ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE YEAR ENDED 31 MARCH 2021
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SIMMONS GAINSFORD LLP
INFORMATION
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SIMMONS GAINSFORD LLP
CONTENTS
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SIMMONS GAINSFORD LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The members present their annual report together with the audited financial statements of Simmons Gainsford LLP (the "LLP and the Group") for the ended 31 March 2021.
Principal activities
The principal activity of the limited liability partnership continued to be that of Chartered Accountants providing professional services.
The principal activities of the subsidiary and associated undertakings are set out in note 14 to the accounts.
Designated Members
The following designated members of the parent have held office during the year:
D Hersey A Pisavadi O Dodd D Pumfrey R Thakerar J Duggan D Farshchi-Heidari S Manek A Rose A Mehta D Dolega ( resigned 30 November 2021) F Cross ( resigned 19 August 2020) P Twydell (appointed 02 November 2020)
Members' capital and interests
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.
A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".
Going concern
In early 2020, the World Health Organisation declared the COVID-19 virus to be a global pandemic and the UK Government introduced restrictions on certain activities and behaviours in an effort to prevent the virus's spread and limit its longer term impacts.
This is an ongoing situation and, whilst these restrictions have caused the LLP and Group to assess and adapt their working practices to continue to operate without interruption, the members do not consider that the circumstances have caused any material change to the LLP’s and Group's ability to trade, nor affect their status as Going Concerns.
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SIMMONS GAINSFORD LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Disclosure of information to auditors
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:
∙so far as that member is aware, there is no relevant audit information of which the Group's auditors are unaware, and
∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the Group's auditors are aware of that information.
Auditors
The auditors, GMP Audit Limited, have indicated their willingness to continue in office. The Designated members will propose a motion re-appointing the auditors at a meeting of the members.
This report was approved by the members on 20 December 2021 and signed on their behalf by:
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SIMMONS GAINSFORD LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2021
The members are responsible for preparing the annual report and theconsolidated financial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the members are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and the Group and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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SIMMONS GAINSFORD LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIMMONS GAINSFORD LLP
We have audited the financial statements of Simmons Gainsford LLP (the 'parent LLP') and its subsidiaries (the 'Group') for the year ended 31 March 2021, which comprise the Group Statement of Comprehensive Income, the Group and LLP Balance Sheets, the Group Statement of Cash Flows, the Group and LLP Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
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SIMMONS GAINSFORD LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIMMONS GAINSFORD LLP (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Discussion with management which included consideration of known or suspected instances of non-compliance with laws and regulations and fraud
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SIMMONS GAINSFORD LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIMMONS GAINSFORD LLP (CONTINUED)
∙Reviewing, evaluating and testing systems and controls to assess their effectiveness to prevent and detected irregularities
∙Identifying, reviewing and testing journal entries
∙Challenging assumptions and judgements made by management in respect of significant accounting estimates
∙Reviewing minutes of board meetings for known or suspected instances of non-compliance with laws and regulations and fraud
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from that events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one due to error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
82 High Street
TN30 6JG
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SIMMONS GAINSFORD LLP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2021
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SIMMONS GAINSFORD LLP
REGISTERED NUMBER: OC303127
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2021
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SIMMONS GAINSFORD LLP
REGISTERED NUMBER: OC303127
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2021
The financial statements were approved and authorised for issue by the members and were signed on their behalf on
The notes on pages 16 to 37 form part of these financial statements.
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SIMMONS GAINSFORD LLP
REGISTERED NUMBER: OC303127
LLP BALANCE SHEET
AS AT 31 MARCH 2021
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SIMMONS GAINSFORD LLP
REGISTERED NUMBER: OC303127
LLP BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2021
The financial statements were approved and authorised for issue by the members and were signed on their behalf on
The notes on pages 16 to 37 form part of these financial statements.
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SIMMONS GAINSFORD LLP
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
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SIMMONS GAINSFORD LLP
LLP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
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SIMMONS GAINSFORD LLP
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
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SIMMONS GAINSFORD LLP
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
The principal activity of the limited liability partnership continued to be that of Chartered Accountants providing professional services.
The principal activities of the subsidiary and associated undertakings are as set out in note 14. The registered office and principal place of business of the LLP and its subsidiaries, with the exception of Payassist Limited, is 14th Floor, 33 Cavendish Square, London, W1G 0PW. The registered office and principal place of business of Payassist Limited is 52 New Town, Uckfield, East Sussex, TN22 5DE.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The consolidated financial statements present the results of the LLP and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
Turnover comprises revenue recognised in respect of services supplied, exclusive of Value Added Tax and trade discounts. Where the LLP has incomplete contracts at the year end, income and expenditure for these contracts is recognised so that it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the value of the work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
The following criteria must also be met before turnover is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: •the amount of turnover can be measured reliably; •it is probable that the Group will receive the consideration due under the contract; •the stage of completion of the contract at the end of the reporting period can be measured reliably; and •the costs incurred and the costs to complete the contract can be measured reliably.
