Registration number:
Peachey & Co LLP
for the Year Ended 30 April 2020
Peachey & Co LLP
(Registration number: OC309315)
Balance Sheet as at 30 April 2020
Note |
2020 |
2019 |
|
Fixed assets |
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Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash and short-term deposits |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets attributable to members |
|
|
|
Represented by: |
|||
Loans and other debts due to members |
|||
Members' capital classified as a liability |
450,000 |
450,000 |
|
Other amounts |
586,348 |
519,913 |
|
1,036,348 |
969,913 |
||
1,036,348 |
969,913 |
||
Total members' interests |
|||
Loans and other debts due to members |
1,036,348 |
969,913 |
|
1,036,348 |
969,913 |
Peachey & Co LLP
(Registration number: OC309315)
Balance Sheet as at 30 April 2020 (continued)
For the year ending 30 April 2020 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of Peachey & Co LLP (registered number OC309315) were approved by the
.........................................
Designated member
.........................................
Designated member
Peachey & Co LLP
Notes to the Financial Statements for the Year Ended 30 April 2020
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council relevant to LLPs following the small entity regime, and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued July 2018).
The functional currency of Peachey & Co LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Revenue represents amounts chargeable to clients for legal services provided during the year, exclusive of Value Added Tax. Services provided to clients, which at the balance sheet date have not been billed to clients, are included in revenue.
Members' remuneration and division of profits
The members' agreement provides that all profits are required to be automatically allocated. The profits realised in the profit and loss account are treated as members' remuneration charged as an expense. Allocated profit is included within 'loans and other debts due to members' in other amounts'.
Foreign currency
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Tangible fixed assets
Individual fixed assets costing or more are initially recorded at cost.
Peachey & Co LLP
Notes to the Financial Statements for the Year Ended 30 April 2020 (continued)
1 |
Accounting policies (continued) |
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
5-10 year straight line basis |
Fixtures and fittings |
25% straight line basis |
Library |
Not depreciated as residual value is greater than cost |
Financial instruments
The limited liability partnership only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Trade debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment,
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities
Peachey & Co LLP
Notes to the Financial Statements for the Year Ended 30 April 2020 (continued)
1 |
Accounting policies (continued) |
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
In the event of the wind up of the LLP, members' interests rank parri passu with any other unsecured creditors.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Significant judgements and estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Members' opinion there are no significant judgements or key sources of estimation uncertainty.
Employees |
The average number of persons employed by the limited liability partnership during the year was
Peachey & Co LLP
Notes to the Financial Statements for the Year Ended 30 April 2020 (continued)
Notes to the Financial Statements (continued) |
Tangible fixed assets |
Tangible Fixed Assets |
|
Cost |
|
At 1 May 2019 |
72,569 |
Additions |
9,920 |
At 30 April 2020 |
82,489 |
Depreciation |
|
At 1 May 2019 |
54,484 |
Charge for the year |
8,127 |
At 30 April 2020 |
62,611 |
Net book value |
|
At 30 April 2020 |
19,878 |
At 30 April 2019 |
18,085 |
Debtors |
2020 |
2019 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
Total current trade and other debtors |
893,757 |
825,644 |
Peachey & Co LLP
Notes to the Financial Statements for the Year Ended 30 April 2020 (continued)
Notes to the Financial Statements (continued) |
Creditors: Amounts falling due within one year |
2020 |
2019 |
|
Trade creditors |
|
|
Other creditors |
|
- |
Accruals and deferred income |
|
|
Taxation and social security |
|
|
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2020 |
2019 |
|
Not later than one year |
126,933 |
126,933 |
Later than one year and not later than five years |
126,933 |
253,866 |
253,866 |
380,799 |