Stephen Archer Architects LLP Filleted accounts for Companies House (small and micro)

STEPHEN ARCHER ARCHITECTS LLP - Company Information

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REGISTERED NUMBER: OC307606

Stephen Archer Architects LLP

Filleted Unaudited Financial Statements

31 March 2022

Stephen Archer Architects LLP

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		8,672	3,472

Current assets

Debtors	6	461,864	424,433
Cash at bank and in hand		59,732	166,776
		---------	---------
		521,596	591,209

Creditors: amounts falling due within one year	7	92,378		151,469
		---------		---------
Net current assets			429,218	439,740
			---------	---------
Total assets less current liabilities			437,890	443,212

Creditors: amounts falling due after more than one year	8	24,163	50,000
		---------	---------
Net assets		413,727	393,212
		---------	---------

Represented by:

Loans and other debts due to members

Other amounts	9		413,725	393,210

Members' other interests

Members' capital classified as equity	2	2
Other reserves	–	–
	---------	---------
	413,727	393,212
	---------	---------

Total members' interests

Amounts due from members		(434,777)	(407,350)
Loans and other debts due to members	9	413,725	393,210
Members' other interests		2	2
		---------	---------
		(21,050)	(14,138)
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

Stephen Archer Architects LLP

Statement of Financial Position (continued)

31 March 2022

For the year ending 31 March 2022 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) relating to small LLPs.

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 financial statements .

These financial statements were approved by the members and authorised for issue on 3 November 2022 , and are signed on their behalf by:

S Archer

Designated Member

Registered number: OC307606

Stephen Archer Architects LLP

Notes to the Financial Statements

Year ended 31 March 2022

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 26 Grove Lane, Kingston Upon Thames, Surrey, KT1 2ST.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": (a) No cash flow statement has been presented for the LLP; (b) Disclosures in respect of financial instruments have not been presented; (c) No disclosure has been given for the aggregate remuneration of key management personnel.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

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

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 statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

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 statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	25% straight line
Computer Costs	-	25% straight line
Fixture and fittings	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 3 (2021: 7 ).

5.	Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 April 2021	43,287	51,366	30,296	124,949
Additions	–	7,335	–	7,335
	--------	--------	--------	---------
At 31 March 2022	43,287	58,701	30,296	132,284
	--------	--------	--------	---------
Depreciation
At 1 April 2021	43,287	47,894	30,296	121,477
Charge for the year	–	2,135	–	2,135
	--------	--------	--------	---------
At 31 March 2022	43,287	50,029	30,296	123,612
	--------	--------	--------	---------
Carrying amount
At 31 March 2022	–	8,672	–	8,672
	--------	--------	--------	---------
At 31 March 2021	–	3,472	–	3,472
	--------	--------	--------	---------

6.	Debtors

	2022	2021
	£	£
Trade debtors	1,304	–
Other debtors	460,560	424,433
	---------	---------
	461,864	424,433
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	25,663	6,524
Social security and other taxes	11,011	37,656
Other creditors	55,704	107,289
	--------	---------
	92,378	151,469
	--------	---------

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	24,163	50,000
	--------	--------

9.	Loans and other debts due to members

	2022	2021
	£	£
Amounts owed to members in respect of profits	413,725	393,210
	---------	---------

10.	Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	40,250	40,250
Later than 1 year and not later than 5 years	100,625	140,875
	---------	---------
	140,875	181,125
	---------	---------