Tinn Criddle Hall LLP Filleted accounts for Companies House (small and micro)

Tinn Criddle Hall LLP Filleted accounts for Companies House (small and micro)

TINN CRIDDLE HALL LLP - Company Information

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29 false false false false false false false false false false false false false false false false No description of principal activity 2021-04-06 Sage Accounts Production Advanced 2021 - FRS102_2021 187,930 24,432 212,362 212,362 187,930 xbrli:pure xbrli:shares iso4217:GBP OC379684 2021-04-06 2022-04-05 OC379684 2022-04-05 OC379684 2021-04-05 OC379684 2020-04-06 2021-04-05 OC379684 2021-04-05 OC379684 core:MotorVehicles 2021-04-06 2022-04-05 OC379684 core:NetGoodwill 2021-04-06 2022-04-05 OC379684 bus:Director2 2021-04-06 2022-04-05 OC379684 bus:Director3 2021-04-06 2022-04-05 OC379684 bus:Director4 2021-04-06 2022-04-05 OC379684 bus:Director5 2021-04-06 2022-04-05 OC379684 bus:Director6 2021-04-06 2022-04-05 OC379684 bus:Director7 2021-04-06 2022-04-05 OC379684 core:WithinOneYear 2022-04-05 OC379684 core:WithinOneYear 2021-04-05 OC379684 core:LandBuildings 2021-04-05 OC379684 core:FurnitureFittings 2021-04-05 OC379684 core:MotorVehicles 2021-04-05 OC379684 core:LandBuildings 2022-04-05 OC379684 core:FurnitureFittings 2022-04-05 OC379684 core:MotorVehicles 2022-04-05 OC379684 core:LandBuildings 2021-04-06 2022-04-05 OC379684 core:AfterOneYear 2021-04-05 OC379684 core:NetGoodwill 2022-04-05 OC379684 core:NetGoodwill 2021-04-05 OC379684 core:NetGoodwill 2021-04-05 OC379684 core:LandBuildings 2021-04-05 OC379684 core:FurnitureFittings 2021-04-05 OC379684 core:MotorVehicles 2021-04-05 OC379684 bus:SmallEntities 2021-04-06 2022-04-05 OC379684 bus:AuditExemptWithAccountantsReport 2021-04-06 2022-04-05 OC379684 bus:FullAccounts 2021-04-06 2022-04-05 OC379684 bus:SmallCompaniesRegimeForAccounts 2021-04-06 2022-04-05 OC379684 bus:LimitedLiabilityPartnershipLLP 2021-04-06 2022-04-05 OC379684 core:LandBuildings core:LongLeaseholdAssets 2021-04-06 2022-04-05 OC379684 core:OfficeEquipment 2021-04-06 2022-04-05 OC379684 core:OfficeEquipment 2021-04-05 OC379684 core:OfficeEquipment 2022-04-05 OC379684 core:WithinOneYear 2021-04-06 2022-04-05 OC379684 core:AfterOneYear 2021-04-06 2022-04-05 OC379684 core:EntitiesControlledByKeyManagementPersonnel 2021-04-06 2022-04-05
REGISTERED NUMBER: OC379684
Tinn Criddle Hall LLP
Filleted Unaudited Financial Statements
For the year ended
5 April 2022
Tinn Criddle Hall LLP
Statement of Financial Position
5 April 2022
2022
2021
Note
£
£
£
£
Fixed assets
Intangible assets
5
212,362
187,930
Tangible assets
6
70,863
74,200
----------
----------
283,225
262,130
Current assets
Stocks
1,300
1,300
Debtors
7
521,768
448,027
Cash at bank and in hand
255,019
262,314
----------
----------
778,087
711,641
Creditors: amounts falling due within one year
8
226,400
216,509
----------
----------
Net current assets
551,687
495,132
----------
----------
Total assets less current liabilities
834,912
757,262
Creditors: amounts falling due after more than one year
9
–
1,535
----------
----------
Net assets
834,912
755,727
----------
----------
Represented by:
Loans and other debts due to members
Other amounts
10
219,211
270,166
Members' other interests
Other reserves
615,701
485,561
----------
----------
834,912
755,727
----------
----------
Total members' interests
Loans and other debts due to members
10
219,211
270,166
Members' other interests
615,701
485,561
----------
----------
834,912
755,727
----------
----------
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.
Tinn Criddle Hall LLP
Statement of Financial Position (continued)
5 April 2022
For the year ending 5 April 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 6 October 2022 , and are signed on their behalf by:
Mr. S.S. Giles
Mrs. C.J. Hall
Designated Member
Designated Member
Mr. J. Hynes
Mr. B.P. Neal
Designated Member
Designated Member
Mr. D.J. Allen
Ms K C Bowers
Designated Member
Designated Member
Registered number: OC379684
Tinn Criddle Hall LLP
Notes to the Financial Statements
Year ended 5 April 2022
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 6 High Street, Alford, Lincolnshire, LN13 9DX.
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
(a) 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.
(b) Going concern
In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Taxation
The taxation of the LLP's profits is the personal liability of the members during the year and consequently neither taxation nor related deferred taxation are accounted for in the financial statements.
(d) Revenue recognition
Turnover represents net invoiced sales of services, excluding value added tax, except in respect of service contracts where turnover is recognised when the LLP obtains the right to consideration. Where the outcome of a transaction can be estimated reliably, revenue associated with the transaction is recognised in the income statement by reference to the stage of completion at the statement of financial position date, provided that a right to consideration has been obtained through performance. Consideration accrues as contract activity progresses by reference to the value of the work performed. Hence revenue in respect of service contracts represents the cost appropriate to the stage of of completion of each contract plus attributable profits, less amounts recognised in previous years, where relevant. Unbilled revenue is included in debtors as 'Amounts recoverable on contracts'.
