Elan & Co LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC320737 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2020

for

Elan & Co LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Shakar Elahi FCCA

Ms Bernadette Teuma

REGISTERED OFFICE:

Unit 3 Cedar Court

1 Royal Oak Yard

London

SE1 3GA

REGISTERED NUMBER:

OC320737 (England and Wales)

ACCOUNTANTS:

ElanTax.com

Unit 3 Cedar Court

1 Royal Oak Yard

London

SE1 3GA

FIXED ASSETS

Tangible assets

4

40,071

53,426

CURRENT ASSETS

Debtors

5

1,101,228

1,215,432

Cash at bank and in hand

210

621

1,101,438

1,216,053

CREDITORS

Amounts falling due within one year

6

112,218

165,068

NET CURRENT ASSETS

989,220

1,050,985

TOTAL ASSETS LESS CURRENT LIABILITIES

1,029,291

1,104,411

CREDITORS

Amounts falling due after more than one year

7

(316,249

)

(293,041

)

ACCRUALS AND DEFERRED INCOME

-

(26,674

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

713,042

784,696

LOANS AND OTHER DEBTS DUE TO MEMBERS

713,042

784,696

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

713,042

784,696

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 31 October 2020.

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 15 July 2021 and were signed by:

Shakar Elahi FCCA - Designated member

1.	STATUTORY INFORMATION

Elan & Co LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised in the current year.

Goodwill, being the amount paid in connection with the acquisition of a business is being amortised evenly over its estimated useful life.

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.

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 15% on reducing balance.

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.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2019 - 8 ).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2019

and 31 October 2020

181,339

DEPRECIATION

At 1 November 2019

127,913

Charge for year

13,355

At 31 October 2020

141,268

NET BOOK VALUE

At 31 October 2020

40,071

At 31 October 2019

53,426

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

42,284

49,990

Other debtors

1,058,944

1,165,442

1,101,228

1,215,432

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans and overdrafts

46,323

48,663

Trade creditors

14,400

54,137

Taxation and social security

8,407

20,268

Other creditors

43,088

42,000

112,218

165,068

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans

316,249

293,041