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Unaudited Financial Statements |
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for the Year Ended 5 April 2019 |
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for |
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Duncan Watts LLP |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 5 April 2019 |
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for |
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Duncan Watts LLP |
Duncan Watts LLP (Registered number: OC303852) |
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Contents of the Financial Statements |
for the Year Ended 5 April 2019 |
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Page |
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General Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Duncan Watts LLP |
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General Information |
for the Year Ended 5 April 2019 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
Leofric House |
Binley Road |
Coventry |
CV3 1JN |
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BANKERS: |
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30 High Street |
Coventry |
West Midlands |
CV1 5RA |
Duncan Watts LLP (Registered number: OC303852) |
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Balance Sheet |
5 April 2019 |
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5.4.19 | 5.4.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
37,350 |
37,350 |
Duncan Watts LLP (Registered number: OC303852) |
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Balance Sheet - continued |
5 April 2019 |
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5.4.19 | 5.4.18 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO
MEMBERS |
- |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 37,350 | 37,350 |
37,350 | 37,350 |
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TOTAL MEMBERS' INTERESTS |
Members' other interests | 37,350 | 37,350 |
Amounts due from members | 6 | (94,230 | ) | (85,663 | ) |
(56,880 | ) | (48,313 | ) |
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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. |
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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. |
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The financial statements were approved by the members of the LLP on
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Duncan Watts LLP (Registered number: OC303852) |
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Notes to the Financial Statements |
for the Year Ended 5 April 2019 |
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1. | STATUTORY INFORMATION |
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Duncan Watts LLP is registered in England and Wales. The LLP's registered number and registered office address can be |
found on the General Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the value of services provided during the year. This value represents the amounts expected to be |
recovered from clients based upon time spent and expenses incurred excluding VAT. Fee income is recognised as the |
service provided progresses and the right to consideration is secured, except in respect of certain services whereby the final |
outcome cannot be assessed with reasonable certainty. |
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Fee income in respect of contingent fee services is recognised in the period in that the contingent service occurs when it can |
be assured the fee can be collected. |
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Unbilled fee income for services provided is included as work in progress within other debtors. |
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Turnover also includes salaries earned by the members personally which has been taxed at source. Income tax and national |
insurance deductions have been taken to the relevant member's current account. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
Duncan Watts LLP (Registered number: OC303852) |
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Notes to the Financial Statements - continued |
for the Year Ended 5 April 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Disbursements |
Disbursements are not included within fee income or expenses, but are netted off against each other. |
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Members' remuneration |
The profits of the Limited Liability Partnership are divided among the members in accordance with the agreed profit |
sharing arrangements. |
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A member's share of the profit or loss for the year is accounted for as an allocation of profits. |
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The firms drawings policy entitles each member to draw a proportion of their share of profits in monthly instalments subject |
to the cash requirements of the business. The balance of profits is shared among the members and made available for |
drawing (subject to the cash requirements of the business) in the proportions determined by the members' agreement. |
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Taxation |
Tax and national insurance contributions payable in respect of the profits for each financial year is paid out of the limited |
liability partnership funds. |
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The accounts for each financial year make full provision for income tax and national insurance due and payable by the |
members. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 6 April 2018 |
and 5 April 2019 |
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AMORTISATION |
At 6 April 2018 |
and 5 April 2019 |
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NET BOOK VALUE |
At 5 April 2019 |
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At 5 April 2018 |
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Duncan Watts LLP (Registered number: OC303852) |
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Notes to the Financial Statements - continued |
for the Year Ended 5 April 2019 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 6 April 2018 |
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Additions |
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At 5 April 2019 |
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DEPRECIATION |
At 6 April 2018 |
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Charge for year |
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At 5 April 2019 |
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NET BOOK VALUE |
At 5 April 2019 |
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At 5 April 2018 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
£ |
COST |
At 6 April 2018 |
and 5 April 2019 |
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DEPRECIATION |
At 6 April 2018 |
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Charge for year |
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At 5 April 2019 |
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NET BOOK VALUE |
At 5 April 2019 |
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At 5 April 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5.4.19 | 5.4.18 |
£ | £ |
Trade debtors |
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Other debtors |
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Duncan Watts LLP (Registered number: OC303852) |
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Notes to the Financial Statements - continued |
for the Year Ended 5 April 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5.4.19 | 5.4.18 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 9) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
5.4.19 | 5.4.18 |
£ | £ |
Hire purchase contracts (see note 9) |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
5.4.19 | 5.4.18 |
£ | £ |
Gross obligations repayable: |
Within one year |
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Between one and five years |
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Finance charges repayable: |
Within one year |
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Between one and five years |
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Net obligations repayable: |
Within one year |
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Between one and five years |
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Duncan Watts LLP (Registered number: OC303852) |
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Notes to the Financial Statements - continued |
for the Year Ended 5 April 2019 |
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9. | LEASING AGREEMENTS - continued |
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Non-cancellable operating |
leases |
5.4.19 | 5.4.18 |
£ | £ |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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5.4.19 | 5.4.18 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Hire purchase contracts | 20,879 | 25,395 |
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Bank borrowings are secured by way of an unlimited debenture incorporating a fixed and floating charge over the assets of |
the company. |
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A Member of the LLP acts as guarantor for the short-term bank loan outstanding at the year end. |
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Hire purchase contracts are secured upon the asset purchased under the individual agreement. |