V&S Solicitors LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC344486 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2018

for

V&S Solicitors LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mr C Vento

Mrs S Vento

REGISTERED OFFICE:

Central House

1 Ballards Lane

Finchley

London

N3 1LQ

REGISTERED NUMBER:

OC344486 (England and Wales)

ACCOUNTANTS:

Jelliff Lamprey Partnership Limited

8th Floor

Connect Centre

Kingston Crescent

Portsmouth

Hampshire

PO2 8QL

CURRENT ASSETS

Stocks

8,000

-

Debtors

5

12,423

11,137

Cash at bank and in hand

499

6,136

20,922

17,273

CREDITORS

Amounts falling due within one year

6

9,136

5,637

NET CURRENT ASSETS

11,786

11,636

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

11,786

11,636

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

1,786

1,636

MEMBERS' OTHER INTERESTS

Capital accounts

10,000

10,000

11,786

11,636

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

1,786

1,636

Members' other interests

10,000

10,000

11,786

11,636

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 19 December 2018 and were signed by:

Mr C Vento - Designated member

1.	STATUTORY INFORMATION

V&S Solicitors 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

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.

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with

FRS 102 Section 1A applicable to small entities. The date of transition is 1 April 2016.

The transition to FRS 102 Section 1A for small entities has resulted in no changes to the accounting policies used

previously.

Turnover

Turnover represents revenue recognised as earned, under a wide variety of contracts to provide professional

services, when and to the extent the LLP obtains the right to consideration in exchange for its performance under

the contracts. It is measured at the fair value of the right to consideration, including expenses and disbursements,

but excluding VAT.

Turnover that has not been billed to clients in debtors and amounts billed in excess of revenue recognised are

included in creditors.

Costs in respect of contingency fee assignments are written off to the profit and loss account as incurred until the

contingent event occurs and collectability is assured.

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

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement,

as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that

evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and subsequently measured at amortised cost using the effective interest

method. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price.

Financial liabilities classified as payable within one year are not amortised.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

and 31 March 2018

3,218

DEPRECIATION

At 1 April 2017

and 31 March 2018

3,218

NET BOOK VALUE

At 31 March 2018

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

6,614

4,330

Other debtors

5,809

6,807

12,423

11,137

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

1,163

-

Trade creditors

3,445

880

Taxation and social security

2,729

2,397

Other creditors

1,799

2,360

9,136

5,637

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

During the year the Management Board sets the level of interim profit allocations and members' monthly

drawings after considering the working capital and funding needs of the partnership. To the extent that interim

profit allocations exceed drawings then the excess profit is included in the balance sheet under trade and other

payables. Where drawings exceed the allocated profits then the excess is included in trade and other receivables.

Unallocated profits are included in Reserves within Members' equity.