Prentis & Co LLP - Accounts to registrar (filleted) - small 18.2
Prentis & Co LLP - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021 |
FOR |
PRENTIS & CO LLP |
PRENTIS & CO LLP (REGISTERED NUMBER: OC333362) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2021 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
PRENTIS & CO LLP (REGISTERED NUMBER: OC333362) |
BALANCE SHEET |
30 APRIL 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
445,817 |
426,356 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
445,817 |
426,356 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 445,817 | 426,356 |
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. |
PRENTIS & CO LLP (REGISTERED NUMBER: OC333362) |
BALANCE SHEET - continued |
30 APRIL 2021 |
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 Profit and Loss Account has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
PRENTIS & CO LLP (REGISTERED NUMBER: OC333362) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2021 |
1. | STATUTORY INFORMATION |
Prentis & Co LLP is registered in England and Wales. The LLP's registered number and registered office address are as below: |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures, fittings and computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Amounts due under contracts |
Contracts and work incomplete at the year end is accrued at the stage of completion of each contract. The LLP recognises revenue at that stage. |
Taxation |
The taxation payable on the LLP's profits is the personal liability of the equity members. Retention from profits earned up to the balance sheet date is made to fund payment of taxation on members' behalf. |
Member remuneration |
Profits available for the distribution are agreed in accordance with the members' agreement and subsequent member meetings and included within loans and other debts due to members. This includes profit that has been allocated but remains undrawn. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
PRENTIS & CO LLP (REGISTERED NUMBER: OC333362) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
4. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
and |
computer |
equipment |
£ |
COST |
At 1 May 2020 |
Additions |
At 30 April 2021 |
DEPRECIATION |
At 1 May 2020 |
Charge for year |
At 30 April 2021 |
NET BOOK VALUE |
At 30 April 2021 |
At 30 April 2020 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and debts due to members are ranked equally with other unsecured creditors of the partnership. |
8. | RELATED PARTY DISCLOSURES |
Prentis & Co LLP is under the control of its designated partners. |
Payments of £30,000 were made to Mr and Mrs N Prentis for the lease of office buildings. The rent is set at a market rate. Nothing was owed in respect of outstanding rent at the year end. |