Freemans Partnership LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC301685 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

FREEMANS PARTNERSHIP LLP

Page

General Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mr C Petrides

Mr T Tsirtsipis

Mr R Kalia

Mr M Christodoulides

Mr F Toumazos

Mr Y Spyrou

REGISTERED OFFICE:

Solar House

282 Chase Road

Southgate

London

N14 6NZ

REGISTERED NUMBER:

OC301685 (England and Wales)

FIXED ASSETS

Tangible assets

4

9,687

16,887

CURRENT ASSETS

Stocks

9,500

29,500

Debtors

1,290,455

1,276,064

Cash at bank

231,057

16,820

1,531,012

1,322,384

CREDITORS

Amounts falling due within one year

125,977

142,904

NET CURRENT ASSETS

1,405,035

1,179,480

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,414,722

1,196,367

LOANS AND OTHER DEBTS DUE TO MEMBERS

5

1,414,722

1,196,367

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

5

1,414,722

1,196,367

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 30 December 2021 and were signed by:

Mr C Petrides - Designated member

1.	STATUTORY INFORMATION

Freemans Partnership 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 represents amounts derived from the provision of professional services to customers during the year, and is recognised at the date the service was provided. This is stated after trade discounts, other sales taxes and net of VAT.

Tangible fixed assets

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

Fixtures and fittings

-

Over the term of lease

Motor vehicles

-

25% straight line

Computer equipment

-

25% straight line

Government grants

Government grants represents income received in the form of the Job Retention Scheme (JRS).

The grant is recognised on the accruals basis in the same period as the expenditure that it is intended to compensate.

Stocks: work in progress

Work in progress is valued at the lower of cost and net realisable value. Cost consists of staff salary costs and direct expenses together with an appropriate proportion of overheads. Net realisable value is based on estimated amount to be billed for services provided less further costs expected to be incurred to completion. Payments received on account of work in progress are shown as a deduction from gross work in progress.

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 22 (2020 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2020

and 31 March 2021

305,767

DEPRECIATION

At 1 April 2020

288,880

Charge for year

7,200

At 31 March 2021

296,080

NET BOOK VALUE

At 31 March 2021

9,687

At 31 March 2020

16,887

5.

LOANS AND OTHER DEBTS DUE TO MEMBERS

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