Probity Consulting LLP - LLP accounts 20.1

REGISTERED NUMBER: OC313926 (England and Wales)

Report of the Members and

Financial Statements for the Year Ended 30 June 2020

for

Probity Consulting Limited Liability

Partnership

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

4

Income Statement

6

Other Comprehensive Income

7

Balance Sheet

8

Reconciliation of Members' Interests

9

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DESIGNATED MEMBERS:

I J Tattersall

Mrs D C Tattersall

REGISTERED OFFICE:

19 Church Grove

Horsforth

Leeds

West Yorkshire

LS18 5LH

REGISTERED NUMBER:

OC313926 (England and Wales)

AUDITORS:

Fisher Michael Chartered Accountants

The Old Grange

Warren Estate

Lordship Road

Writtle

Essex

CM1 3WT

The members present their report with the financial statements of the LLP for the year ended 30 June 2020.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of financial advisers.

DESIGNATED MEMBERS

The designated members during the year under review were:

I J Tattersall

Mrs D C Tattersall

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £117,883 (2019 - £123,755 profit).

MEMBERS' INTERESTS

The accumulated undrawn profit of £49,014 (2019: £33,131) is available for the members to withdraw in the future as

cashflow permits.

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in accordance with

applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each

financial year. Under that law the members have elected to prepare the financial statements in accordance with United

Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law),

including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland'. Under legislation applicable to limited liability partnerships the members must not approve the financial

statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit

or loss of the LLP for that period. In preparing these financial statements, the members are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's

transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to

ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability

Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible

for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he or she ought to have

taken as a member in order to make himself or herself aware of any relevant audit information and to establish that the

LLP's auditors are aware of that information.

AUDITORS

The auditors, Fisher Michael Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual

General Meeting.

ON BEHALF OF THE MEMBERS:

I J Tattersall - Designated member

10 August 2020

Opinion

We have audited the financial statements of Probity Consulting Limited Liability Partnership (the 'LLP') for the year

ended 30 June 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet,

Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the

Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has

been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial

Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United

Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the LLP's affairs as at 30 June 2020 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the

financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements

that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have

fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we

have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the members' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the members have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the LLP's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The members are responsible for the other information. The other information comprises the information in the Report

of the Members, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise

explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing

so, consider whether the other information is materially inconsistent with the financial statements or our knowledge

obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or

apparent material misstatements, we are required to determine whether there is a material misstatement in the financial

statements or a material misstatement of the other information. If, based on the work we have performed, we conclude

that there is a material misstatement of this other information, we are required to report that fact. We have nothing to

report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs

requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page two, the members are responsible

for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such

internal control as the members determine necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going

concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting

unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs

(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies

Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act

2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters

we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by

law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our

audit work, for this report, or for the opinions we have formed.

A S Kaley (Senior Statutory Auditor)

for and on behalf of Fisher Michael Chartered Accountants

The Old Grange

Warren Estate

Lordship Road

Writtle

Essex

CM1 3WT

10 August 2020

TURNOVER

188,785

190,030

Cost of sales

34,162

29,332

GROSS PROFIT

154,623

160,698

Administrative expenses

36,740

36,943

OPERATING PROFIT and

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

117,883

123,755

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

117,883

123,755

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

117,883

123,755

FIXED ASSETS

Intangible assets

6

96,000

120,000

Tangible assets

7

-

-

96,000

120,000

CURRENT ASSETS

Debtors

8

254

317

Cash at bank and in hand

55,235

39,289

55,489

39,606

CREDITORS

Amounts falling due within one year

9

30,475

30,475

NET CURRENT ASSETS

25,014

9,131

TOTAL ASSETS LESS CURRENT LIABILITIES

121,014

129,131

CREDITORS

Amounts falling due after more than one year

10

72,000

96,000

NET ASSETS ATTRIBUTABLE TO MEMBERS

49,014

33,131

LOANS AND OTHER DEBTS DUE TO MEMBERS

11

49,014

33,131

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

49,014

33,131

The financial statements were approved by the members of the LLP and authorised for issue on 10 August 2020 and were signed by:

I J Tattersall - Designated member

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

Other

reserves

amounts

Total

£

£

£

Amount due to members

33,131

Amount due from members

-

Balance at 1 July 2019

-

33,131

33,131

Profit for the financial year available for discretionary division among members

117,883

-

117,883

Members' interests after profit for the year

117,883

33,131

151,014

Other divisions of profit

(117,883

)

