TV Edwards LLP - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: OC325696 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2022

for

TV Edwards LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

J Overton

J Starling

REGISTERED OFFICE:

35-37 Mile End Road

London

E1 4TP

REGISTERED NUMBER:

OC325696 (England and Wales)

ACCOUNTANTS:

Knights Lowe Chartered Accountants

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Tangible assets

5

43,510

60,094

CURRENT ASSETS

Work in progress

1,382,056

1,593,104

Debtors

6

1,132,024

1,205,467

Cash at bank and in hand

375

250,375

2,514,455

3,048,946

CREDITORS

Amounts falling due within one year

7

1,328,884

1,805,495

NET CURRENT ASSETS

1,185,571

1,243,451

TOTAL ASSETS LESS CURRENT LIABILITIES

1,229,081

1,303,545

CREDITORS

Amounts falling due after more than one year

8

(168,814

)

(214,455

)

PROVISIONS FOR LIABILITIES

(124,345

)

(202,968

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

935,922

886,122

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

160,615

175,348

MEMBERS' OTHER INTERESTS

Capital accounts

535,774

535,774

Other reserves

239,533

175,000

935,922

886,122

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

160,615

175,348

Members' other interests

775,307

710,774

Amounts due from members

6

(338,595

)

(303,472

)

597,327

582,650

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 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 20 December 2022 and were signed by:

J Overton - Designated member

1.	STATUTORY INFORMATION

TV Edwards 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of

certain financial assets and liabilities and investment properties measured at fair value through profit or

loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

Revenue is recognised as earned, when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, with represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

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 for the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in stock as work in progress and payments on account in excess of the relevant amount of revenue are included in creditors.

Tangible fixed assets

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

Improvements to property

-

25% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on cost

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated

depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair

value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other

comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of

the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a

result of revaluation, is recognised in other comprehensive income to the extent of any previously

recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Government grants

Grants are recognised on the accruals basis and are recognised in the Income Statement when the company receives the right to receive the grant.

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes party to the contractual

provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into.

Financial assets and liabilities:

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the transaction constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends to either settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments that are classified as payable or receivable within one year on initial recognition are measured at the undiscounted amount of cash or other consideration expected to be paid or received, net of impairment.

Financial assets are derecognised when, and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

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

Contributions to defined contribution plans are recognised as an expense in the period in which the related

service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will

lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date

in which the employees render the related service, the liability is measured on a discounted present value

basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which

it arises.

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 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 statement of comprehensive income 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 statement of comprehensive income 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 statement of comprehensive

income 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'.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the income statement.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event,

it is probable that the entity will be required to transfer economic benefits in settlement and the amount of

the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial

position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the

reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best

estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts

previously recognised are recognised in profit or loss unless the provision was originally recognised as part

of the cost of an asset. When a provision is measured at the present value of the amount expected to be

required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or

loss in the period it arises.

4.	EMPLOYEE INFORMATION

The average number of employees during the year was 94 (2021 - 85 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 July 2021

125,048

18,823

36,176

124,273

304,320

Additions

-

-

-

1,765

1,765

At 30 June 2022

125,048

18,823

36,176

126,038

306,085

DEPRECIATION

At 1 July 2021

104,937

18,639

30,653

89,997

244,226

Charge for year

6,744

184

1,920

9,501

18,349

At 30 June 2022

111,681

18,823

32,573

99,498

262,575

NET BOOK VALUE

At 30 June 2022

13,367

-

3,603

26,540

43,510

At 30 June 2021

20,111

184

5,523

34,276

60,094

All assets are pledged as security for the bank loans and overdrafts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

523,407

667,945

Other debtors

608,617

537,522

1,132,024

1,205,467

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

205,977

529,970

Trade creditors

143,536

183,889

Taxation and social security

518,729

473,780

Other creditors

460,642

617,856

1,328,884

1,805,495

There is £66,209 (2021: £355,831) in bank loans and overdrafts which is secured in the form of a fixed and floated charge over all the assets of the LLP present and future.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

168,814

214,455

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

9,833

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

256,404

107,442

Between one and five years

729,417

78,316

985,821

185,758

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members, other than members capital classified as debt, would rank last among other creditors in the event of winding up.