Butcher and Barlow LLP - Accounts to registrar (filleted) - small 18.2
Butcher and Barlow LLP - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2020 |
FOR |
BUTCHER AND BARLOW LLP |
BUTCHER AND BARLOW LLP (REGISTERED NUMBER: OC343502) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2020 |
Page |
General Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
BUTCHER AND BARLOW LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2020 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
BUTCHER AND BARLOW LLP (REGISTERED NUMBER: OC343502) |
STATEMENT OF FINANCIAL POSITION |
30 APRIL 2020 |
2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
CURRENT ASSETS |
Inventories |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISION FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
2,910,616 |
2,712,240 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
2,910,616 |
2,712,240 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 2,910,616 | 2,712,240 |
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. |
BUTCHER AND BARLOW LLP (REGISTERED NUMBER: OC343502) |
STATEMENT OF FINANCIAL POSITION - continued |
30 APRIL 2020 |
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 |
BUTCHER AND BARLOW LLP (REGISTERED NUMBER: OC343502) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2020 |
1. | STATUTORY INFORMATION |
Butcher and Barlow LLP is a limited liability partnership registered in England and Wales. The LLP's registered number is OC343502 and its registered office address is 2-8 Bank Street, Bury, BL9 0DL. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The members have considered the impact of the global Covid-19 pandemic on the business and recognise that the future cannot be predicted with any certainty. Procedures have been introduced to ensure that operations are conducted in accordance with official government advice. The members will endeavour to monitor and control costs as necessary and any available government backed support will be obtained as required. |
The members believe that the LLP can manage the business risks at these challenging times and therefore continue to adopt a going concern basis of accounting in preparing these financial statements. |
Significant judgements and estimates |
In the application of the LLP's accounting policies, the members are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates. |
The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised. |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below: |
Making judgement based on the level of work carried out and historical experience is required to estimate the value of amounts to be included as amounts recoverable on contracts and work in progress. |
Making judgement based on the historical experience of the level of provision required for bad debts. Further information received after the statement of financial position date may impact on the level of provision required. |
Revenue |
Revenue comprises the aggregate of the fair value of the professional services provided, net of value-added tax, rebates and discounts. |
Service revenues are recognised when a right to consideration has been obtained through performance under each contract. |
The amount by which revenue exceeds payments on account is classified as "amounts recoverable on contracts" and is included in debtors. |
Government grants |
Grant income that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable. |
BUTCHER AND BARLOW LLP (REGISTERED NUMBER: OC343502) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2020 |
2. | ACCOUNTING POLICIES - continued |
Property, plant and equipment |
Plant and machinery etc | - |
The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises. |
Inventories and work in progress |
Work in progress is stated at estimated recoverable cost of work done, excluding members' time. |
Financial instruments |
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost. |
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 the income statement in the period to which they relate. |
Provisions for liabilities |
Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in the income statement in the period it arises. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
BUTCHER AND BARLOW LLP (REGISTERED NUMBER: OC343502) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2020 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2019 |
Additions |
At 30 April 2020 |
DEPRECIATION |
At 1 May 2019 |
Charge for year |
At 30 April 2020 |
NET BOOK VALUE |
At 30 April 2020 |
At 30 April 2019 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
Amounts recoverable on contracts |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
BUTCHER AND BARLOW LLP (REGISTERED NUMBER: OC343502) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2020 |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally alongside other unsecured creditors. |
9. | COMPARATIVES |
Amounts recoverable on contracts have been reclassified in the comparatives from Inventories to Amounts recoverable on contracts as this is considered to be a more accurate reflection of unbilled revenue. |