The Derek Evans Partnership LLP - Accounts to registrar (filleted) - small 18.2
The Derek Evans Partnership LLP - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2017 |
FOR |
THE DEREK EVANS PARTNERSHIP LLP |
THE DEREK EVANS PARTNERSHIP LLP (REGISTERED NUMBER: OC354835) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2017 |
Page |
General Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
THE DEREK EVANS PARTNERSHIP LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2017 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Newport House |
Newport Road |
Stafford |
Staffordshire |
ST16 1DA |
THE DEREK EVANS PARTNERSHIP LLP (REGISTERED NUMBER: OC354835) |
STATEMENT OF FINANCIAL POSITION |
31ST DECEMBER 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
467,458 |
465,441 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
467,458 |
465,441 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 467,458 | 465,441 |
Amounts due from members | 6 | (33,195 | ) | (61,349 | ) |
434,263 | 404,092 |
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 DEREK EVANS PARTNERSHIP LLP (REGISTERED NUMBER: OC354835) |
STATEMENT OF FINANCIAL POSITION - continued |
31ST DECEMBER 2017 |
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 |
THE DEREK EVANS PARTNERSHIP LLP (REGISTERED NUMBER: OC354835) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2017 |
1. | STATUTORY INFORMATION |
The Derek Partnership LLP is a limited liability partnership incorporated in England and Wales. The registered |
office is Newport House, Newport Road, Stafford, ST16 1DA |
The limited liability partnerships principal activities and nature of its operations are disclosed in the Members' |
Report. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the Statement of Recommended Practice |
"Accounting by Limited Liability Partnerships" issued in January 2017, together with FRS 102 "The Financial |
Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the |
Companies Act 2006 as applicable to limited liability partnerships subject to the small limited liability |
partnerships regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where |
additional disclosure is required to show a true and fair view. |
The financial statements are prepared in sterling, which is the functional current of the limited liability |
partnership. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention. The principal accounting |
policies adopted are set out below. |
The LLP has taken advantage of the exemption of the Companies Act 2006 (small group) from the requirement |
to prepare consolidated financial statements. Consequently these financial statements present the financial |
position and performance of the LLP as a single entity. |
Going concern |
The designated members have a reasonable expectation that the LLP has adequate resources to continue in |
operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of |
accounting in preparing the annual financial statements. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and |
services in the ordinary nature of the business. Turnover is shown net of Value Added Tax, of goods and |
services provided to customers and, in the case of long term contracts, credit is taken appropriate to the stage of |
completion when the outcome of the contract can be ascertained with reasonable certainty. |
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the |
partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual |
of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included |
in amounts recoverable on contracts within debtors, and payments on account in excess of the relevant amount |
of revenue are included in creditors. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
THE DEREK EVANS PARTNERSHIP LLP (REGISTERED NUMBER: OC354835) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2017 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The limited liability partnership has elected to apply the provisions of Section 'Basic Financial Instruments' and |
Section 'Other Financial Instruments Issues' of FRS to all of its financial instruments. |
Financial instruments are recognised in the limited liability partnership's statement of financial position when the |
limited liability partnership becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is |
a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or |
to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised cost using the effective interest |
method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the |
present value of the future receipts discounted at a market rate of interest. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets |
of the limited liability partnership after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities , including trade and other creditors, bank loans, loans from fellow group companies and |
preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement |
constitutes a financing transaction, where the debt instrument is measured at the present value of the future |
payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost using the effective interest rate method. |
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are |
reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of |
possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value |
in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable |
amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is |
recognised immediately in profit or loss. |
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is |
increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been |
determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A |
reversal of an impairment loss is recognised immediately in profit or loss. |
Leases |
Rentals payable under operating leases, including any lease incentives received, are charged to income on a |
straight line basis over the term of the relevant lease except where another more systematic basis is more |
representative of the time pattern in which economic benefits from the lease asset are consumed. |
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. |
There are no post retirement payments due to members. |
THE DEREK EVANS PARTNERSHIP LLP (REGISTERED NUMBER: OC354835) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2017 |
2. | ACCOUNTING POLICIES - continued |
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. A member's |
participation rights including amounts subscribed or otherwise contributed by members, for example members' |
capital, are classed as liabilities unless the LLP has an unconditional right to refuse payments to members, in |
which case they are classified as equity. |
Amounts subscribed or otherwise contributed by members, for example members' capital are classed as equity if |
the LLP has unconditional right to refuse payment to members. If the LLP does not have such an unconditional |
right, such amounts are classified as liabilities. |
Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse |
payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore |
treated as an expense and presented as members remuneration charged as an expense in arriving at the result |
for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities. |
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 within 'Loans and other debts due to |
members' and, where such an amount relates to current year profits, they are recognised within 'Members' |
remuneration charged as an expense' in arriving at the relevant year's result. Undivided amounts that are |
classified as equity are shown within 'Members' other interests'. Amounts recoverable from members are |
presented as debtors and shown as amounts due from members within members' interests. |
Provisions |
Provisions are recognised when the limited liability partnership has a legal or constructive present obligation as a |
result of a past event, it is probable that the limited liability partnership will be required to settle that obligation |
and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present |
obligation at the reporting end date, taking in to account the risks and uncertainties surrounding the obligation. |
Where the effect of the time value of money is material, the amount expected to be required to settle the the |
obligation is recognised at present value. When a provision is measured at present value the unwinding of the |
discount is recognised as a finance cost in profit or loss in the period it arises. |
Provisions for the expected costs of future dilapidations under leases are charged against profits on an annual |
basis, spread over the life of the lease. The effect of the time value of money is not material and therefore the |
provisions are not discounted. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability as an expense, unless those costs are |
required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are |
received. |
Termination benefits are recognised immediately as an expense when the limited liability partnership is |
demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
THE DEREK EVANS PARTNERSHIP LLP (REGISTERED NUMBER: OC354835) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2017 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2017 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st December 2017 |
DEPRECIATION |
At 1st January 2017 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st December 2017 |
NET BOOK VALUE |
At 31st December 2017 |
At 31st December 2016 |
5. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1st January 2017 |
and 31st December 2017 |
NET BOOK VALUE |
At 31st December 2017 |
At 31st December 2016 |
The LLP has taken advantage of the exemption under FRS102 paragraph 9.26 to recognise the value of its |
subsidiary at cost. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
Payments on account |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
THE DEREK EVANS PARTNERSHIP LLP (REGISTERED NUMBER: OC354835) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2017 |
8. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Dilapidations provision | 12,000 | 42,000 |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2017 | 2016 |
£ | £ |
Amounts owed to members in respect of profits | 2,458 | 40,441 |
Capital account | 465,000 | 425,000 |
467,458 | 465,441 |
Falling due within one year | 467,458 | 465,441 |
In the event of a winding up the amounts included in "loans and other dents due to members" will rank equally |
with unsecured creditors. |
There are no restrictions or limitations on the ability of members to reduce the amount of members' other |
interests. |
10. | OTHER FINANCIAL COMMITMENTS |
At the reporting date the limited liability partnership had outstanding commitments for future minimum lease |
payments under non-cancellable operating leases, which fall due as follows:- |
2017 | 2016 |
£ | £ |
Within one year | 34,975 | 43,195 |
Between one and five years | 86,730 | - |
121,705 | 43,195 |