The Derek Evans Partnership LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC354835 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2021

FOR

THE DEREK EVANS PARTNERSHIP LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mr R V Davies

Mr N R Hague

REGISTERED OFFICE:

Newport House

Newport Road

Stafford

Staffordshire

ST16 1DA

REGISTERED NUMBER:

OC354835 (England and Wales)

ACCOUNTANTS:

Howards Limited

Chartered Certified Accountants

Newport House

Newport Road

Stafford

Staffordshire

ST16 1DA

FIXED ASSETS

Tangible assets

4

19,240

22,451

Investments

5

50,300

50,300

69,540

72,751

CURRENT ASSETS

Debtors

6

276,962

284,618

Prepayments and accrued income

4,174

4,063

Cash at bank and in hand

334,678

348,578

615,814

637,259

CREDITORS

Amounts falling due within one year

7

283,523

264,552

NET CURRENT ASSETS

332,291

372,707

TOTAL ASSETS LESS CURRENT LIABILITIES

401,831

445,458

CREDITORS

Amounts falling due after more than one year

8

(78,712

)

(67,045

)

ACCRUALS AND DEFERRED INCOME

(13,002

)

(6,580

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

310,117

371,833

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

310,117

371,833

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

310,117

371,833

Amounts due from members

6

(46,913

)

-

263,204

371,833

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 31st December 2021.

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 30th September 2022 and were signed by:

Mr R V Davies - Designated member

Mr N R Hague - Designated member

1.	STATUTORY INFORMATION

The Derek Partnership LLP is a limited liability partnership incorporated in England and Wales. The registered office is Newport House, Newport Road, Stafford, ST16 1DA

The limited liability partnerships principal activities and nature of its operations are disclosed in the Members' Report.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, together with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to limited liability partnerships subject to the small limited liability partnerships regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional current of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The LLP has taken advantage of the exemption of the Companies Act 2006 (small group) from the requirement to prepare consolidated financial statements. Consequently these financial statements present the financial position and performance of the LLP as a single entity.

Going concern

The designated members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services in the ordinary nature of the business. Turnover is shown net of Value Added Tax, of goods and services provided to customers and, in the case of long term contracts, credit is taken appropriate to the stage of completion when the outcome of the contract can be ascertained with reasonable certainty.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in amounts recoverable on contracts within debtors, and payments on account in excess of the relevant amount of revenue are included in creditors.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

10% on cost

Financial instruments

The limited liability partnership has elected to apply the provisions of Section 'Basic Financial Instruments' and Section 'Other Financial Instruments Issues' of FRS to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities , including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost using the effective interest rate method.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

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.

There are no post retirement payments due to members.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payments to members, in which case they are classified as equity.

Amounts subscribed or otherwise contributed by members, for example members' capital are classed as equity if the LLP has unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

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 within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within 'Members' remuneration charged as an expense' in arriving at the relevant year's result. Undivided amounts that are classified as equity are shown within 'Members' other interests'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests.

Provisions

Provisions are recognised when the limited liability partnership has a legal or constructive present obligation as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking in to account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the the obligation is recognised at present value. When a provision is measured at present value the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Provisions for the expected costs of future dilapidations under leases are charged against profits on an annual basis, spread over the life of the lease. The effect of the time value of money is not material and therefore the provisions are not discounted.

Employee benefits

The costs of short-term employee benefits are recognised as a liability as an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 20 (2020 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1st January 2021

114,785

16,704

131,489

Additions

2,724

-

2,724

At 31st December 2021

117,509

16,704

134,213

DEPRECIATION

At 1st January 2021

96,569

12,469

109,038

Charge for year

5,236

699

5,935

At 31st December 2021

101,805

13,168

114,973

NET BOOK VALUE

At 31st December 2021

15,704

3,536

19,240

At 31st December 2020

18,216

4,235

22,451

5.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1st January 2021

and 31st December 2021

50,300

NET BOOK VALUE

At 31st December 2021

50,300

At 31st December 2020

50,300

The LLP has taken advantage of the exemption under FRS102 paragraph 9.26 to recognise the value of its subsidiary at cost.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

127,141

179,019

Amounts owed by group undertakings

-

36,000

Amounts recoverable on contract

100,709

65,000

Other debtors

49,112

4,599

276,962

284,618

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

8,333

-

Trade creditors

80,785

92,706

Amounts owed to group undertakings

50,749

-

Taxation and social security

113,656

141,846

Other creditors

30,000

30,000

283,523

264,552

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

41,667

-

Other creditors

37,045

67,045

78,712

67,045

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2021

2020

£

£

Amounts owed to members in respect of profits

15,117

76,833

Capital account

295,000

295,000

310,117

371,833

Falling due within one year

310,117

371,833

In the event of a winding up the amounts included in "loans and other dents due to members" will rank equally with unsecured creditors.

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

10.	OTHER FINANCIAL COMMITMENTS

At the reporting date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:-

2021

2020

£

£

Within one year

14,890

24,780

Between one and five years

-

14,890

14,890

39,670

11.	RELATED PARTY TRANSACTIONS