(e) 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 FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recomended 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 loans and other debts due to members and shown as liabilities.
Profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, and 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 Profit and Loss Account and are equity appropriations in the Balance Sheet.
Other amounts applied to members, for example interest on capital balances, are treated in the same way as all other divisions of profits, as described above.
All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.
(f) 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.
(g) Goodwill
The value of Goodwill classified as an asset on the Balance Sheet represents the goodwill relating to the Alford, Sutton on Sea and Spilsby division of the practice. No values have been ascribed to the goodwill of the Skegness division of the practice. The recognition of internally generated goodwill as an asset on the Balance Sheet is not in accordance with FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and represents a departure from this Accounting Standard. The Members consider that the recognition of goodwill as an asset of the business is a necessary departure from the requirements of FRS102 in order to show a true and fair view. In view of the perceived durability of the Tinn Criddle name in the locality and in consideration that the practice has been in existence for over two hundred years, the members believe that systematic amortisation is not appropriate. The Members consider that, in such circumstances, to enable the accounts to show a true and fair view, a policy of annual impairment reviews is most appropriate.
(h) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(i) 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:
Leashold property improvements
-
50 years straight line
Motor Vehicles
-
20% straight line
Equipment
-
20% straight line
(j) 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.
(k) Stocks
Stocks are measured at the lower of cost and estimated selling price.
(l) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(m) 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. 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
(n) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(o) Defined contribution plans
The LLP operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the LLP. The annual contributions payable are charged to the profit and loss account.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 29 (2021: 26 ).
5.
Intangible assets
Goodwill
£
Cost
At 6 April 2021
187,930
Additions
–
Other movements
24,432
----------
At 5 April 2022
212,362
----------
Amortisation
At 6 April 2021 and 5 April 2022
–
----------
Carrying amount
At 5 April 2022
212,362
----------
At 5 April 2021
187,930
----------
6.
Tangible assets
Leasehold property improvem'ts
Law Library
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 6 April 2021
10,727
15,000
101,689
157,523
284,939
Additions
–
–
22,100
5,034
27,134
Disposals
–
–
( 8,000)
–
( 8,000)
--------
--------
----------
----------
----------
At 5 April 2022
10,727
15,000
115,789
162,557
304,073
--------
--------
----------
----------
----------
Depreciation
At 6 April 2021
430
–
75,188
135,121
210,739
Charge for the year
215
–
16,911
12,620
29,746
Disposals
–
–
( 7,275)
–
( 7,275)
--------
--------
----------
----------
----------
At 5 April 2022
645
–
84,824
147,741
233,210
--------
--------
----------
----------
----------
Carrying amount
At 5 April 2022
10,082
15,000
30,965
14,816
70,863
--------
--------
----------
----------
----------
At 5 April 2021
10,297
15,000
26,501
22,402
74,200
--------
--------
----------
----------
----------
7.
Debtors
2022
2021
£
£
Trade debtors
287,663
151,746
Prepayments
20,219
65,935
Amounts recoverable on contracts
211,686
226,062
Other debtors
2,200
4,284
----------
----------
521,768
448,027
----------
----------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Accruals
71,413
46,650
Social security and other taxes
128,842
141,651
Obligations under finance leases and hire purchase contracts
1,535
4,331
Other loans
24,610
23,877
----------
----------
226,400
216,509
----------
----------
The hire purchase liability is secured on the associated asset.
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Obligations under finance leases and hire purchase contracts
–
1,535
----
-------
The hire purchase liability is secured on the associated asset.
10.
Loans and other debts due to members
2022
2021
£
£
Amounts owed to members in respect of profits
219,211
270,166
----------
----------
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
60,923
55,744
--------
--------
12.
Related party transactions
In the opinion of the members there is no controlling party. The LLP pays rent on several properties occupied by the practice to Tinn Criddle Properties Ltd , a company in which members are shareholders. The total amount paid in the year ended 5 April 2022 in respect of rent on these properties was £ 55,744 (2021 - £55,104).