Carter Perry Bailey LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC344698 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

FOR

CARTER PERRY BAILEY LLP

Page

General Information

1

Accountants' Report

2

Statement of Financial Position

3

to

4

Notes to the Financial Statements

5

to

8

DESIGNATED MEMBERS:

Mr S L Carter

Mrs M B Bailey

REGISTERED OFFICE:

10 Lloyd's Avenue

London

EC3N 3AJ

REGISTERED NUMBER:

OC344698 (England and Wales)

ACCOUNTANTS:

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Carter Perry Bailey LLP for the year ended 30 April 2020 which comprise the Income Statement, Statement of Financial Position, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Carter Perry Bailey LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Carter Perry Bailey LLP and state those matters that we have agreed to state to the members of Carter Perry Bailey LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carter Perry Bailey LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Carter Perry Bailey LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Carter Perry Bailey LLP. You consider that Carter Perry Bailey LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Carter Perry Bailey LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

26 April 2021

FIXED ASSETS

Tangible assets

4

878

953

CURRENT ASSETS

Debtors

5

1,430,440

927,827

Cash at bank and in hand

275,586

300,466

1,706,026

1,228,293

CREDITORS

Amounts falling due within one year

6

331,332

305,419

NET CURRENT ASSETS

1,374,694

922,874

TOTAL ASSETS LESS CURRENT LIABILITIES

1,375,572

923,827

CREDITORS

Amounts falling due after more than one year

7

261,367

321,367

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,114,205

602,460

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

820,305

358,710

MEMBERS' OTHER INTERESTS

Capital accounts

293,900

243,750

1,114,205

602,460

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

820,305

358,710

Members' other interests

293,900

243,750

1,114,205

602,460

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 26 April 2021 and were signed by:

Mr S L Carter - Designated member

1.	STATUTORY INFORMATION

Carter Perry Bailey 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 these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

In light of the rapid global spread of the Coronavirus "COVID-19" in 2020, the designated members have given due consideration to expected future cashflows and considers there to be little impact on the LLP's ability to act as a going concern.

The designated members have reviewed and assessed the potential impact on the LLP over the next twelve months including the LLP's capital resources and considers that the LLP has adequate resources in place to continue in operation for at least twelve months from the date of approval of the financial statements.

The LLP's ability to continue to provide its services to clients has not been significantly affected.

Turnover

The turnover shown in the profit and loss account represents amounts receivable for services supplied during the period, exclusive of Value Added Tax.

In respect of contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

straight line

33%

The estimation of residual values and useful lives includes an estimate of the intensity at which the assets are expected to be used. The carrying value of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate the carrying value may not be recoverable.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the partnership agreement.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity. Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within "Loans and other debts due to members" and are charged to the Profit and Loss Account within "Members' remuneration charged as an expense". Amounts due to members that are classified as equity are shown in the Balance Sheet within "Members' other interests".

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 5 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 May 2019

15,556

Additions

650

At 30 April 2020

16,206

DEPRECIATION

At 1 May 2019

14,603

Charge for year

725

At 30 April 2020

15,328

NET BOOK VALUE

At 30 April 2020

878

At 30 April 2019

953

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,232,197

609,854

Amounts recoverable on contracts

106,812

229,773

Prepayments and accrued income

91,431

88,200

1,430,440

927,827

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

81,817

69,062

Taxation and social security

87,793

38,874

Other creditors

161,722

197,483

331,332

305,419

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

150,000

150,000

Other creditors

111,367

171,367

261,367

321,367

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

150,000

-

The bank loan is secured by fixed and floating charges over the LLP's assets.

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2020

2019

£

£

Amounts owed to members in respect of profits

388,723

195,385

Taxation provision accounts

328,598

131,825

Other

102,984

31,500

820,305

358,710

Falling due within one year

820,305

358,710

In the event of a winding up, amounts in 'Loans and other debts due to members' (other than members' capital classified as debt) would rank equally in relation to other creditors who are unsecured.

10.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies not included in the balance sheet amount £59,686 (2019 - £119,816). These relate to commitments under operating leases falling due over a period of up to 2 years from the balance sheet date.