KEITH GIBBS LLP - LLP accounts 20.1

REGISTERED NUMBER: OC420277 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Period 1 January 2019 to 5 April 2020

for

KEITH GIBBS LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Statement of Financial Position

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

P C Shilling

Mrs J R Shilling

P R May

REGISTERED OFFICE:

Providence House

Forest Road

BINFIELD

Berkshire

RG42 4HP

REGISTERED NUMBER:

OC420277 (England and Wales)

ACCOUNTANTS:

EDMONDS ACCOUNTANCY LIMITED

Unit 11, Diddenham Bus Park,

Diddenham Court

Grazeley,

READING

Berkshire

RG7 1JQ

The members present their report with the financial statements of the LLP for the period 1 January 2019 to 5 April 2020.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the period under review was that of estate agents.

DESIGNATED MEMBERS

The designated members during the period under review were:

P C Shilling

Mrs J R Shilling

P R May

RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS

The profit for the period before members' remuneration and profit shares was £121,213 (2018 - £76,915 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

P C Shilling - Designated member

21 January 2021

TURNOVER

224,315

135,469

Cost of sales

1,311

310

GROSS PROFIT

223,004

135,159

Administrative expenses

101,870

58,315

OPERATING PROFIT

4

121,134

76,844

Interest receivable and similar income

79

71

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

121,213

76,915

FIXED ASSETS

Tangible assets

5

779

1,133

-

CURRENT ASSETS

Debtors

6

8,819

-

-

Prepayments and accrued income

-

2,750

-

Cash at bank and in hand

4,160

13,480

-

12,979

16,230

-

CREDITORS

Amounts falling due within one year

7

(9,918

)

(8,648

)

-

NET CURRENT ASSETS

3,061

7,582

-

TOTAL ASSETS LESS CURRENT LIABILITIES

3,840

8,715

-

NET ASSETS ATTRIBUTABLE TO MEMBERS

3,840

8,715

-

-

-

-

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

3,840

8,715

-

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

3,840

8,715

-

Members' other interests

(3,840

)

(8,715

)

-

Amounts due from members

6

(6,069

)

-

-

(6,069

)

-

-

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 period ended 5 April 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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 21 January 2021 and were signed by:

P C Shilling - Designated member

1.	STATUTORY INFORMATION

KEITH GIBBS 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.

Plant and machinery etc

-

25% on reducing balance

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 period was 3 (2018 - 3 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

Period

Period

1.1.19

8.12.17

to

to

5.4.20

31.12.18

£

£

Depreciation - owned assets

354

378

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

and 5 April 2020

1,511

DEPRECIATION

At 1 January 2019

378

Charge for period

354

At 5 April 2020

732

NET BOOK VALUE

At 5 April 2020

779

At 31 December 2018

1,133

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.4.20

31.12.18

£

£

Other debtors

8,819

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.4.20

31.12.18

£

£

Taxation and social security

9,403

8,148

Other creditors

515

500

9,918

8,648

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

5.4.20

31.12.18

£

£

Amounts owed to members in respect of profits

3,840

8,715

Falling due within one year

3,840

8,715

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.