ECL Howard Watson Smith LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC336589 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

ECL HOWARD WATSON SMITH LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

M L Clark

M J Wright

D R Kerins

REGISTERED OFFICE:

ECL House

Lake Street

Leighton Buzzard

Bedfordshire

LU7 1RT

REGISTERED NUMBER:

OC336589 (England and Wales)

ACCOUNTANTS:

ECL Howard Watson Smith LLP

Chartered Accountants

ECL House

Lake Street

Leighton Buzzard

Bedfordshire

LU7 1RT

FIXED ASSETS

Intangible assets

5

15,276

32,735

Tangible assets

6

52,769

73,865

68,045

106,600

CURRENT ASSETS

Debtors

7

340,295

337,684

Cash at bank and in hand

48,369

44,069

388,664

381,753

CREDITORS

Amounts falling due within one year

8

161,995

211,047

NET CURRENT ASSETS

226,669

170,706

TOTAL ASSETS LESS CURRENT LIABILITIES

294,714

277,306

CREDITORS

Amounts falling due after more than one year

9

27,790

41,468

NET ASSETS ATTRIBUTABLE TO MEMBERS

266,924

235,838

LOANS AND OTHER DEBTS DUE TO MEMBERS

11

266,924

235,838

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

266,924

235,838

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 2018.

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 29 October 2018 and were signed by:

M J Wright - Designated member

1.	STATUTORY INFORMATION

ECL Howard Watson Smith 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the net supply of services provided excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised

evenly over its estimated useful life of ten years.

The LLP acquired a further business during 2014. Goodwill on this acquisition is being amortised evenly over its

estimated useful life of five years.

The LLP acquired a further business during 2016. The actual goodwill value to be paid will not be known for

another one year. Goodwill on this acquisition has therefore been estimated at £20,000 and this is being

amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

Debtors receivable and creditors payable

Debtors and creditors with no stated interest rate and receivable or payable within or after one year are recorded

at transaction price. Any losses arising from impairment are recognised in the profit and loss account in

administrative expenses.

4.	EMPLOYEE INFORMATION

The average number of employees during the year was 18 (2017 - 18 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

129,688

Additions

25

At 31 March 2018

129,713

AMORTISATION

At 1 April 2017

96,953

Charge for year

17,484

At 31 March 2018

114,437

NET BOOK VALUE

At 31 March 2018

15,276

At 31 March 2017

32,735

6.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2017

11,238

98,682

38,896

148,816

Additions

-

-

2,469

2,469

Disposals

-

(11,195

)

(2,999

)

(14,194

)

At 31 March 2018

11,238

87,487

38,366

137,091

DEPRECIATION

At 1 April 2017

9,108

36,954

28,889

74,951

Charge for year

754

14,965

4,528

20,247

Eliminated on disposal

-

(7,923

)

(2,953

)

(10,876

)

At 31 March 2018

9,862

43,996

30,464

84,322

NET BOOK VALUE

At 31 March 2018

1,376

43,491

7,902

52,769

At 31 March 2017

2,130

61,728

10,007

73,865

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2017

and 31 March 2018

87,487

DEPRECIATION

At 1 April 2017

29,499

Charge for year

14,498

At 31 March 2018

43,997

NET BOOK VALUE

At 31 March 2018

43,490

At 31 March 2017

57,988

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

214,812

197,285

Prepayments and accrued income

125,483

140,399

340,295

337,684

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

40,106

80,516

Hire purchase contracts

11,083

14,392

Trade creditors

4,960

6,041

Taxation and social security

83,488

79,291

Other creditors

22,358

30,807

161,995

211,047

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Hire purchase contracts

27,790

38,873

Other creditors

-

2,595

27,790

41,468

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Bank overdrafts

40,106

80,516

Hire purchase contracts

38,873

53,265

78,979

133,781

The bank overdraft is secured by a debenture over the book debts of the LLP.

Hire purchase contracts are secured against the relevant assets.

11.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members represent amounts introduced by members plus allocated profits less

members' drawings. In the event of a winding up, loans and other debts due to members rank equally with

unsecured creditors. No additional protection is afforded to unsecured creditors.

12.	OTHER FINANCIAL COMMITMENTS

The LLP has a lease obligation of £22,000 per annum which expires in June 2023.