Acquired goodwill is written off in equal annual installments over its estimated useful economic life of not more than 10 years.
Acquired client lists are written off in equal annual installments over their estimated useful economic life of not more than 5 years.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy. Fixed asset investments are stated at fair value with changes in the fair value recognised in the comprehensive income. Where the fair value cannot be ascertained without incurring undue cost less investment is stated at cost less provision for diminution in value.
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
(i) Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transition price. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is recognised in profit and loss account. If there is a decrease in the impairment loss arising from an event occurring such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The Group does not have financial assets measured at fair value. Financial assets are unrecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (B) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (ac) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. (ii) Financial liabilities Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price. The Group does not have liabilities measured at fair value. (iii) Offsetting Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
Functional and presentation currency
Transactions and balances
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
The LLP holds client monies in general and designated bank accounts. The monies held in these bank accounts and the balances due to clients are netted off and excluded from these financial statements. The total amounts of client monies held by the LLP as at 31 March 2020 was £6,197,844 (2020: £1,067,346).
Certain former members are entitled to receive annuities following their retirement, payable for a period of 5 years after their retirement. When members retire within the terms of the annuity provisions of the LLP Deed a liability for the full annuity payable over its term is recognised in the accounts of the LLP. This liability is allocated between creditors due within one year and creditors due after more than one year as appropriate. The annuity payments are funded from current and future profits. The LLP has adopted the policy of recognising a full provision for the annuities payable immediately on retirement of a member in accordance with FRS 102.
At 31 March 2020 the liability under these provisions totals £544,801 (2020: £890,071) of which £199,528 (2020: £544,801) is due after more than one year. Without these provisions the total consolidated members interests at 31 March 2021 would be £3,866,566 (2020: £3,514,243) and not £3,321,765 (2020: £2,624,172) as shown on the balance sheet.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future period. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
No provision for taxation on the profits of the LLP has been made in the financial statements. Each member is exclusively liable for any tax liabilities arising out of their interest in the LLP, which will be assessed on the individual members and not the LLP.
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. In preparing the financial statements, the members have made the following judgments and considered the following key sources of estimation uncertainties: a) determine whether there are indicators of impairment of the LLP's and Group's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the assets. Tangible and intangible assets are depreciated and amortised respectively over their useful lives after taking into account residual values. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing tangible asset lives, factors such as technological innovation and maintenance programmes are taken into consideration. Residual value assessments consider issues such as future market conditions, the remaining life of the assets and estimated disposal values. b) determine whether leases entered into by the LLP and Group as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the LLP or Group on a lease by lease basis. c) determine whether at the balance sheet date the provision for doubtful debts is adequate. At the balance sheet date the members carry out a review of trade debtor balances and assess whether, after considering historical and current performance of customers, balances are recoverable or not. d) determine whether at the balance sheet date accrued income is accurate and not overstated. Members carry out a review of work in progress at the balance sheet date and during this process they consider the stage of completion and the likelihood of recoverability of work in progress. e) determine whether a provision for retirement benefits to members is required to be made. Note 24 gives further information on the factors considered by the members
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Page 24
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Page 25
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
11.Taxation (continued)
There were no factors that may affect future tax charges.
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Page 27
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
12.Intangible assets (continued)
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Page 29
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Page 30
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Page 31
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
The LLP has given debentures in the form of fixed and floating charges in respect of its bank borrowings.
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
LLP
The LLP has taken advantage of the exemption available to it under FRS 102 and has not disclosed transactions with any wholly owned subsidiary undertakings. A net amount of £234,605 (2020: £52,920 due to) was due from subsidiary undertakings at the year end.
GROUP
During the year, the Group incurred expenses of £158,809 (2020: £173,074) to an associated undertaking.
The LLP offers members the opportunity of early retirement at normally between 60 and 65 years of age in exchange for a retirement annuity. It is not practical to properly evaluate a net present value for this contingent liability as there is no obligation on an individual member to take this opportunity and retire early. Furthermore, the amount of any annuity payable should a member retire early cannot accurately be quantified before retirement date. As a result, no amount can be evaluated to be included in these accounts.
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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SIMMONS GAINSFORD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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