Campbell Riddell Breeze Paterson LLP - LLP accounts 20.1

REGISTERED NUMBER: SO301944 (Scotland)

Report of the Members and

Unaudited Financial Statements for the Year Ended 30 June 2021

for

Campbell Riddell Breeze Paterson LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Reconciliation of Members' Interests

6

Notes to the Financial Statements

8

DESIGNATED MEMBERS:

J H Muir

R Leggett

R C Stewart

REGISTERED OFFICE:

229 Fenwick Road

Giffnock

G46 6JQ

REGISTERED NUMBER:

SO301944 (Scotland)

ACCOUNTANTS:

Parkhill Mackie & Co.

Chartered Accountants

60 Wellington Street

Glasgow

G2 6HJ

The members present their report with the financial statements of the LLP for the year ended 30 June 2021.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of a firm of solicitors.

DESIGNATED MEMBERS

The designated members during the year under review were:

J H Muir

R Leggett

R C Stewart

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £284,432 (2020 - £257,037 profit).

MEMBERS' INTERESTS

The members participate fully in the firm's profits, share the risks and subscribe the firm's capital.

During the year the members receive drawings on an ad hoc basis. Drawings represent payments on account of current year profits. Profits are shared equally by the members.

The capital requirements of the LLP are determined by the members and are reviewed regularly. Capital contributions are repayable at par upon an individual members' retirement.

ON BEHALF OF THE MEMBERS:

R C Stewart - Designated member

10 December 2021

TURNOVER

802,370

733,216

Cost of sales

344,192

333,969

GROSS PROFIT

458,178

399,247

Administrative expenses

190,673

191,643

267,505

207,604

Other operating income

3

18,516

40,143

OPERATING PROFIT

5

286,021

247,747

Interest receivable and similar income

799

11,156

286,820

258,903

Interest payable and similar expenses

2,388

1,866

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES

284,432

257,037

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES

284,432

257,037

Members' remuneration charged as an expense

6

(284,432

)

(257,037

)

PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

-

-

FIXED ASSETS

Tangible assets

7

7,193

12,165

CURRENT ASSETS

Debtors

8

128,254

110,824

Cash at bank and in hand

363,170

342,108

491,424

452,932

CREDITORS

Amounts falling due within one year

9

(144,852

)

(129,497

)

NET CURRENT ASSETS

346,572

323,435

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

353,765

335,600

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

353,765

335,600

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

353,765

335,600

Amounts due from members

8

(67,297

)

(49,637

)

286,468

285,963

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 30 June 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 financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 10 December 2021 and were signed by:

R Leggett - Designated member

R C Stewart - Designated member

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Members'

capital

Other

(classified

Other

reserves

as debt)

amounts

Total

Total

£

£

£

£

£

Amount due to members

115,986

219,614

335,600

Amount due from members

-

(49,637

)

(49,637

)

Balance at 1 July 2020

-

115,986

169,977

285,963

285,963

Members' remuneration charged as an expense, including employment and retirement benefit costs

-

-

284,432

284,432

284,432

Profit for the financial year available for discretionary division among members

-

-

-

-

-

Members' interests after profit for the year

-

115,986

454,409

570,395

570,395

Drawings

-

-

(283,927

)

(283,927

)

(283,927

)

Amount due to members

115,986

237,779

353,765

Amount due from members

-

(67,297

)

(67,297

)

Balance at 30 June 2021

-

115,986

170,482

286,468

286,468

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Members'

capital

Other

(classified

Other

reserves

as debt)

amounts

Total

Total

£

£

£

£

£

Amount due to members

115,986

242,250

358,236

Amount due from members

-

(17,480

)

(17,480

)

Balance at 1 July 2019

-

115,986

224,770

340,756

340,756

Members' remuneration charged as an expense, including employment and retirement benefit costs

-

-

257,037

257,037

257,037

Profit for the financial year available for discretionary division among members

-

-

-

-

-

Members' interests after profit for the year

-

115,986

481,807

597,793

597,793

Drawings

-

-

(311,830

)

