Pett, Franklin & Co. LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC354096 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

FOR

PETT, FRANKLIN & CO. LLP

Page

General Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

W Franklin

S V Woodhouse

REGISTERED OFFICE:

Victoria House

116 Colmore Row

Birmingham

West Midlands

B3 3BD

REGISTERED NUMBER:

OC354096 (England and Wales)

CURRENT ASSETS

Stocks

150,000

50,000

Debtors

185,290

172,943

Cash at bank and in hand

342,099

308,415

677,389

531,358

CREDITORS

Amounts falling due within one year

73,614

88,770

NET CURRENT ASSETS

603,775

442,588

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

603,775

442,588

LOANS AND OTHER DEBTS DUE TO MEMBERS

6

543,775

382,588

MEMBERS' OTHER INTERESTS

Capital accounts

60,000

60,000

603,775

442,588

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

6

543,775

382,588

Members' other interests

60,000

60,000

603,775

442,588

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 30 April 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 April 2019 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 January 2020 and were signed by:

W Franklin - Designated member

S V Woodhouse - Designated member

1.	STATUTORY INFORMATION

Pett, Franklin & Co. 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

The turnover shown in the profit and loss account represents amounts invoiced and accrued during the year,

exclusive of Value Added Tax.

Tangible fixed assets

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

Fixtures and fittings

-

100% on cost

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

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 6 (2018 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2018

and 30 April 2019

15,819

DEPRECIATION

At 1 May 2018

and 30 April 2019

15,819

NET BOOK VALUE

At 30 April 2019

-

At 30 April 2018

-

5.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

30,525

15,263

Between one and five years

15,263

-

45,788

15,263

6.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Amounts included in Loans and Other Debts Due to Members represent the value of debt due to the members

from the LLP. As such these amounts rank pari passu with other unsecured creditors of the LLP.

There are no restrictions limiting the ability of members to reduce these amounts.