Travlaw LLP Filleted accounts for Companies House (small and micro)

15 false false false false false false false false false false false false false false false false 2020-04-01 Sage Accounts Production Advanced 2020 - FRS102_2019 12,000 12,000 12,000 xbrli:pure xbrli:shares iso4217:GBP OC342402 2020-04-01 2021-01-31 OC342402 2021-01-31 OC342402 2020-03-31 OC342402 2019-04-01 2020-03-31 OC342402 2020-03-31 OC342402 bus:Director1 2020-04-01 2021-01-31 OC342402 bus:Director5 2020-04-01 2021-01-31 OC342402 core:FurnitureFittings 2020-03-31 OC342402 core:FurnitureFittings 2021-01-31 OC342402 core:NetGoodwill 2020-04-01 2021-01-31 OC342402 core:FurnitureFittings 2020-04-01 2021-01-31 OC342402 core:WithinOneYear 2021-01-31 OC342402 core:WithinOneYear 2020-03-31 OC342402 core:AfterOneYear 2021-01-31 OC342402 core:AfterOneYear 2020-03-31 OC342402 core:NetGoodwill 2021-01-31 OC342402 core:FurnitureFittings 2020-03-31 OC342402 bus:SmallEntities 2020-04-01 2021-01-31 OC342402 bus:AuditExemptWithAccountantsReport 2020-04-01 2021-01-31 OC342402 bus:FullAccounts 2020-04-01 2021-01-31 OC342402 bus:SmallCompaniesRegimeForAccounts 2020-04-01 2021-01-31 OC342402 bus:LimitedLiabilityPartnershipLLP 2020-04-01 2021-01-31 OC342402 core:OfficeEquipment 2020-03-31 OC342402 core:OfficeEquipment 2020-04-01 2021-01-31 OC342402 core:OfficeEquipment 2021-01-31 OC342402 core:OtherRelatedParties core:ProvisionsGuaranteesOrCollateral 2020-04-01 2021-01-31

REGISTERED NUMBER: OC342402

Travlaw LLP

Filleted unaudited financial statements

31 January 2021

Travlaw LLP

Statement of financial position

31 January 2021

	31 Jan 21		31 Mar 20
Note	£	£	£	£

Fixed assets

Intangible assets	5	12,000	–
Tangible assets	6	6,908	8,550
		-------	------
		18,908	8,550

Current assets

Amounts recoverable on contracts		104,494	95,652
Debtors	7	263,220	301,162
Cash at bank and in hand		213,724	11,123
		---------	---------
		581,438	407,937

Creditors: Amounts falling due within one year	8	182,872		187,500
		---------		---------
Net current assets			398,566		220,437
			---------		---------
Total assets less current liabilities			417,474		228,987

Creditors: Amounts falling due after more than one year	9	240,717	128,987
		---------	---------
Net assets		176,757	100,000
		---------	---------

Represented by:

Loans and other debts due to members

Members' capital classified as a liability	10	100,000	100,000
Other amounts	10	76,757	–
		---------	---------
		176,757	100,000
		---------	---------

Members' other interests

Other reserves	–	–
	---------	---------
	176,757	100,000
	---------	---------

Total members' interests

Amounts due from members		–	(63,974)
Loans and other debts due to members	10	176,757	100,000
Members' other interests		–	–
		---------	---------
		176,757	36,026
		---------	---------

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 statement of comprehensive income has not been delivered.

Travlaw LLP

Statement of financial position (continued)

31 January 2021

For the period ending 31st January 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 12 November 2021 , and are signed on their behalf by:

Mr M Gatenby	Mrs R L Hawley
Designated Member	Designated Member

Registered number: OC342402

Travlaw LLP

Notes to the financial statements

period from 1st April 2020 to 31st January 2021

1.	General information

Travlaw LLP is a limited liability partnership registered in England and Wales (no. OC342402 ). The address of the registered office is Lee House, 1 Lee Lane East, Horsforth, Leeds, LS18 5NA. The principal activity of the LLP during the year was the provision of legal services to the travel industry .

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of 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. Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

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 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 Income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Statement of financial position.

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 income statement and are equity appropriations in the Statement of financial position.

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 statement of financial position within 'Loans and other debts due to members' and are charged to the income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'. 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).

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:

Fixtures & Fittings	-	25% Straight Line
Computer Equipment	-	33% Straight Line

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4.	Employee numbers

The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 15 (2020: 15 ).

5.	Intangible assets

	Goodwill
	£

Cost
Additions	12,000
	-------
At 31st January 2021	12,000
	-------
Amortisation
At 1st April 2020 and 31st January 2021	–
	-------
Carrying amount
At 31st January 2021	12,000
	-------
At 31st March 2020	–
	-------

6.	Tangible assets

Fixtures and fittings	Equipment	Total
£	£	£

Cost
At 1st April 2020	31,093	110,730	141,823
Additions	62	5,189	5,251
	-------	---------	---------
At 31st January 2021	31,155	115,919	147,074
	-------	---------	---------
Depreciation
At 1st April 2020	27,877	105,396	133,273
Charge for the period	1,680	5,213	6,893
	-------	---------	---------
At 31st January 2021	29,557	110,609	140,166
	-------	---------	---------
Carrying amount
At 31st January 2021	1,598	5,310	6,908
	-------	---------	---------
At 31st March 2020	3,216	5,334	8,550
	-------	---------	---------

7.	Debtors

	31 Jan 21	31 Mar 20
	£	£

Trade debtors	224,290	196,815
Amounts owed by group undertakings	100	–
Prepayments and accrued income	28,056	29,599
Amounts due from members	–	63,974
Loans due from former partners	10,774	10,774
	---------	---------
	263,220	301,162
	---------	---------

8. Creditors: Amounts falling due within one year

	31 Jan 21	31 Mar 20
	£	£

Bank loans and overdrafts	47,532	82,009
Trade creditors	40,457	31,402
Social security and other taxes	82,691	56,524
Other creditors	12,192	17,565
	---------	---------
	182,872	187,500
	---------	---------

9. Creditors: Amounts falling due after more than one year

	31 Jan 21	31 Mar 20
	£	£

Bank loans and overdrafts	240,717	128,987
	---------	---------

10.	Loans and other debts due to members

	31 Jan 21	31 Mar 20
	£	£

Amounts owed to members in respect of profits	76,757	–
Other amounts	100,000	100,000
	---------	---------
	176,757	100,000
	---------	---------

11.	Related party transactions

One of the members has provided a personal guarantee of £50,000 in respect of the entity's borrowings with Barclays Bank Plc. The amounts due from members at the year end were £nil (2020 - £63,974), this amount is included within debtors in the accounts. Mr S M Mason retired as a Designated Member on 30 September 2018 and the amount owed by him at the year end was £nil (2020 £892), this amount is included within Other Debtors in the accounts.