Hubbard Pegman & Whitney LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC329662 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

HUBBARD PEGMAN & WHITNEY LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mrs O K Hubbard

Ms C I Pegman

P N Cunningham

Hubbard & Pegman Limited

B P Augustine

REGISTERED OFFICE:

7 King Street Cloisters

Clifton Walk

King Street

London

W6 0GY

REGISTERED NUMBER:

OC329662 (England and Wales)

ACCOUNTANTS:

Nunn Hayward LLP

Chartered Accountants

2-4 Packhorse Road

Gerrards Cross

Buckinghamshire

SL9 7QE

FIXED ASSETS

Tangible assets

4

7,428

9,588

CURRENT ASSETS

Debtors

5

949,557

934,067

Cash in hand

295

83

949,852

934,150

CREDITORS

Amounts falling due within one year

6

212,947

403,738

NET CURRENT ASSETS

736,905

530,412

TOTAL ASSETS LESS CURRENT LIABILITIES

744,333

540,000

CREDITORS

Amounts falling due after more than one year

7

13,333

10,000

NET ASSETS ATTRIBUTABLE TO MEMBERS

731,000

530,000

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

731,000

530,000

731,000

530,000

TOTAL MEMBERS' INTERESTS

Members' other interests

731,000

530,000

Amounts due from members

5

(343,030

)

(343,219

)

387,970

186,781

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 11 November 2020 and were signed by:

Mrs O K Hubbard - Designated member

Ms C I Pegman - Designated member

1.	STATUTORY INFORMATION

Hubbard Pegman & Whitney LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover represents revenue earned under a wide variety of contracts to provide professional services and advice to third parties.

Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under those contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including recoverable expenses and disbursements, but excluding VAT.

For incomplete contracts, an assessment is made of the extent to which revenue has been earned. This assessment takes into account the nature of the assignment, its stage of completion, and the relevant contract terms.

Revenue in respect of contingent fee arrangements (over and above any minimum agreed fee) is recognised when the contingent event occurs and the recoverability of the fee is assured.

Unbilled revenue is included in debtors under 'amounts recoverable on contracts'.

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

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 5 (2019 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2019

48,698

34,924

83,622

Additions

572

468

1,040

At 31 March 2020

49,270

35,392

84,662

DEPRECIATION

At 1 April 2019

45,426

28,608

74,034

Charge for year

961

2,239

3,200

At 31 March 2020

46,387

30,847

77,234

NET BOOK VALUE

At 31 March 2020

2,883

4,545

7,428

At 31 March 2019

3,272

6,316

9,588

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

as restated

£

£

Trade debtors

134,030

108,109

Amounts due from members

343,030

343,219

Amounts recoverable on contracts

463,898

416,642

Other debtors

608

-

Prepayments and accrued income

7,991

66,097

949,557

934,067

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

as restated

£

£

Bank loans and overdrafts

120,104

274,909

Trade creditors

11,415

12,690

Amounts owed to participating interests

55,154

96,094

Social security and other taxes

18,919

6,217

Other creditors

5

6,478

Accruals and deferred income

7,350

7,350

212,947

403,738

Bank loans and overdrafts include £78,040 (2019: £166,244) which is secured by way of a debenture deed incorporating fixed and floating charges on the assets of the Limited Liability Partnership.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

as restated

£

£

Loans

3,333

-

Other creditors

10,000

10,000

13,333

10,000

8.	OTHER FINANCIAL COMMITMENTS

The company had total financial commitments at the balance sheet date of £209,802 (2018: £35,654).