Ellison Thomas LLP - LLP accounts 16.3

REGISTERED NUMBER: OC349905 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1ST FEBRUARY 2017 TO 30TH JUNE 2017

FOR

ELLISON THOMAS LLP

Page

General Information

1

Report of the Members

2

Chartered Accountants' Report

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

7

DESIGNATED MEMBERS:

C Rolfe

Mrs S La Rocca

L A Young

M P Knights

REGISTERED OFFICE:

Reedham House

31-33 King Street West

Manchester

Lancashire

M3 2PN

REGISTERED NUMBER:

OC349905 (England and Wales)

ACCOUNTANTS:

KAY JOHNSON GEE LLP

1 City Road East

Manchester

M15 4PN

The members present their report with the financial statements of the LLP for the period 1st February 2017 to 30th June 2017.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the period under review was that of the provision of legal services.

DESIGNATED MEMBERS

The designated members during the period under review were:

C Rolfe

Mrs S La Rocca

L A Young

M P Knights

RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS

The profit for the period before members' remuneration and profit shares was £193,818 (2017 - £57,099 profit).

MEMBERS' INTERESTS

All members are equity members and share in all the profits and subscribe the entire capital of the LLP. The allocation

of profit is determined by the LLP members after the year end. Members draw a proportion of their profit share on a

monthly basis during the year in which the profit is made, with the balance, net of tax retention, paid in subsequent

years. All payments are subject to the cash requirements of the business.

ON BEHALF OF THE MEMBERS:

Mrs S La Rocca - Designated member

12th March 2018

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 Ellison Thomas LLP for the period ended 30th June 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 Ellison Thomas 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 Ellison Thomas LLP and state those matters that we have agreed to state to the members of Ellison Thomas 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 Ellison Thomas LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Ellison Thomas 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 Ellison Thomas LLP. You consider that Ellison Thomas LLP is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Ellison Thomas 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.

KAY JOHNSON GEE LLP

1 City Road East

Manchester

M15 4PN

12th March 2018

TURNOVER

1,272,070

591,049

Cost of sales

806,872

406,191

GROSS PROFIT

465,198

184,858

Administrative expenses

276,319

133,672

OPERATING PROFIT

188,879

51,186

Interest receivable and similar income

12,752

6,499

201,631

57,685

Interest payable and similar expenses

7,813

586

PROFIT FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES

193,818

57,099

PROFIT FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES

193,818

57,099

Members' remuneration charged as an expense

4

(193,818

)

-

PROFIT FOR THE FINANCIAL PERIOD AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

-

57,099

CURRENT ASSETS

Stocks

352,706

125,000

Debtors

6

55,595

55,293

Prepayments and accrued income

7,306

4,355

Cash in hand

136

6

415,743

184,654

CREDITORS

Amounts falling due within one year

7

194,547

117,682

NET CURRENT ASSETS

221,196

66,972

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

221,196

66,972

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

57,099

MEMBERS' OTHER INTERESTS

Capital accounts

221,196

9,873

221,196

66,972

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

-

57,099

Members' other interests

221,196

9,873

221,196

66,972

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 period ended 30th June 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 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.

The financial statements were approved and authorised for issue by the members of the LLP on 12th March 2018 and were signed by:

Mrs S La Rocca - Designated member

1.	STATUTORY INFORMATION

Ellison Thomas LLP is a limited liability partnership company, incorporated in England and Wales, registration

number OC349905. The address of the registered office is Reedham House, 31 33 King Street West,

Manchester, M3 2PN.

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

Stocks

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

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditor, loans from banks and other third parties, loans

to related parties and investments non-puttable ordinary shares.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and

other short-term highly liquid investments that mature in no more than three months from the date of

acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method, less impairment losses for bad and doubtful debts except where the effect of

discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for

bad and doubtful debts.

Creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method unless the effect of discounting would be immaterial, in which case they are stated

at cost.

3.	EMPLOYEE INFORMATION

The average monthly number of employees, including members with contracts of employment, during the

period was 10 (2017 - NIL ) .

4.	INFORMATION IN RELATION TO MEMBERS

Period

Period

1/2/17

1/7/16

to

to

30/6/17

31/1/17

£

£

Members' remuneration charged as an expense

Remuneration paid under an employment contract

193,818

-

Period

Period

1/2/17

1/7/16

to

to

30/6/17

31/1/17

The average number of members during the period was

4

4

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1st February 2017

and 30th June 2017

13,053

DEPRECIATION

At 1st February 2017

and 30th June 2017

13,053

NET BOOK VALUE

At 30th June 2017

-

At 31st January 2017

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2017

£

£

Trade debtors

55,595

55,293

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2017

£

£

Bank loans and overdrafts

19,732

18,038

Loans

-

6,607

Trade creditors

111,969

47,212

Social security and other taxes

19,932

20,492

VAT

32,046

14,833

Accrued expenses

10,868

10,500

194,547

117,682

8.	OTHER FINANCIAL COMMITMENTS

Operating lease commitments not included in the balance sheet £100,776 ( 2016 - £98,158).

9.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102 1A. The last financial statements

under UK GAAP were for the year ended 30 June 2016. The date of transition to FRS 102 was 1 July 2015. There

are no transitional adjustments arising from the first time adoption of FRS 102.