PCB Solicitors LLP - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: OC312267 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

PCB Solicitors LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

E W Coxhead

M H Surzyn

B J Reedy

Mrs. R E Hughes

Edmund Coxhead Limited

Michael Surzyn Limited

Brendan Reedy Limited

Rachael Hughes Limited

REGISTERED OFFICE:

Cypress Centre

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG

REGISTERED NUMBER:

OC312267 (England and Wales)

ACCOUNTANTS:

Caerwyn Jones

Chartered Accountants

Emstrey House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG

BANKERS:

The Royal Bank of Scotland

6 The Square

Shrewsbury

Shropshire

SY1 1LA

FIXED ASSETS

Tangible assets

4

3,363

6,633

CURRENT ASSETS

Debtors

5

701,052

711,913

Cash at bank

137,386

181,011

838,438

892,924

CREDITORS

Amounts falling due within one year

6

517,047

579,882

NET CURRENT ASSETS

321,391

313,042

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

324,754

319,675

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

324,754

319,675

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

324,754

319,675

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 March 2017.

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 of Part 15 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 small LLPs.

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 on 19 December 2017 and were signed by:

E W Coxhead - Designated member

1.	STATUTORY INFORMATION

PCB Solicitors 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 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

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

Plant and machinery etc

-

33% on cost, 20% on cost and 15% on cost

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.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 51 (2016 - 49 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

401,369

Additions

967

Disposals

(240,707

)

At 31 March 2017

161,629

DEPRECIATION

At 1 April 2016

394,736

Charge for year

4,027

Eliminated on disposal

(240,497

)

At 31 March 2017

158,266

NET BOOK VALUE

At 31 March 2017

3,363

At 31 March 2016

6,633

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

526,251

579,034

Other debtors

174,801

132,879

701,052

711,913

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

153,835

159,162

Trade creditors

8,577

8,403

Taxation and social security

105,077

101,824

Other creditors

249,558

310,493

517,047

579,882

7.	LEASING AGREEMENTS

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

2017

2016

£

£

Within one year

26,832

11,200

Between one and five years

25,192

52,236

In more than five years

-

4,220

52,024

67,656

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2017

2016

£

£

Amounts owed to members in respect of profits

324,754

319,675

Falling due within one year

324,754

319,675

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 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'.

9.	RELATED PARTY DISCLOSURES

During the year the limited liability partnership paid rent of £61,500 (2016 - £61,500) to PCB

Property, a business which is owned 75% by E W J Coxhead, B J Reedy and M H Surzyn.

As at 31 March 2017 there was an amount due to PCB Property of £Nil (2016 - £Nil).

10.	FIRST YEAR ADOPTION

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

1 April 2015.

Reconciliation of equity - No transitional adjustments were required.

Reconciliation of profit or loss for the year - No transitional adjustments were required.