Adlams LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC336674 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

ADLAMS LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mrs J E Lowther

P Lowther

Mrs E Whitfield

REGISTERED OFFICE:

37b Market Square

St Neots

Cambridgeshire

PE19 2AR

REGISTERED NUMBER:

OC336674 (England and Wales)

ACCOUNTANTS:

Rawlinson Pryde & Partners

Chartered Certified Accountants

Argent House

5 Goldington Road

Bedford

Bedfordshire

MK40 3JY

FIXED ASSETS

Tangible assets

4

20,222

20,222

CURRENT ASSETS

Debtors

5

455,069

405,663

Prepayments and accrued income

55,480

53,521

Cash at bank and in hand

236

894

510,785

460,078

CREDITORS

Amounts falling due within one year

6

329,277

294,677

NET CURRENT ASSETS

181,508

165,401

TOTAL ASSETS LESS CURRENT LIABILITIES

201,730

185,623

ACCRUALS AND DEFERRED INCOME

28,353

27,780

NET ASSETS ATTRIBUTABLE TO MEMBERS

173,377

157,843

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

173,377

157,843

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

173,377

157,843

Amounts due from members

5

(869

)

(6,405

)

172,508

151,438

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 20 December 2018 and were signed by:

P Lowther - Designated member

Mrs E Whitfield - Designated member

1.	STATUTORY INFORMATION

Adlams LLP is registered in England and Wales. The LLP's registered number and registered office

address can be found on the General Information page.

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 represents net invoiced sale of services, excluding value added tax, except in respect of service

contracts where turnover is recognised when the LLP obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Library

-

Nil

Long leasehold

-

straight line over period of the lease

Improvements to property

-

15% on cost

Fixtures and fittings

-

25% on cost

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.

Accrued income

Accrued income is calculated by reference to individual jobs, and for each job represents all direct costs,

and the relevant proportion of fixed and variable overheads, and estimated gross profit.

Borrowing costs

All borrowing costs are recognised in the profit or loss in the period in which they are incurred.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date

as a result of a past event, it is probable that the company will be required to settle the obligation and

the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the

reporting date.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 27 (2017 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Long

to

and

Library

leasehold

property

fittings

Totals

£

£

£

£

£

COST

At 1 April 2017

and 31 March 2018

31,828

20,144

10,222

106,359

168,553

DEPRECIATION

At 1 April 2017

and 31 March 2018

11,697

20,143

10,221

106,270

148,331

NET BOOK VALUE

At 31 March 2018

20,131

1

1

89

20,222

At 31 March 2017

20,131

1

1

89

20,222

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

48,432

55,098

Amounts due from members

869

6,405

Other debtors

1,378

-

Accrued income

404,390

344,160

455,069

405,663

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

80,183

62,328

Finance leases

150,987

138,287

Trade creditors

15,812

9,671

Social security and other taxes

29,649

38,216

VAT

36,146

44,675

Other creditors

16,500

1,500

329,277

294,677

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Finance leases

150,987

138,287

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event

of a winding up.

There is no provision for specific legally enforceable protection afforded to creditors in such an event.

There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’

other interests'.

9.	OTHER FINANCIAL COMMITMENTS

The LLP has total guarantees and commitments at the balance sheet date of £188,539 (2017: £148,064).

10.	ULTIMATE CONTROLLING PARTY