Michael McNamara And Associates LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC384414 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

FOR

MICHAEL MCNAMARA AND ASSOCIATES LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

M L McNamara

Mrs C. J. McNamara

REGISTERED OFFICE:

Park Farm Office

Wolterton Park

Wolterton

Norwich

Norfolk

NR11 7LX

REGISTERED NUMBER:

OC384414 (England and Wales)

ACCOUNTANTS:

Accura Accountants Ltd

Langley House

Park Road

East Finchley

London

N2 8EY

FIXED ASSETS

Tangible assets

4

24,198

35,891

CURRENT ASSETS

Stocks

1,359,000

1,407,095

Debtors

5

169,788

429,883

Cash at bank

166,985

-

1,695,773

1,836,978

CREDITORS

Amounts falling due within one year

6

1,084,971

731,941

NET CURRENT ASSETS

610,802

1,105,037

TOTAL ASSETS LESS CURRENT LIABILITIES

635,000

1,140,928

CREDITORS

Amounts falling due after more than one year

7

-

1,333

NET ASSETS ATTRIBUTABLE TO MEMBERS

635,000

1,139,595

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

635,000

1,139,595

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

635,000

1,139,595

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 30 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 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 28 April 2021 and were signed by:

M L McNamara - Designated member

Mrs C. J. McNamara - Designated member

1.	STATUTORY INFORMATION

Michael McNamara And Associates 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

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for services rendered net of discounts, rebates, value added tax and other sales taxes.

Revenue for services is recognised over the period when the service is provided and when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost

Office equip

-

25% on cost

Motor vehicles

-

25% on reducing balance

At the date of the statement of financial position, the company reviews the carrying value of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Inventories

Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance of obsolete and slow moving items.

Cost is measured on a first-in-first out basis and includes purchase price, import duties, borrowing costs and other costs incurred in bringing the inventories to their current location and condition.

Financial instruments

Short-term debtors are measured at transaction price, less any impairment.

Short-term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Employee benefits

Short-terms employee benefits are recognised as an expense in the period in which they are incurred.

Termination benefits are recognised only when the company is demonstrably committed to terminate the employment of an employee or a group of employees before their normal retirement date or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy.

Pension costs

The company contributes to the personal pension schemes of employees. Contributions payable are charged to the income statement in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, when it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3.	EMPLOYEE INFORMATION

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2019

207,534

Additions

3,589

At 30 April 2020

211,123

DEPRECIATION

At 1 May 2019

171,643

Charge for year

15,282

At 30 April 2020

186,925

NET BOOK VALUE

At 30 April 2020

24,198

At 30 April 2019

35,891

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 May 2019

65,273

Transfer to ownership

(52,873

)

At 30 April 2020

12,400

DEPRECIATION

At 1 May 2019

42,469

Charge for year

10,295

Transfer to ownership

(44,287

)

At 30 April 2020

8,477

NET BOOK VALUE

At 30 April 2020

3,923

At 30 April 2019

22,804

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

as restated

£

£

Trade debtors

-

1,482

Other debtors

169,788

428,401

169,788

429,883

Included in other debtors are prepayment and accrued income of £22,994 (2019: £11,122).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

as restated

£

£

Bank loans and overdrafts

-

200,517

Hire purchase contracts

1,334

13,505

Trade creditors

52,809

116,558

Taxation and social security

2,876

6,643

Other creditors

1,027,952

394,718

1,084,971

731,941

Included in other creditors are accrued expenses of £8,808 (2019: £35,690).

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.20

30.4.19

as restated

£

£

Hire purchase contracts

-

1,333

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.20

30.4.19

as restated

£

£

Bank overdraft

-

74,958

Bank loans

-

125,559

Loans

1,004,691

352,500

1,004,691

553,017

There is a debenture comprising of fixed and floating charges over all assets and undertakings of Michael McNamara and Associates LLP.

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

30.4.20

30.4.19

as restated

£

£

Amounts owed to members in respect of profits

635,000

1,139,595

Falling due within one year

635,000

1,139,595

In the event of winding up, the loans and other debts due to members will rank equally with unsecured creditors.

There are no restrictions on the ability of the members to reduce the amount of "Members' other interests".