwill.

6.	Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 April 2018	25,948	78,289	104,237
Additions	2,618	2,823	5,441
	--------	--------	---------
At 31 March 2019	28,566	81,112	109,678
	--------	--------	---------
Depreciation
At 1 April 2018	20,947	71,070	92,017
Charge for the year	1,603	1,944	3,547
	--------	--------	---------
At 31 March 2019	22,550	73,014	95,564
	--------	--------	---------
Carrying amount
At 31 March 2019	6,016	8,098	14,114
	--------	--------	---------
At 31 March 2018	5,001	7,219	12,220
	--------	--------	---------

7.	Debtors

	2019	2018
	£	£
Trade debtors	269,104	314,476
Other debtors	35,655	40,986
	---------	---------
	304,759	355,462
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	50,014	46,513
Trade creditors	18,366	23,229
Social security and other taxes	163,172	157,020
Other creditors	9,486	10,445
	---------	---------
	241,038	237,207
	---------	---------

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	77,755	128,875
	--------	---------

10.	Loans and other debts due to members

	2019	2018
	£	£
Amounts owed to members in respect of profits	45,682	78,961
	--------	--------