Prentis & Co LLP - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: OC333362 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022

FOR

PRENTIS & CO LLP

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

8,929

3,456

CURRENT ASSETS

Stocks

400

400

Debtors

5

310,097

290,083

Cash at bank and in hand

252,807

249,008

563,304

539,491

CREDITORS

Amounts falling due within one year

6

105,646

97,130

NET CURRENT ASSETS

457,658

442,361

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

466,587

445,817

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

466,587

445,817

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

466,587

445,817

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 30 April 2022.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 22 December 2022 and were signed by:

N A Prentis FCA - Designated member

I W Shipley FCCA - Designated member

1.	STATUTORY INFORMATION

Prentis & Co LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number:

OC333362

Registered office:

115c Milton Road

Cambridge

CB4 1XE

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.

Fixtures, fittings and computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Amounts due under contracts

Contracts and work incomplete at the year end is accrued at the stage of completion of each contract. The LLP recognises revenue at that stage.

Taxation

The taxation payable on the LLP's profits is the personal liability of the equity members. Retention from profits earned up to the balance sheet date is made to fund payment of taxation on members' behalf.

Member remuneration

Profits available for the distribution are agreed in accordance with the members' agreement and subsequent member meetings and included within loans and other debts due to members. This includes profit that has been allocated but remains undrawn.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 15 (2021 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

and

computer

equipment

£

COST

At 1 May 2021

93,035

Additions

10,171

Disposals

(8,483

)

At 30 April 2022

94,723

DEPRECIATION

At 1 May 2021

89,579

Charge for year

4,698

Eliminated on disposal

(8,483

)

At 30 April 2022

85,794

NET BOOK VALUE

At 30 April 2022

8,929

At 30 April 2021

3,456

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

123,563

111,382

Amounts recoverable on contract

132,600

126,203

Other debtors

53,934

52,498

310,097

290,083

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

46,481

41,683

Taxation and social security

30,254

30,071

Other creditors

28,911

25,376

105,646

97,130

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and debts due to members are ranked equally with other unsecured creditors of the partnership.

8.	RELATED PARTY DISCLOSURES

Prentis & Co LLP is under the control of its designated partners.

Payments of £30,000 were made to Mr and Mrs N Prentis for the lease of office buildings. The rent is set at a market rate. Nothing was owed in respect of outstanding rent at the year end.