Sharp Cross & Mann LLP - Limited company accounts 20.1
Sharp Cross & Mann LLP - Limited company accounts 20.1
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 March 2022 |
for |
Sharp Cross & Mann LLP |
Sharp Cross & Mann LLP (Registered number: OC404679) |
Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
Page |
General Information | 1 |
Report of the Members | 2 |
Chartered Accountants' Report | 3 |
Profit and Loss Account | 4 |
Balance Sheet | 5 |
Reconciliation of Members' Interests | 7 |
Notes to the Financial Statements | 9 |
Sharp Cross & Mann LLP |
General Information |
for the Year Ended 31 March 2022 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
70 Market Street |
Tottington |
Bury |
Greater Manchester |
BL8 3LJ |
Sharp Cross & Mann LLP (Registered number: OC404679) |
Report of the Members |
for the Year Ended 31 March 2022 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of solicitors. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £569,564 (2021 - £374,859 profit). |
MEMBERS' INTERESTS |
ON BEHALF OF THE MEMBERS: |
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Sharp Cross & Mann LLP |
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Sharp Cross & Mann LLP for the year ended 31 March 2022 which comprise the Profit and Loss Account, Balance Sheet, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the members of Sharp Cross & Mann LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sharp Cross & Mann LLP and state those matters that we have agreed to state to the members of Sharp Cross & Mann LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sharp Cross & Mann LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that Sharp Cross & Mann LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sharp Cross & Mann LLP. You consider that Sharp Cross & Mann LLP is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Sharp Cross & Mann LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
70 Market Street |
Tottington |
Bury |
Greater Manchester |
BL8 3LJ |
Sharp Cross & Mann LLP (Registered number: OC404679) |
Profit and Loss Account |
for the Year Ended 31 March 2022 |
31.3.22 | 31.3.21 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
569,564 | 341,028 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Sharp Cross & Mann LLP (Registered number: OC404679) |
Balance Sheet |
31 March 2022 |
31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 503,357 | 395,052 |
LOANS AND OTHER DEBTS DUE TO MEMBERS | 8 | 503,357 | 395,052 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 503,357 | 395,052 |
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. |
Sharp Cross & Mann LLP (Registered number: OC404679) |
Balance Sheet - continued |
31 March 2022 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Sharp Cross & Mann LLP (Registered number: OC404679) |
Reconciliation of Members' Interests |
for the Year Ended 31 March 2022 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 395,052 |
Amount due from members | - |
Balance at 1 April 2021 | - | 395,052 | 395,052 |
Profit for the financial year available for discretionary division among members |
569,564 |
- |
569,564 |
Members' interests after profit for the year |
569,564 |
395,052 |
964,616 |
Other divisions of profit | (569,564 | ) | 569,564 | - |
Drawings | - | (461,259 | ) | (461,259 | ) |
Amount due to members | 503,357 |
Amount due from members | - |
Balance at 31 March 2022 | - | 503,357 | 503,357 |
Sharp Cross & Mann LLP (Registered number: OC404679) |
Reconciliation of Members' Interests |
for the Year Ended 31 March 2022 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 351,494 |
Amount due from members | - |
Balance at 1 April 2020 | - | 351,494 | 351,494 |
Profit for the financial year available for discretionary division among members |
374,859 |
- |
374,859 |
Members' interests after profit for the year |
374,859 |
351,494 |
726,353 |
Other divisions of profit | (374,859 | ) | 374,859 | - |
Drawings | - | (331,301 | ) | (331,301 | ) |
Amount due to members | 395,052 |
Amount due from members | - |
Balance at 31 March 2021 | - | 395,052 | 395,052 |
Sharp Cross & Mann LLP (Registered number: OC404679) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
1. | STATUTORY INFORMATION |
Sharp Cross & Mann LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
Computer equipment | - |
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 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. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.3.22 | 31.3.21 |
£ | £ |
Depreciation - owned assets |
Sharp Cross & Mann LLP (Registered number: OC404679) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2021 |
Additions |
At 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Taxation and social security |
Other creditors |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank pari passu with unsecured creditors. The legal opinion given in appendix to the SORP, Accounting by Limited Liability Partnerships, is that members' other interests rank after unsecured creditors. |