Key Conveyancing LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC380039 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2020

FOR

KEY CONVEYANCING LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

DS Iles

J Punni

S Sgoluppi

JTW Turner

V Sharma

REGISTERED OFFICE:

St Edmunds House

St Edmunds Rd

Northampton

Northamptonshire

NN1 5DY

REGISTERED NUMBER:

OC380039 (England and Wales)

ACCOUNTANTS:

Bewers Turner & Co LLP

Chartered Accountants

Portland House

11-13 Station Road

Kettering

Northamptonshire

NN15 7HH

FIXED ASSETS

Tangible assets

4

41,728

106,141

CURRENT ASSETS

Debtors

5

309,136

230,643

Cash at bank

484,763

320,982

793,899

551,625

CREDITORS

Amounts falling due within one year

6

386,664

192,639

NET CURRENT ASSETS

407,235

358,986

TOTAL ASSETS LESS CURRENT LIABILITIES

448,963

465,127

CREDITORS

Amounts falling due after more than one year

7

-

44,858

NET ASSETS ATTRIBUTABLE TO MEMBERS

448,963

420,269

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

448,963

420,269

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

448,963

420,269

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 31st 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 18th January 2021 and were signed by:

JTW Turner - Designated member

DS Iles - Designated member

1.	STATUTORY INFORMATION

Key Conveyancing 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historic cost basis.

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.

Plant and machinery etc

-

25% on cost

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.

Financial instruments

The company is party to only basic financial instruments such as cash, trade debtors and creditors. Instruments such as trade debtors and creditors are initially recognised at their transaction cost and reviewed at the year end for impairment.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 53 (2019 - 49 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2019

179,479

Additions

15,373

Disposals

(57,701

)

At 31st March 2020

137,151

DEPRECIATION

At 1st April 2019

73,338

Charge for year

37,712

Eliminated on disposal

(15,627

)

At 31st March 2020

95,423

NET BOOK VALUE

At 31st March 2020

41,728

At 31st March 2019

106,141

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

122,020

203,145

Other debtors

187,116

27,498

309,136

230,643

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

146,454

-

Hire purchase contracts (see note 8)

-

7,242

Trade creditors

30,027

34,660

Taxation and social security

192,892

137,866

Other creditors

17,291

12,871

386,664

192,639

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts (see note 8)

-

44,858

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase

contracts

2020

2019

£

£

Net obligations repayable:

Within one year

-

7,242

Between one and five years

-

44,858

-

52,100

At the year end the company had total commitments under operating leases expiring within 5 years of £180,902 (2019: £223,783).

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members would rank after all other creditors.

10.	ULTIMATE CONTROLLING PARTY

In the opinion of the members there is no individual controlling party.