Kendall Richardson LLP Filleted accounts for Companies House (small and micro)

KENDALL RICHARDSON LLP - Company Information

8 false false false false false false false false false false false false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,528 1,528 5,451 1,467 6,918 5,173 658 5,831 1,087 278 xbrli:pure xbrli:shares iso4217:GBP OC402705 2022-01-01 2022-12-31 OC402705 2022-12-31 OC402705 2021-12-31 OC402705 2021-01-01 2021-12-31 OC402705 2021-12-31 OC402705 2020-12-31 OC402705 core:NetGoodwill 2022-01-01 2022-12-31 OC402705 bus:Director1 2022-01-01 2022-12-31 OC402705 bus:Director2 2022-01-01 2022-12-31 OC402705 core:NetGoodwill 2022-12-31 OC402705 core:WithinOneYear 2022-12-31 OC402705 core:WithinOneYear 2021-12-31 OC402705 bus:SmallEntities 2022-01-01 2022-12-31 OC402705 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 OC402705 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 OC402705 bus:LimitedLiabilityPartnershipLLP 2022-01-01 2022-12-31 OC402705 bus:FullAccounts 2022-01-01 2022-12-31 OC402705 core:OfficeEquipment 2022-01-01 2022-12-31 OC402705 core:OfficeEquipment 2021-12-31 OC402705 core:OfficeEquipment 2022-12-31

REGISTERED NUMBER: OC402705

Kendall Richardson LLP

Filleted Unaudited Financial Statements

31 December 2022

Kendall Richardson LLP

Financial Statements

Year ended 31 December 2022

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Kendall Richardson LLP

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	6		1,087	278

Current assets

Debtors	7	77,381	94,679
Cash at bank and in hand		34,728	61,757
		---------	---------
		112,109	156,436

Creditors: amounts falling due within one year	8	33,861		38,713
		---------		---------
Net current assets			78,248	117,723
			--------	---------
Total assets less current liabilities			79,335	118,001
			--------	---------
Net assets			79,335	118,001
			--------	---------

Represented by:

Loans and other debts due to members

Other amounts	9		47,792	89,062

Members' other interests

Members' capital classified as equity	31,543	28,939
Other reserves	–	–
	--------	---------
	79,335	118,001
	--------	---------

Total members' interests

Loans and other debts due to members	9	47,792	89,062
Members' other interests		31,543	28,939
		--------	---------
		79,335	118,001
		--------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the year ending 31 December 2022 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

Kendall Richardson LLP

Statement of Financial Position (continued)

31 December 2022

These financial statements were approved by the members and authorised for issue on 6 September 2023 , and are signed on their behalf by:

L A Kendall	C Richardson
Designated Member	Designated Member

Registered number: OC402705

Kendall Richardson LLP

Notes to the Financial Statements

Year ended 31 December 2022

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Romney House, Invicta Business Centre, Monument Way, Orbital Park, Ashford, Kent, TN24 0HB.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A 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' issued in December 2018 (SORP 2018).

3.	Accounting policies

Basis of preparation

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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

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 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 Income statement 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 income statement 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 income statement 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'.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the LLP's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	no charge as goodwill has been fully amortised

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 8 (2021: 7 ).

5.	Intangible assets

	Goodwill
	£
Cost
At 1 January 2022 and 31 December 2022	1,528
	-------
Amortisation
At 1 January 2022 and 31 December 2022	1,528
	-------
Carrying amount
At 31 December 2022	–
	-------
At 31 December 2021	–
	-------

6.	Tangible assets

	Equipment
	£
Cost
At 1 January 2022	5,451
Additions	1,467
	-------
At 31 December 2022	6,918
	-------
Depreciation
At 1 January 2022	5,173
Charge for the year	658
	-------
At 31 December 2022	5,831
	-------
Carrying amount
At 31 December 2022	1,087
	-------
At 31 December 2021	278
	-------

7.	Debtors

	2022	2021
	£	£
Trade debtors	66,372	66,863
Other debtors	11,009	27,816
	--------	--------
	77,381	94,679
	--------	--------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	14,335	11,736
Social security and other taxes	12,657	18,520
Other creditors	6,869	8,457
	--------	--------
	33,861	38,713
	--------	--------

9.	Loans and other debts due to members

	2022	2021
	£	£
Amounts owed to members in respect of profits	47,792	89,062
	--------	--------