Ibbett Mosely Surveyors LLP LLP accounts

IBBETT MOSELY SURVEYORS LIMITED LIABILITY PARTNERSHIP - Company Information

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REGISTERED NUMBER: OC341637

IBBETT MOSELY SURVEYORS LLP

FILLETED UNAUDITED FINANCIAL STATEMENTS

YEAR ENDED

31 March 2017

IBBETT MOSELY SURVEYORS LLP

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

Contents	Page

Members' report	1

Balance sheet	3

Notes to the financial statements	5

IBBETT MOSELY SURVEYORS LLP

MEMBERS' REPORT

YEAR ENDED 31 MARCH 2017

The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2017 .

Principal activities

The principal activity of the LLP during the year was that of Chartered Surveyors and provision of estate agency services.

Designated members

The designated members who served the LLP during the year were as follows:

R Wickham
J Emmerson
J Andrews	(Resigned 1 September 2016)

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

This report was approved by the members on 4 December 2017 and signed on behalf of the members by:

R Wickham	J Emmerson
Designated Member	Designated Member

D Hodge	A Crowe-White
Member	Member

J Harbottle	D Pickford
Member	Member

Registered office:

125 High Street

Sevenoaks

Kent

TN13 1UT

IBBETT MOSELY SURVEYORS LLP

BALANCE SHEET

31 March 2017

	2017		2016
Note	£	£	£	£

FIXED ASSETS

Intangible assets	5	37,414	44,331
Tangible assets	6	210,552	237,350
		---------	---------
		247,966	281,681

CURRENT ASSETS

Debtors	7	125,097	106,033
Cash at bank and in hand		40,910	159,621
		---------	---------
		166,007	265,654

CREDITORS: amounts falling due within one year	8	132,207		192,960
		---------		---------
NET CURRENT ASSETS			33,800		72,694
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			281,766		354,375
			---------		---------
NET ASSETS			281,766		354,375
			---------		---------

REPRESENTED BY:

LOANS AND OTHER DEBTS DUE TO MEMBERS

Members' capital classified as a liability	9	201,660	193,808
Other amounts	9	80,106	160,567
		---------	---------
		281,766	354,375
		---------	---------

MEMBERS' OTHER INTERESTS

Other reserves	–	–
	---------	---------
	281,766	354,375
	---------	---------

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members	9	281,766	354,375
Members' other interests		–	–
		---------	---------
		281,766	354,375
		---------	---------

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 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 profit and loss account has not been delivered.

IBBETT MOSELY SURVEYORS LLP

BALANCE SHEET (continued)

31 March 2017

For the year ending 31 March 2017 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 .

These financial statements were approved by the members and authorised for issue on 4 December 2017 , and are signed on their behalf by:

R Wickham	J Emmerson
Designated Member	Designated Member

D Hodge	A Crowe-White
Member	Member

J Harbottle	D Pickford
Member	Member

Registered number: OC341637

IBBETT MOSELY SURVEYORS LLP

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

1.	General information

The LLP is registered and incorporated in England and Wales. The address of the regsitered office is 125 High Street, Sevenoaks, Kent, TN13 1UT.

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 January 2017 (SORP 2017).

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 in accordance with FRS 102. 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 in accordance with FRS 102. The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of VAT. In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.

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 profit and loss account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.

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 profit and loss account and are equity appropriations in the balance sheet.

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 balance sheet within 'Loans and other debts due to members' and are charged to the profit and loss account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'.

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	-	10 years straight line

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.

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:

Land and buildings	-	1% straight line
Fixtures and fittings	-	18% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	18% reducing balance

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.

Defined contribution plans

The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held seperately from those of the company. Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 33 (2016: 36 ).

5.	Intangible assets

	Goodwill
	£
Cost
At 1 April 2016 and 31 March 2017	69,588
	--------
Amortisation
At 1 April 2016	25,257
Charge for the year	6,917
	--------
At 31 March 2017	32,174
	--------
Carrying amount
At 31 March 2017	37,414
	--------
At 31 March 2016	44,331
	--------

6.	Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2016	135,339	359,913	67,135	84,552	646,939
Additions	–	1,573	11,979	512	14,064
Disposals	–	–	( 34,125)	–	( 34,125)
	---------	---------	--------	--------	---------
At 31 March 2017	135,339	361,486	44,989	85,064	626,878
	---------	---------	--------	--------	---------
Depreciation
At 1 April 2016	7,429	304,030	29,554	68,576	409,589
Charge for the year	1,353	10,083	10,242	2,899	24,577
Disposals	–	–	( 17,840)	–	( 17,840)
	---------	---------	--------	--------	---------
At 31 March 2017	8,782	314,113	21,956	71,475	416,326
	---------	---------	--------	--------	---------
Carrying amount
At 31 March 2017	126,557	47,373	23,033	13,589	210,552
	---------	---------	--------	--------	---------
At 31 March 2016	127,910	55,883	37,581	15,976	237,350
	---------	---------	--------	--------	---------

7.	Debtors

	2017	2016
	£	£
Trade debtors	30,656	53,091
Other debtors	94,441	52,942
	---------	---------
	125,097	106,033
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	35,049	33,400
Social security and other taxes	47,609	65,964
Other creditors	49,549	93,596
	---------	---------
	132,207	192,960
	---------	---------

9.	Loans and other debts due to members

	2017	2016
	£	£
Loans from members	40,000	–
Amounts owed to members in respect of profits	40,106	160,567
Other amounts	201,660	193,808
	---------	---------
	281,766	354,375
	---------	---------

10.	Related party transactions

In the opinion of the members the LLP is under the control of the designated members. During the year the LLP paid rent to Mr Wickham, a designated member totalling £26,583 (2016 - £26,583).

11.	Transition to FRS 102

These are the first financial statements that comply with FRS 102. The LLP transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.

12.	Members ranking in a winding up

In the event of a winding up, loans and other debts due to members rank after unsecured creditors.