Carter Perry Bailey LLP - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: OC344698 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

FOR

CARTER PERRY BAILEY LLP

Page

General Information

1

Accountants' Report

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

8

DESIGNATED MEMBERS:

Mr S L Carter

Mr W J Perry

Mr W J Sturge

REGISTERED OFFICE:

10 Lloyd's Avenue

London

EC3N 3AJ

REGISTERED NUMBER:

OC344698 (England and Wales)

ACCOUNTANTS:

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

The following reproduces the text of the report prepared for the members in respect of the LLP's annual

unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a

Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability

Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your

approval the financial statements of Carter Perry Bailey LLP for the year ended 30 April 2017 which comprise the

Income Statement, Balance Sheet, and the related notes from the LLP's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Carter Perry Bailey LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Carter Perry Bailey LLP and state those matters that we have agreed to state to the members of Carter Perry Bailey LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carter Perry Bailey LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Carter Perry Bailey LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Carter Perry Bailey LLP. You consider that Carter Perry Bailey LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Carter Perry Bailey LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

26 January 2018

FIXED ASSETS

Tangible assets

4

1,311

1,962

CURRENT ASSETS

Debtors

5

835,649

709,333

Cash at bank and in hand

120,982

246,243

956,631

955,576

CREDITORS

Amounts falling due within one year

6

86,684

69,475

NET CURRENT ASSETS

869,947

886,101

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

871,258

888,063

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

577,508

594,313

MEMBERS' OTHER INTERESTS

Capital accounts

293,750

293,750

871,258

888,063

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

577,508

594,313

Members' other interests

293,750

293,750

871,258

888,063

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 April 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 26 January 2018 and were signed by:

Mr S L Carter - Designated member

1.	STATUTORY INFORMATION

Carter Perry Bailey LLP is registered in England and Wales. The LLP's registered number and registered office

address can be found on the General Information page.

The principal activity of the LLP is that of solicitors.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary

economic market in which the entity operates (its functional currency). All amounts in these financial statements

have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

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

The turnover shown in the profit and loss account represents amounts receivable for services supplied during

the period, exclusive of Value Added Tax.

In respect of contracts for on-going services, turnover represents the value of work done in the period, including

estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by

reference to the stage of completion.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over

its expected useful life, as follows:

Computer equipment

straight line

33%

The estimation of residual values and useful lives includes an estimate of the intensity at which the assets are

expected to be used. The carrying value of tangible fixed assets are reviewed for impairment in periods when

events or changes in circumstances indicate the carrying value may not be recoverable.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the partnership

agreement.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as

equity. 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.

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".

Transition to FRS 102

The entity transitioned from previous UK GAAP to Section 1A of FRS 102 (effective September 2015) as at 1

May 2015. These are therefore the first financial statements that comply with Section 1A of FRS 102.

No transitional adjustments were required on equity or profit or loss for the period.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 4 (2016 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 May 2016

13,550

Additions

843

At 30 April 2017

14,393

DEPRECIATION

At 1 May 2016

11,588

Charge for year

1,494

At 30 April 2017

13,082

NET BOOK VALUE

At 30 April 2017

1,311

At 30 April 2016

1,962

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

692,681

400,645

Amounts recoverable on contracts

90,055

268,906

Other debtors

309

306

Prepayments and accrued income

52,604

39,476

835,649

709,333

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

19,685

10,495

VAT

50,602

22,591

Other creditors

255

-

Accruals and deferred income

16,142

36,389

86,684

69,475

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2017

2016

£

£

Amounts owed to members in respect of profits

274,110

273,189

Taxation provision accounts

220,413

240,643

Other

82,985

80,481

577,508

594,313

Falling due within one year

577,508

594,313

In the event of a winding up, amounts in 'Loans and other debts due to members' (other than members' capital

classified as debt) would rank equally in relation to other creditors who are unsecured.

8.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies not included in the balance sheet amount to

£242,332 (2016 - £300,649). These relate to commitments under operating leases falling due over a period of

up to 4 years from the balance sheet date.