Etic Lab LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC407592 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Etic Lab LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

A Hogan

Dr K M Hogan

T Barrington

C Tilt

REGISTERED OFFICE:

Frolic House

23 Frolic Street

Newtown

Powys

SY16 1AP

REGISTERED NUMBER:

OC407592 (England and Wales)

ACCOUNTANTS:

Morgan Griffiths LLP

Chartered Accountants

Cross Chambers

9 High Street

Newtown

Powys

SY16 2NY

FIXED ASSETS

Tangible assets

4

3,166

1,518

CURRENT ASSETS

Stocks

16,976

17,035

Debtors

5

-

3,936

Prepayments and accrued income

169

137

Cash at bank and in hand

5,063

2,950

22,208

24,058

CREDITORS

Amounts falling due within one year

6

670

3,281

NET CURRENT ASSETS

21,538

20,777

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

24,704

22,295

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

24,604

22,195

MEMBERS' OTHER INTERESTS

Capital accounts

100

100

24,704

22,295

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

24,604

22,195

Members' other interests

100

100

24,704

22,295

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 March 2020.

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 and authorised for issue on 7 August 2020 and were signed by:

A Hogan - Designated member

1.	STATUTORY INFORMATION

Etic Lab 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 each asset over its estimated useful life.

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

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 2 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

2,024

Additions

2,703

At 31 March 2020

4,727

DEPRECIATION

At 1 April 2019

506

Charge for year

1,055

At 31 March 2020

1,561

NET BOOK VALUE

At 31 March 2020

3,166

At 31 March 2019

1,518

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

-

3,936

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Taxation and social security

648

3,281

Other creditors

22

-

670

3,281

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of a winding up, members' other reserves rank after unsecured creditors. Loans and other

debts due to members rank pari passu with unsecured creditors in the event of a winding up. There is

no formal restriction on the ability of the LLP to reduce the amount of members' other interests.