false
false
false
false
false
false
false
false
false
false
false
false
false
false
false
false
false
No description of principal activity
2017-01-01
Sage Accounts Production Advanced 2017 Update 4 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
OC316217
2017-01-01
2017-12-31
OC316217
2017-12-31
OC316217
2016-12-31
OC316217
2016-01-01
2016-12-31
OC316217
2016-12-31
OC316217
core:LandBuildings
core:OwnedOrFreeholdAssets
2017-01-01
2017-12-31
OC316217
core:FurnitureFittings
2017-01-01
2017-12-31
OC316217
core:MotorVehicles
2017-01-01
2017-12-31
OC316217
bus:RegisteredOffice
2017-01-01
2017-12-31
OC316217
bus:LeadAgentIfApplicable
2017-01-01
2017-12-31
OC316217
bus:Director1
2017-01-01
2017-12-31
OC316217
bus:Director3
2017-01-01
2017-12-31
OC316217
core:LandBuildings
2016-12-31
OC316217
core:FurnitureFittings
2016-12-31
OC316217
core:MotorVehicles
2016-12-31
OC316217
core:LandBuildings
2017-12-31
OC316217
core:FurnitureFittings
2017-12-31
OC316217
core:MotorVehicles
2017-12-31
OC316217
core:LandBuildings
2017-01-01
2017-12-31
OC316217
core:WithinOneYear
2017-12-31
OC316217
core:WithinOneYear
2016-12-31
OC316217
core:LandBuildings
2016-12-31
OC316217
core:FurnitureFittings
2016-12-31
OC316217
bus:FRS102
2017-01-01
2017-12-31
OC316217
bus:AuditExemptWithAccountantsReport
2017-01-01
2017-12-31
OC316217
bus:FullAccounts
2017-01-01
2017-12-31
OC316217
bus:SmallCompaniesRegimeForAccounts
2017-01-01
2017-12-31
OC316217
bus:LimitedLiabilityPartnershipLLP
2017-01-01
2017-12-31
OC316217
core:OfficeEquipment
2017-01-01
2017-12-31
OC316217
core:OfficeEquipment
2016-12-31
OC316217
core:OfficeEquipment
2017-12-31
REGISTERED NUMBER:
OC316217
Coltman Warner Cranston LLP
|
|
Filleted Unaudited Financial Statements
|
|
Coltman Warner Cranston LLP
|
|
Year ended 31 December 2017
Designated members and professional advisers
|
1
|
|
|
Chartered certified accountants report to the members on the preparation of the unaudited statutory financial statements
|
2
|
|
|
Statement of financial position
|
3 to 4
|
|
|
Notes to the financial statements
|
5 to 9
|
|
|
Coltman Warner Cranston LLP
|
|
Designated Members and Professional Advisers
|
|
Designated members
|
L. Coltman
|
|
Over Payment of Salary Limited
|
|
|
Registered office
|
3 The Innovation Village
|
|
Cheetah Road
|
|
Coventry
|
|
England
|
|
CV1 2TL
|
|
|
Accountants
|
Edwards Pearson & White LLP
|
|
Chartered Certified Accountants
|
|
Warwick & Coventry
|
|
|
Coltman Warner Cranston LLP
|
|
Chartered Certified Accountants Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of
Coltman Warner Cranston LLP
|
|
Year ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Coltman Warner Cranston LLP for the year ended 31 December 2017, which comprise the statement of financial position and the related notes from the LLP's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the members of Coltman Warner Cranston LLP, as a body, in accordance with the terms of our engagement letter dated 8 December 2005. Our work has been undertaken solely to prepare for your approval the financial statements of Coltman Warner Cranston LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Coltman Warner Cranston LLP and its members, as a body, for our work or for this report.
It is your duty to ensure that Coltman Warner Cranston LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Coltman Warner Cranston LLP. You consider that Coltman Warner Cranston LLP is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Coltman Warner Cranston LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Edwards Pearson & White LLP
Chartered Certified Accountants
Warwick & Coventry
6 June 2018
Coltman Warner Cranston LLP
|
|
Statement of Financial Position
|
|
31 December 2017
Fixed assets
Tangible assets
|
4
|
|
38,876
|
37,021
|
|
|
|
|
|
Current assets
Debtors
|
5
|
214,753
|
|
337,405
|
Cash at bank and in hand
|
155,731
|
|
481,929
|
|
--------
|
|
--------
|
|
370,484
|
|
819,334
|
|
|
|
|
|
Prepayments and accrued income
|
34,280
|
|
33,162
|
|
|
|
|
Creditors: amounts falling due within one year
|
6
|
377,532
|
|
695,604
|
|
--------
|
|
--------
|
Net current assets
|
|
27,232
|
156,892
|
|
|
-------
|
--------
|
Total assets less current liabilities
|
|
66,108
|
193,913
|
|
|
|
|
|
Accruals and deferred income
|
|
500
|
500
|
|
|
-------
|
--------
|
Net assets
|
|
65,608
|
193,413
|
|
|
-------
|
--------
|
|
|
|
|
Represented by:
Loans and other debts due to members
Other amounts
|
7
|
|
608
|
128,413
|
|
|
|
|
|
Members' other interests
Members' capital classified as equity
|
|
65,000
|
65,000
|
Other reserves
|
|
–
|
–
|
|
|
-------
|
--------
|
|
|
65,608
|
193,413
|
|
|
-------
|
--------
|
|
|
|
|
Total members' interests
Loans and other debts due to members
|
7
|
|
608
|
128,413
|
Members' other interests
|
|
65,000
|
65,000
|
|
|
-------
|
--------
|
|
|
65,608
|
193,413
|
|
|
-------
|
--------
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 December 2017 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements
.
