Hubbard Pegman & Whitney LLP - LLP accounts 18.2
Hubbard Pegman & Whitney LLP - LLP accounts 18.2
| REGISTERED NUMBER: |
| REPORT OF THE MEMBERS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| FOR |
| HUBBARD PEGMAN & WHITNEY LLP |
| HUBBARD PEGMAN & WHITNEY LLP (REGISTERED NUMBER: OC329662) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| Page |
| General Information | 1 |
| Report of the Members | 2 |
| Income Statement | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 6 |
| HUBBARD PEGMAN & WHITNEY LLP |
| GENERAL INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Sterling House |
| 20 Station Road |
| Gerrards Cross |
| Buckinghamshire |
| SL9 8EL |
| HUBBARD PEGMAN & WHITNEY LLP (REGISTERED NUMBER: OC329662) |
| REPORT OF THE MEMBERS |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| The members present their report with the financial statements of the LLP for the year ended 31 March 2018. |
| PRINCIPAL ACTIVITY |
| The principal activity of the LLP in the year under review was that of the provision of legal services including family law, |
| property litigation, personal injury, property conveyancing and wills and probate. |
| DESIGNATED MEMBERS |
| The designated members during the year under review were: |
| RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
| The profit for the year before members' remuneration and profit shares was £154,550 (2017 - £80,792 profit). |
| MEMBERS' INTERESTS |
| Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and |
| other benefits. Profits are allocated and divided between members after finalisation of the financial statements. |
| Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance being |
| distributed after the year, subject to the cash requirements of the business. |
| The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash |
| requirements of the business. |
| A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability |
| partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce |
| their capital at "par", so the retiring members are repaid their capital at "par". |
| ON BEHALF OF THE MEMBERS: |
| HUBBARD PEGMAN & WHITNEY LLP (REGISTERED NUMBER: OC329662) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| 2018 | 2017 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
| HUBBARD PEGMAN & WHITNEY LLP (REGISTERED NUMBER: OC329662) |
| BALANCE SHEET |
| 31 MARCH 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET ASSETS ATTRIBUTABLE TO MEMBERS |
538,000 |
538,000 |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
| MEMBERS' OTHER INTERESTS |
| Capital accounts | 538,000 | 538,000 |
| 538,000 | 538,000 |
| TOTAL MEMBERS' INTERESTS |
| Members' other interests | 538,000 | 538,000 |
| Amounts due from members | 6 | (345,384 | ) | (364,770 | ) |
| 192,616 | 173,230 |
| 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. |
| HUBBARD PEGMAN & WHITNEY LLP (REGISTERED NUMBER: OC329662) |
| BALANCE SHEET - continued |
| 31 MARCH 2018 |
| The financial statements were approved by the members of the LLP on |
| HUBBARD PEGMAN & WHITNEY LLP (REGISTERED NUMBER: OC329662) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| 1. | STATUTORY INFORMATION |
| Hubbard Pegman & Whitney 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 presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents revenue earned under a wide variety of contracts to provide professional services and |
| advice to third parties. |
| Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in |
| exchange for its performance under those contracts. It is measured at the fair value of the right to consideration, |
| which represents amounts chargeable to clients, including recoverable expenses and disbursements, but |
| excluding VAT. |
| For incomplete contracts, an assessment is made of the extent to which revenue has been earned. This |
| assessment takes into account the nature of the assignment, its stage of completion, and the relevant contract |
| terms. |
| Revenue in respect of contingent fee arrangements (over and above any minimum agreed fee) is recognised |
| when the contingent event occurs and the recoverability of the fee is assured. |
| Unbilled revenue is included in debtors under 'amounts recoverable on contracts'. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer equipment | - |
| 3. | EMPLOYEE INFORMATION |
| The average number of employees during the year was |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2018 | 2017 |
| £ | £ |
| Depreciation - owned assets |
| HUBBARD PEGMAN & WHITNEY LLP (REGISTERED NUMBER: OC329662) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2017 |
| Additions |
| At 31 March 2018 |
| DEPRECIATION |
| At 1 April 2017 |
| Charge for year |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Amounts due from members | 345,384 | 364,770 |
| Amounts recoverable on contracts |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to participating interests | 40,261 | 15,851 |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| Lloyds Bank Plc has a debenture dated 31 January 2013 for securing all monies due or to become due from the |
| Limited Liability Partnership. |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Other creditors | 10,000 | 10,000 |
| 9. | OTHER FINANCIAL COMMITMENTS |
| The company had total financial commitments at the balance sheet date of £35,654 (2017: £44,567). |