117,883

-

Drawings

-

(102,000

)

(102,000

)

Amount due to members

49,014

Amount due from members

-

Balance at 30 June 2020

-

49,014

49,014

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

Other

reserves

amounts

Total

£

£

£

Amount due to members

29,000

Amount due from members

-

Balance at 1 July 2018

-

29,000

29,000

Profit for the financial year available for discretionary division among members

123,755

-

123,755

Members' interests after profit for the year

123,755

29,000

152,755

Other divisions of profit

(123,755

)

123,755

-

Drawings

-

(119,624

)

(119,624

)

Amount due to members

33,131

Amount due from members

-

Balance at 30 June 2019

-

33,131

33,131

Cash flows from operating activities

Cash generated from operations

1

117,946

123,793

Net cash from operating activities

117,946

123,793

Cash flows from investing activities

Sale of fixed asset investments

-

824

Net cash from investing activities

-

824

Cash flows from financing activities

Transactions with members and former

members

Payments to members

(102,000

)

(119,624

)

Net cash from financing activities

(102,000

)

(119,624

)

Increase in cash and cash equivalents

15,946

4,993

Cash and cash equivalents at beginning of year

2

39,289

34,296

Cash and cash equivalents at end of year

2

55,235

39,289

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

2020

2019

£

£

Profit for the financial year before members' remuneration and profit shares available for discretionary division among members

117,883

123,755

Depreciation charges

24,000

24,133

Loss on disposal of fixed assets

-

3

141,883

147,891

Decrease/(increase) in trade and other debtors

63

(105

)

Decrease in trade and other creditors

(24,000

)

(23,993

)

Cash generated from operations

117,946

123,793

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these

Balance Sheet amounts:

Year ended 30 June 2020

30.6.20

1.7.19

£

£

Cash and cash equivalents

55,235

39,289

Year ended 30 June 2019

30.6.19

1.7.18

£

£

Cash and cash equivalents

39,289

34,296

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.7.19

Cash flow

changes

At 30.6.20

£

£

£

£

Net cash

Cash at bank

and in hand

39,289

15,946

55,235

39,289

15,946

55,235

Net funds (before

members' debt)

39,289

15,946

-

55,235

Loans and other debts

due to members

Other amounts

due to members

(33,131

)

102,000

(117,883

)

(49,014

)

Net funds

6,158

117,946

(117,883

)

6,221

1.	STATUTORY INFORMATION

Probity Consulting Limited Liability Partnership 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" 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.

Significant judgements and estimates

No significant judgements or estimations have been applied in the preparation of the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill is initially measured at its cost of acquisition in 2014. After initial recognition it is measured at cost

less accumulated amortisation and accumulated impairment losses. Goodwill is being written down evenly over

its estimated useful life of ten years.

Tangible fixed assets

Tangible assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less

any accumulated depreciation and any accumulated impairment losses.

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

life.

Fixtures and fittings - 33% on cost and 25% on reducing balance

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

3.	EMPLOYEE INFORMATION

There were no staff costs for the year ended 30 June 2020 nor for the year ended 30 June 2019.

4.	OPERATING PROFIT

The operating profit is stated after charging:

2020

2019

£

£

Depreciation - owned assets

-

133

Loss on disposal of fixed assets

-

3

Goodwill amortisation

24,000

24,000

Auditors' remuneration

4,080

4,080

5.	INFORMATION IN RELATION TO MEMBERS

2020

2019

The average number of members during the year was

2

2

6.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2019

and 30 June 2020

240,000

AMORTISATION

At 1 July 2019

120,000

Amortisation for year

24,000

At 30 June 2020

144,000

NET BOOK VALUE

At 30 June 2020

96,000

At 30 June 2019

120,000

7.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 July 2019

1,704

Disposals

(565

)

At 30 June 2020

1,139

DEPRECIATION

At 1 July 2019

1,704

Eliminated on disposal

(565

)

At 30 June 2020

1,139

NET BOOK VALUE

At 30 June 2020

-

At 30 June 2019

-

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Prepayments

254

317

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other creditors

26,575

26,575

Accrued expenses

3,900

3,900

30,475

30,475

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

72,000

96,000

11.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2020

2019

£

£

Amounts owed to members in respect of profits

49,014

33,131

Falling due within one year

49,014

33,131

Loans and other debts due to members (other than members' capital classified as debt) rank below other

creditors.