Harrison Seymour LLP
Harrison Seymour LLP
Registered number: OC369344
Unaudited Financial Statements
For The Year Ended
31 March 2021
Harrison Seymour LLP
Unaudited Financial Statements
For The Year Ended
31 March 2021
Unaudited Financial Statements
Contents | |
Page | |
---|---|
Balance Sheet | 1—2 |
Reconciliation of Members' Interests | 3—4 |
Notes to the Financial Statements | 4—6 |
Harrison Seymour LLP
Balance Sheet
As at
31 March 2021
Balance Sheet
Registered number:
OC369344
For the year ending 31 March 2021 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 applicable to LLP's subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
2021 | 2020 | ||||
---|---|---|---|---|---|
Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 3 |
|
|
||
Tangible Assets | 4 |
|
|
||
|
|
||||
CURRENT ASSETS | |||||
Stocks | 5 |
|
|
||
Debtors | 6 |
|
|
||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts Falling Due Within One Year | 7 |
( |
( |
||
NET CURRENT ASSETS (LIABILITIES) |
|
( |
|||
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
Creditors: Amounts Falling Due After More Than One Year | 8 |
( |
( |
||
NET ASSETS ATTRIBUTABLE TO MEMBERS |
|
|
|||
REPRESENTED BY: | |||||
Loans and other debts due to members within one year | |||||
Other amounts | 27,661 | 21,087 | |||
27,661 | 21,087 | ||||
Equity | |||||
Members' other interests | |||||
Other reserves | (16,033) | - | |||
(16,033) | - | ||||
11,628 | 21,087 | ||||
TOTAL MEMBERS' INTEREST | |||||
Loans and other debts due to members within one year | 27,661 | 21,087 | |||
Members' other interests | (16,033) | - | |||
11,628 | 21,087 | ||||
Harrison Seymour LLP
Balance Sheet (continued)
As at
31 March 2021
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
Designated Member
|
|
The notes on pages 4 to 6 form part of these financial statements.
Harrison Seymour LLP
Reconciliation of Members' Interests
For The Year Ended
31 March 2021
Reconciliation of Members' Interests
Reconciliation of Members' Interests
EQUITY | DEBT | ||
---|---|---|---|
Members' other interests | Loans and other debts due to members less any amounts due from members in debtors | ||
Other Reserves | Other amounts | Total members' interest | |
£ | £ | £ | |
Amounts due to members | - | 20,340 | - |
Amounts due from members | - | (11,842) | - |
Balance at 1 April 2019 |
|
8,498 | 8,498 |
Profit/(loss) for the financial year available for discretionary division among members |
|
- |
|
Members' interests after profit/(loss) for the year | 44,944 | 8,498 | 53,442 |
Other divisions of profits (losses) | (44,944) | 44,944 | - |
Drawings | - | (32,355) | (32,355) |
Amounts due to members | - | 21,087 | - |
As at 31 March 2020 and 1 April 2020 | - | 21,087 | 21,087 |
Profit/(loss) for the financial year available for discretionary division among members |
|
- |
|
Members' interests after profit/(loss) for the year | 20,256 | 21,087 | 41,343 |
Other divisions of profits (losses) | (36,289) | 36,289 | - |
Drawings | - | (29,715) | (29,715) |
Amounts due to members | - | 27,661 | - |
As at
|
(16,033) | 27,661 | 11,628 |
Harrison Seymour LLP
Notes to the Financial Statements
For The Year Ended
31 March 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles |
|
Fixtures & Fittings |
|
Computer Equipment |
|
1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the LLP. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2020: 2)
Harrison Seymour LLP
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
3.
Intangible Assets
Goodwill | |||
---|---|---|---|
£ | |||
Cost | |||
As at
|
|
||
As at
|
|
||
Amortisation | |||
As at
|
|
||
As at
|
|
||
Net Book Value | |||
As at
|
|
||
As at
|
|
||
4.
Tangible Assets
Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
---|---|---|---|---|
£ | £ | £ | £ | |
Cost | ||||
As at
|
|
|
|
|
Additions |
|
|
|
|
As at
|
|
|
|
|
Depreciation | ||||
As at
|
|
|
|
|
Provided during the period |
|
|
|
|
As at
|
|
|
|
|
Net Book Value | ||||
As at
|
|
|
|
|
As at
|
|
|
|
|
5.
Stocks
2021 | 2020 | ||
---|---|---|---|
£ | £ | ||
Stock - work in progress |
|
|
|
|
|
||
6.
Debtors
2021 | 2020 | ||
---|---|---|---|
£ | £ | ||
Due within one year | |||
Trade debtors |
|
|
|
|
|
||
Harrison Seymour LLP
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
7.
Creditors: Amounts Falling Due Within One Year
2021 | 2020 | ||
---|---|---|---|
£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
|
|
|
Trade creditors |
|
|
|
Bank loans and overdrafts |
|
|
|
Other taxes and social security |
|
|
|
VAT |
|
|
|
Net wages | 680 | - | |
Credit card |
|
|
|
Accruals and deferred income |
|
|
|
|
|
||
8.
Creditors: Amounts Falling Due After More Than One Year
2021 | 2020 | ||
---|---|---|---|
£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
|
|
|
Bank loans |
|
|
|
|
|
||
9.
Obligations Under Finance Leases and Hire Purchase
2021 | 2020 | ||
---|---|---|---|
£ | £ | ||
The maturity of these amounts is as follows: | |||
Amounts Payable: | |||
Within one year |
|
|
|
Between one and five years |
|
|
|
|
|
||
|
|
||
10.
General Information
Harrison Seymour LLP is a limited liability partnership, incorporated in England & Wales, registered number
OC369344
. The Registered Office is Cygnet House, Exchange Road, Lincoln, LN6 3JZ.