Quill Notaries LLP - Accounts to registrar (filleted) - small 18.2

Quill Notaries LLP - Accounts to registrar (filleted) - small 18.2

QUILL NOTARIES LLP - Company Information

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REGISTERED NUMBER: OC388286 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2019

for

QUILL NOTARIES LLP
QUILL NOTARIES LLP (REGISTERED NUMBER: OC388286)

Contents of the Financial Statements
for the year ended 31 December 2019










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


QUILL NOTARIES LLP


General Information
for the year ended 31 December 2019







Designated members: Mrs J Reingold
R M Reingold





Registered office: 30 Uphill Road
London
NW7 4RB





Registered number: OC388286 (England and Wales)





Accountants: Haines Watts (City) LLP
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA
Page 1
QUILL NOTARIES LLP (REGISTERED NUMBER: OC388286)


Balance Sheet
31 December 2019

2019 2018
Notes £ £ £ £
Fixed assets
Tangible assets 4 236 354

Current assets
Debtors 5 46,069 57,409
Cash at bank 15,544 -
61,613 57,409
Creditors
Amounts falling due within one year 6 4,086 -
Net current assets 57,527 57,409
Total assets less current liabilities
and
Net assets attributable to members 57,763 57,763

Loans and other debts due to members - -

Members' other interests
Capital accounts 17,758 17,758
Other reserves 40,005 40,005
57,763 57,763

Total members' interests
Members' other interests 57,763 57,763
Amounts due from members 5 (16,918 ) (16,827 )
40,845 40,936

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 December 2019.

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 notes form part of these financial statements

Page 2
QUILL NOTARIES LLP (REGISTERED NUMBER: OC388286)


Balance Sheet - continued
31 December 2019


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 30 April 2021 and were signed by:





R M Reingold - Designated member

The notes form part of these financial statements

Page 3
QUILL NOTARIES LLP (REGISTERED NUMBER: OC388286)


Notes to the Financial Statements
for the year ended 31 December 2019


1. Statutory information

Quill Notaries 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.

Tangible fixed assets are stated at cost less depreciation. 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;

Plant and machinery-25% on reducing balance
Computer equipment-50% 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.

Critical accounting judgements and estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(a) Critical judgements in applying the LLP's accounting policies
The LLP makes a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the LLP's business, management does not believe that there are any judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

(b) Key accounting estimates and assumptions
The LLP makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. However due to the straight forward nature of the LLP's business, management does not believe that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 4
QUILL NOTARIES LLP (REGISTERED NUMBER: OC388286)


Notes to the Financial Statements - continued
for the year ended 31 December 2019


2. Accounting policies - continued

Going concern
These financial statements have been prepared on a going concern basis.

The current economic conditions present increased risks for all businesses. In response to such conditions, the members have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the LLP's ability to continue as a going concern. Thus the members have continued to adopt the going concern basis of accounting in preparing these financial statements.

In particular, in response to the COVID-19 pandemic, the members have reviewed and considered relevant
information, including the annual budget and future cash flows in making their assessment. The members have tested their cash flows to take into account the impact on their business of possible scenarios brought on by the pandemic, alongside measures that they can take to mitigate the its impact. Based on these assessments, given the measures that could have been undertaken, and the current resources available, the members have concluded that they can continue to adopt the going concern basis in the preparation of the annual report and accounts.

Financial instruments
The LLP has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets
Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price.

Trade receivables are assets due for services that have been acquired in the ordinary course of business from customers. Accounts receivables are classified as current assets if receipt is expected within one year or less. If not, they are presented as non-current assets. Trade receivables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3. Employee information

The average number of employees during the year was 2 (2018 - 2 ) .

Page 5
QUILL NOTARIES LLP (REGISTERED NUMBER: OC388286)


Notes to the Financial Statements - continued
for the year ended 31 December 2019


4. Tangible fixed assets
Plant and
machinery
etc
£
Cost
At 1 January 2019
and 31 December 2019 3,809
Depreciation
At 1 January 2019 3,455
Charge for year 118
At 31 December 2019 3,573
Net book value
At 31 December 2019 236
At 31 December 2018 354

5. Debtors: amounts falling due within one year
2019 2018
£ £
Trade debtors - 8,029
Other debtors 46,069 49,380
46,069 57,409

6. Creditors: amounts falling due within one year
2019 2018
£ £
Taxation and social security 3,135 -
Other creditors 951 -
4,086 -

Page 6