Jolliffe Cork LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC307104 (England and Wales)

Jolliffe Cork LLP

Financial Statements

for the Year Ended 30 April 2021

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

-

500,000

Tangible assets

5

-

49,958

-

549,958

CURRENT ASSETS

Debtors

6

1,211,080

748,905

Cash at bank and in hand

264,901

197,511

1,475,981

946,416

CREDITORS

Amounts falling due within one year

7

276,136

263,937

NET CURRENT ASSETS

1,199,845

682,479

TOTAL ASSETS LESS CURRENT LIABILITIES

1,199,845

1,232,437

PROVISIONS FOR LIABILITIES

-

50,857

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,199,845

1,181,580

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

1,199,845

1,181,580

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

1,199,845

1,181,580

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 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 17 January 2022 and were signed by:

Mr A R N Perkin - Designated member

Ms C L Lawton - Designated member

1.	STATUTORY INFORMATION

Jolliffe Cork LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number:

OC307104

Registered office:

33 George Street

Wakefield

West Yorkshire

WF1 1LX

The presentation currency of the financial statements is the Pound Sterling (£).

All financial information presented has been rounded to the nearest (£), unless otherwise stated.

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.

Going Concern

On 30 April 2021 the LLP ceased trading. As required by UK accounting standards, the members have prepared the financial statements on the basis that the LLP is no longer a going concern.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax, together with the value of work done, but not invoiced at the year end.

Goodwill

Goodwill is amortised so as to write off the cost, less its estimated residual value, over the the useful economic life of the asset. Under FRS 102 goodwill is considered to have a finite useful life, the members consider the useful economic life to be 20 years.

The members review the residual value of goodwill at each year-end for any impairment and amortise only when the members consider the carrying value may not be recoverable.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Fixtures and fittings

-

at varying rates on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Government grants

Grants receivable for the purpose of immediate financial support with regards to the Covid-19 pandemic, where there are no further related costs, are recognised in income in the period in which they are receivable.

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.

Pension costs and other post-retirement benefits

The LLP operates a Workplace Pension Scheme through Standard Life Assurance Limited. The contributions paid by the LLP are charged to the profit and loss account in the period to which they relate.

Retirement benefits to former members

The obligation to make payments to former members is recognised as a provision for liabilities and charges in the balance sheet and measured at the estimated present value.The liability is reassessed on an annual basis and any changes are charged to profit and loss, where appropriate.

Members' remuneration

The LLP agreement provides for the automatic division of profits for each member. These amounts are included in the Income statement as members' remuneration charged as an expense.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 27 (2020 - 28 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2020

500,000

Disposals

(500,000

)

At 30 April 2021

-

NET BOOK VALUE

At 30 April 2021

-

At 30 April 2020

500,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 May 2020

163,183

110,362

107,078

380,623

Additions

4,916

-

8,389

13,305

Disposals

(168,099

)

(110,362

)

(115,467

)

(393,928

)

At 30 April 2021

-

-

-

-

DEPRECIATION

At 1 May 2020

153,948

110,355

66,362

330,665

Charge for year

2,193

7

17,033

19,233

Eliminated on disposal

(156,141

)

(110,362

)

(83,395

)

(349,898

)

At 30 April 2021

-

-

-

-

NET BOOK VALUE

At 30 April 2021

-

-

-

-

At 30 April 2020

9,235

7

40,716

49,958

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

10,600

461,605

Amounts recoverable on

contracts

-

150,170

Other debtors

1,200,480

38,561

Prepayments and accrued income

-

98,569

1,211,080

748,905

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts

-

1,833

Trade creditors

58,247

63,572

Social security and other taxes

16,317

16,895

VAT

111,244

109,132

Other creditors

9,321

39,099

Accruals and deferred income

81,007

33,406

276,136

263,937

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

-

1,833

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2021

2020

£

£

Loans from members

1,025,000

1,025,000

Amounts owed to members in respect of profits

174,845

156,580

1,199,845

1,181,580

Falling due within one year

174,845

156,580

Falling due after more than one year

1,025,000

1,025,000

1,199,845

1,181,580

Loans and other debts due to members rank equally with unsecured creditors in the event of a winding up.