Ibbett Mosely Surveyors LLP Filleted accounts for Companies House (small and micro)

IBBETT MOSELY SURVEYORS LIMITED LIABILITY PARTNERSHIP - Company Information

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REGISTERED NUMBER: OC341637

IBBETT MOSELY SURVEYORS LLP

FILLETED UNAUDITED FINANCIAL STATEMENTS

YEAR ENDED

31 March 2021

IBBETT MOSELY SURVEYORS LLP

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

Contents	Page

Members' report	1

Balance sheet	3

Notes to the financial statements	5

IBBETT MOSELY SURVEYORS LLP

MEMBERS' REPORT

YEAR ENDED 31 MARCH 2021

The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2021 .

Principal activities

The principal activity of the LLP during the year was that of Chartered Surveyors and provision of estate agency services.

Designated members

The designated members who served the LLP during the year were as follows:

R Wickham
J Emmerson

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

This report was approved by the members on 14 September 2021 and signed on behalf of the members by:

R Wickham	J Emmerson
Designated Member	Designated Member

M Wallington	I Beagley
Member	Member

G Higgins	A Crowe-White
Member	Member

J Harbottle	D Pickford
Member	Member

Registered office:

125 High Street

Sevenoaks

Kent

TN13 1UT

IBBETT MOSELY SURVEYORS LLP

BALANCE SHEET

31 March 2021

	2021		2020
Note	£	£	£	£

FIXED ASSETS

Intangible assets	5	10,746	16,663
Tangible assets	6	221,335	199,916
		---------	---------
		232,081	216,579

CURRENT ASSETS

Debtors	7	217,445	159,878
Cash at bank and in hand		414,918	26,521
		---------	---------
		632,363	186,399

CREDITORS: amounts falling due within one year	8	380,271		106,223
		---------		---------
NET CURRENT ASSETS			252,092		80,176
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			484,173		296,755
			---------		---------
NET ASSETS			484,173		296,755
			---------		---------

REPRESENTED BY:

LOANS AND OTHER DEBTS DUE TO MEMBERS

Members' capital classified as a liability	9	200,000	200,000
Other amounts	9	284,173	96,755
		---------	---------
		484,173	296,755
		---------	---------

MEMBERS' OTHER INTERESTS

Other reserves	–	–
	---------	---------
	484,173	296,755
	---------	---------

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members	9	484,173	296,755
Members' other interests		–	–
		---------	---------
		484,173	296,755
		---------	---------

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 profit and loss account has not been delivered.

IBBETT MOSELY SURVEYORS LLP

BALANCE SHEET (continued)

31 March 2021

For the year ending 31 March 2021 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 14 September 2021 , and are signed on their behalf by:

R Wickham	J Emmerson
Designated Member	Designated Member

M Wallington	I Beagley
Member	Member

G Higgins	A Crowe-White
Member	Member

J Harbottle	D Pickford
Member	Member

Registered number: OC341637

IBBETT MOSELY SURVEYORS LLP

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

1.	General information

The LLP is registered and incorporated in England and Wales. The address of the registered office is 125 High Street, Sevenoaks, Kent, TN13 1UT.

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

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 and investment properties measured at fair value in accordance with FRS 102. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of VAT. In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.

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 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'. 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 equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the profit and loss account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, 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 remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the balance sheet within 'Loans and other debts due to members' and are charged to the profit and loss account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Land and buildings	-	1% straight line
Fixtures and fittings	-	18% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	18% reducing balance

Government grants

Government grants are recognised using the performance model. Under the performance model, where the grant does not impose specified future performance related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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.

Defined contribution plans

The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held seperately from those of the company. Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 26 (2020: 34 ).

5.	Intangible assets

	Goodwill
	£
Cost
At 1 April 2020 and 31 March 2021	69,588
	--------
Amortisation
At 1 April 2020	52,925
Charge for the year	5,917
	--------
At 31 March 2021	58,842
	--------
Carrying amount
At 31 March 2021	10,746
	--------
At 31 March 2020	16,663
	--------

6.	Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2020	135,339	383,749	41,293	93,866	654,247
Additions	–	17,174	25,240	2,402	44,816
Disposals	–	( 1,000)	( 21,193)	( 1,106)	( 23,299)
	---------	---------	--------	--------	---------
At 31 March 2021	135,339	399,923	45,340	95,162	675,764
	---------	---------	--------	--------	---------
Depreciation
At 1 April 2020	12,842	341,729	21,259	78,501	454,331
Charge for the year	1,354	9,025	4,857	2,923	18,159
Disposals	–	( 619)	( 16,680)	( 762)	( 18,061)
	---------	---------	--------	--------	---------
At 31 March 2021	14,196	350,135	9,436	80,662	454,429
	---------	---------	--------	--------	---------
Carrying amount
At 31 March 2021	121,143	49,788	35,904	14,500	221,335
	---------	---------	--------	--------	---------
At 31 March 2020	122,497	42,020	20,034	15,365	199,916
	---------	---------	--------	--------	---------

7.	Debtors

	2021	2020
	£	£
Trade debtors	114,167	95,537
Other debtors	103,278	64,341
	---------	---------
	217,445	159,878
	---------	---------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	58,449	31,249
Social security and other taxes	87,427	42,448
Other creditors	234,395	32,526
	---------	---------
	380,271	106,223
	---------	---------

9.	Loans and other debts due to members

	2021	2020
	£	£
Amounts owed to members in respect of profits	284,173	96,755
Other amounts	200,000	200,000
	---------	---------
	484,173	296,755
	---------	---------

10.	Related party transactions

In the opinion of the members the LLP is under the control of the designated members. During the year the LLP paid rent to Mr Wickham, a designated member totalling £24,500 (2020 - £26,583).

11.	Members ranking in a winding up

In the event of a winding up, loans and other debts due to members rank after unsecured creditors.