Lea Hough & Co LLP - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: OC306054 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022

FOR

LEA HOUGH & CO LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

J P Dignan

M J Harrison

M J Parkinson

REGISTERED OFFICE:

Oakshaw House

2 Capricorn Park

Blakewater Road

Blackburn

Lancashire

BB1 5QR

REGISTERED NUMBER:

OC306054 (England and Wales)

ACCOUNTANTS:

Wallwork Nelson & Johnson

Chandler House

7 Ferry Road Office Park

Riversway

Preston

Lancashire

PR2 2YH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

47,021

70,844

47,021

70,844

CURRENT ASSETS

Debtors

6

272,612

184,617

Cash at bank and in hand

999,549

836,401

1,272,161

1,021,018

CREDITORS

Amounts falling due within one year

7

199,186

216,534

NET CURRENT ASSETS

1,072,975

804,484

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,119,996

875,328

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

1,119,996

875,328

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

1,119,996

875,328

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 May 2022.

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.

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 26 September 2022 and were signed by:

J P Dignan - Designated member

M J Harrison - Designated member

1.	STATUTORY INFORMATION

Lea Hough & Co 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 net invoiced sales of services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in 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 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.

Going concern

The designated members have a reasonable expectation that the partnership has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 18 (2021 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2021

and 31 May 2022

5,000

AMORTISATION

At 1 June 2021

and 31 May 2022

5,000

NET BOOK VALUE

At 31 May 2022

-

At 31 May 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2021

66,527

61,001

44,745

172,273

Additions

1,427

-

1,937

3,364

At 31 May 2022

67,954

61,001

46,682

175,637

DEPRECIATION

At 1 June 2021

43,514

28,389

29,526

101,429

Charge for year

12,298

8,153

6,736

27,187

At 31 May 2022

55,812

36,542

36,262

128,616

NET BOOK VALUE

At 31 May 2022

12,142

24,459

10,420

47,021

At 31 May 2021

23,013

32,612

15,219

70,844

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/22

31/5/21

£

£

Debtors and prepayments

272,612

184,617

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/22

31/5/21

£

£

Creditors and accruals

46,934

29,927

Owing to Client per Client

Ledger

40,589

43,708

Social security and other taxes

34,530

33,052

VAT

77,133

74,699

Other creditors

-

35,148

199,186

216,534

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

No preference will be given to the Designated Members in relation to Loans and Other Debts due to Members in the event of a winding up order, over and above any unsecured creditors.

9.	RELATED PARTY DISCLOSURES

J P Dignan and M J Harrison are directors of Oakshaw Investments Limited, a company registered in England and Wales. During the year, the limited liability partnership paid rent totalling £30,000 (2021: £30,000) to Oakshaw Investments Limited. No balance was due to Oakshaw Investments Limited at 31 May 2022.

10.	ULTIMATE CONTROLLING PARTY

The LLP is owned and controlled by the Designated Members, with no one individual member having overall control.