(311,830

)

(311,830

)

Amount due to members

115,986

219,614

335,600

Amount due from members

-

(49,637

)

(49,637

)

Balance at 30 June 2020

-

115,986

169,977

285,963

285,963

1.	STATUTORY INFORMATION

Campbell Riddell Breeze Paterson LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 represents amounts chargeable to clients for professional services provided during the year, excluding VAT. Turnover includes unbilled amounts recoverable from clients at the balance sheet date by reference to the fair value of services provided at the balance sheet date as a proportion of the total value of the engagement. Unbilled revenue is included in debtors. Provision is made against unbilled amounts where the right to receive payment is contingent on factors outside the control of the firm.

Tangible fixed assets

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

Tenant's improvements

-

20% on cost

Fixtures and fittings

-

20% on cost

Office equipment

-

20% on cost

Government grants

Government grants are accounting for using the accruals model. Revenue based grants are credited to Other Operating Income in the period for which awarded.

Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualifies as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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 meets its auto enrolment pension obligations by using NEST which is a multi-employer defined contribution scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Taxation

Taxation on LLP profits is the personal liability of the members. Accordingly no tax charge in respect of income tax is included in the profit and loss account and all payments are charged against members' funds.

Members' remuneration

Members' capital is classified as a financial liability in the balance sheet. Members' share of LLP profits is automatically allocated to capital.

3.	OTHER OPERATING INCOME

The LLP received grants amounting to £17,057 (2020: £36,092) as part of the COVID-19 support schemes.

There were no unfulfilled conditions or contingencies for the above grants.

4.	EMPLOYEE INFORMATION

The average number of employees during the year was 10 (2020 - 11 ) .

5.	OPERATING PROFIT

The operating profit is stated after charging:

2021

2020

£

£

Depreciation - owned assets

8,591

7,867

6.	INFORMATION IN RELATION TO MEMBERS

2021

2020

£

£

Members' remuneration charged as an expense

Automatic division of profit

284,432

257,037

7.	TANGIBLE FIXED ASSETS

Fixtures

Tenant's

and

Office

improvements

fittings

equipment

Totals

£

£

£

£

COST

At 1 July 2020

8,897

7,359

23,078

39,334

Additions

-

-

3,619

3,619

At 30 June 2021

8,897

7,359

26,697

42,953

DEPRECIATION

At 1 July 2020

4,597

4,670

17,902

27,169

Charge for year

1,779

1,472

5,340

8,591

At 30 June 2021

6,376

6,142

23,242

35,760

NET BOOK VALUE

At 30 June 2021

2,521

1,217

3,455

7,193

At 30 June 2020

4,300

2,689

5,176

12,165

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Client ledger balances

28,994

26,336

Amounts due from members

67,297

49,637

Amounts recoverable on

contracts

12,000

12,000

Prepayments

19,963

22,851

128,254

110,824

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Social security and other taxes

35,356

67,154

Income tax provision

82,157

50,430

Accrued expenses

27,339

11,913

144,852

129,497

The income tax payable by the partners for the tax year 2020/21 is incorporated in creditors. No provision is made for the 2021/22 tax liability.

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2021

2020

£

£

Amounts owed to members in respect of profits

237,779

219,614

Capital account

115,986

115,986

353,765

335,600

Falling due within one year

353,765

335,600

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

There are no restrictions on the ability of members to reduce the amount of Members' other interests.

11.	OTHER FINANCIAL COMMITMENTS

At 30 June 2021 the LLP had operating lease commitments amounting to £336,026 (2020:£348,462).

12.	RELATED PARTY DISCLOSURES

Rent includes £20,000 (2020: £20,000) charged by BW SIPP Trustees Ltd, whose Trustees are the partners of Campbell Riddell Breeze Paterson LLP. Debtors at 30 June 2021 includes rent of £3,187 (2020:£3,187) paid in advance to BW SIPP Trustees Ltd.

The LLP is controlled by the designated members.