Etic Lab LLP - Accounts to registrar (filleted) - small 18.2

Etic Lab LLP - Accounts to registrar (filleted) - small 18.2

ETIC LAB LLP - Company Information

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IRIS Accounts Production v21.2.0.376 OC407592 designated member designated member 1.4.20 31.3.21 31.3.21 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureOC4075922020-03-31OC4075922021-03-31OC4075922020-04-012021-03-31OC4075922019-03-31OC4075922019-04-012020-03-31OC4075922020-03-31OC407592ns16:EnglandWales2020-04-012021-03-31OC407592ns15:PoundSterling2020-04-012021-03-31OC407592ns11:Director12020-04-012021-03-31OC407592ns11:Director22020-04-012021-03-31OC407592ns11:LimitedLiabilityPartnershipLLP2020-04-012021-03-31OC407592ns11:SmallEntities2020-04-012021-03-31OC407592ns11:AuditExempt-NoAccountantsReport2020-04-012021-03-31OC407592ns11:SmallCompaniesRegimeForAccounts2020-04-012021-03-31OC407592ns11:LimitedLiabilityPartnershipsSORP2020-04-012021-03-31OC407592ns11:FullAccounts2020-04-012021-03-31OC407592ns11:Director32020-04-012021-03-31OC407592ns11:Director42020-04-012021-03-31OC407592ns11:RegisteredOffice2020-04-012021-03-31OC407592ns6:CurrentFinancialInstruments2021-03-31OC407592ns6:CurrentFinancialInstruments2020-03-31OC407592ns6:PlantMachinery2020-03-31OC407592ns6:PlantMachinery2020-04-012021-03-31OC407592ns6:PlantMachinery2021-03-31OC407592ns6:PlantMachinery2020-03-31OC407592ns6:AdditionsToInvestments2021-03-31OC407592ns6:CostValuation2021-03-31OC407592ns6:CurrentFinancialInstrumentsns6:WithinOneYear2021-03-31OC407592ns6:CurrentFinancialInstrumentsns6:WithinOneYear2020-03-31


REGISTERED NUMBER: OC407592 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2021

for

Etic Lab LLP
Etic Lab LLP (Registered number: OC407592)

Contents of the Financial Statements
for the Year Ended 31 March 2021










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Etic Lab LLP

General Information
for the Year Ended 31 March 2021







DESIGNATED MEMBERS: A K Hogan
Dr K M Hogan
T A Barrington
C Tilt





REGISTERED OFFICE: Frolic House
23 Frolic Street
Newtown
Powys
SY16 1AP





REGISTERED NUMBER: OC407592 (England and Wales)





ACCOUNTANTS: Morgan Griffiths LLP
Chartered Accountants
Cross Chambers
9 High Street
Newtown
Powys
SY16 2NY
Page 1
Etic Lab LLP (Registered number: OC407592)

Balance Sheet
31 March 2021

31.3.21 31.3.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,578 3,166
Investments 5 1,850 -
21,428 3,166

CURRENT ASSETS
Stocks - 16,976
Debtors 6 20,251 -
Prepayments and accrued income 1,068 169
Cash at bank and in hand 46,643 5,063
67,962 22,208
CREDITORS
Amounts falling due within one year 7 68,540 670
NET CURRENT (LIABILITIES)/ASSETS (578 ) 21,538
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS
20,850
24,704

LOANS AND OTHER DEBTS DUE TO
MEMBERS
8
20,750
24,604

MEMBERS' OTHER INTERESTS
Capital accounts 100 100
20,850 24,704

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 20,750 24,604
Members' other interests 100 100
20,850 24,704

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 March 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 notes form part of these financial statements

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Etic Lab LLP (Registered number: OC407592)

Balance Sheet - continued
31 March 2021


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 9 September 2021 and were signed by:





A K Hogan - Designated member

The notes form part of these financial statements

Page 3
Etic Lab LLP (Registered number: OC407592)

Notes to the Financial Statements
for the Year Ended 31 March 2021


1. STATUTORY INFORMATION

Etic Lab 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.

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

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 5 (2020 - 2 ) .

Page 4 continued...
Etic Lab LLP (Registered number: OC407592)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2021


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2020 4,727
Additions 23,920
At 31 March 2021 28,647
DEPRECIATION
At 1 April 2020 1,561
Charge for year 7,508
At 31 March 2021 9,069
NET BOOK VALUE
At 31 March 2021 19,578
At 31 March 2020 3,166

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 1,850
At 31 March 2021 1,850
NET BOOK VALUE
At 31 March 2021 1,850

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.21 31.3.20
£    £   
Trade debtors 19,697 -
Other debtors 554 -
20,251 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.21 31.3.20
£    £   
Trade creditors 1,177 -
Taxation and social security 2,729 648
Other creditors 64,634 22
68,540 670

Page 5 continued...
Etic Lab LLP (Registered number: OC407592)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2021


8. LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of a winding up, members' other reserves rank after unsecured creditors. Loans and other debts due to members rank pari passu with unsecured creditors in the event of a winding up. There is no formal restriction on the ability of the LLP to reduce the amount of members' other interests.

Page 6