Coltman Warner Cranston LLP
|
|
Statement of Financial Position (continued)
|
|
31 December 2017
These financial statements were approved by the
members
and authorised for issue on
5 June 2018
, and are signed on their behalf by:
L. Coltman
|
Designated Member
|
|
Registered number:
OC316217
Coltman Warner Cranston LLP
|
|
Notes to the Financial Statements
|
|
Year ended 31 December 2017
The LLP is registered and trading in England and Wales. The address of the registered office is Unit 3 The Innovation Village, Cheetah Road, Coventry CV1 2TL.
Basis of preparation
The financial statements have been prepare on historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the LLP and rounded to the nearest £.
Judgements and key sources of estimation uncertainty
In preparing these financial statements the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historic experience and various other factors that are believed to be reasonable under the circumstances. The results of which form the basis of making the judgements about carrying values of assets and liabilities and are not readily apparent from other sources. Actual results may differ from these estimates. The significant judgements, estimates and assumptions are: - Trade debtors At each reporting date, amounts owed by trade debtors are assessed for recoverability. If there is any evidence of impairment, the carrying amount of the debtor is reduced to its recoverable amount. The impairment loss is recognised immediately in the statement of comprehensive income. - Revenue recognition Contract revenues are recognised based on stage of completion. The application of this accounting policy requires the state of completion on contracts to be assessed. An inherent degree of judgement will exist in determining the stage of completion on a contract at a given time. - Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessment consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Revenue recognition
Turnover, represents amounts invoiced, excluding value added tax, in respect of the sale of goods and services. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced, calculated by reference to the stage of completion.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold Property
|
-
|
2% straight line
|
|
Fixtures & Fittings
|
-
|
20% reducing balance
|
|
Motor Vehicles
|
-
|
25% straight line
|
|
Equipment
|
-
|
20% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
The company only has basic financial instruments. - Financial assets Financial assets comprise cash at bank and in hand and trade debtors; these are initially recorded at cost on the date they originate and are subsequently recorded at amortised cost under the effective interest method. The company considers evidence of impairment for all individual trade and other debtors and any subsequent impairment is recognised in profit or loss. - Impairment of financial assets carries at amortised cost Impairment provisions are recognised when there is objective evidence that a financial asset or group of financial assets is impaired. Objective evidence includes significant financial difficulties of the counterparty, default or significant delays in payment. Impairment provisions represent the difference between the net carrying amount of a financial asset and the present value of the expected future cash receipts from that asset. - Financial liabilities Financial liabilities comprise social security, other taxes and accruals; these are initially recorded at cost on the date they originate, and are subsequently carried at amortised cost under the effective interest rate method. - Debtors Short term debtors are measured at transaction price, less any impairment. - Creditors Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. - Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice or not more than 24 hours.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to
12
(2016:
14
).
|
Land and buildings
|
Fixtures and fittings
|
Motor vehicles
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
|
At 1 January 2017
|
2,951
|
21,110
|
36,792
|
141,026
|
201,879
|
Additions
|
–
|
–
|
–
|
9,225
|
9,225
|
|
------
|
-------
|
-------
|
--------
|
--------
|
At 31 December 2017
|
2,951
|
21,110
|
36,792
|
150,251
|
211,104
|
|
------
|
-------
|
-------
|
--------
|
--------
|
Depreciation
|
|
|
|
|
|
At 1 January 2017
|
177
|
19,276
|
36,792
|
108,613
|
164,858
|
Charge for the year
|
59
|
367
|
–
|
6,944
|
7,370
|
|
------
|
-------
|
-------
|
--------
|
--------
|
At 31 December 2017
|
236
|
19,643
|
36,792
|
115,557
|
172,228
|
|
------
|
-------
|
-------
|
--------
|
--------
|
Carrying amount
|
|
|
|
|
|
At 31 December 2017
|
2,715
|
1,467
|
–
|
34,694
|
38,876
|
|
------
|
-------
|
-------
|
--------
|
--------
|
At 31 December 2016
|
2,774
|
1,834
|
–
|
32,413
|
37,021
|
|
------
|
-------
|
-------
|
--------
|
--------
|
|
|
|
|
|
|
|
2017
|
2016
|
|
£
|
£
|
Trade debtors
|
214,343
|
336,845
|
Other debtors
|
410
|
560
|
|
--------
|
--------
|
|
214,753
|
337,405
|
|
--------
|
--------
|
|
|
|
6.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Bank loans and overdrafts
|
114,675
|
80,579
|
Trade creditors
|
66,213
|
90,294
|
Social security and other taxes
|
31,831
|
37,799
|
Other creditors
|
164,813
|
486,932
|
|
--------
|
--------
|
|
377,532
|
695,604
|
|
--------
|
--------
|
|
|
|
7.
|
Loans and other debts due to members
|
|
|
|
2017
|
2016
|
|
£
|
£
|
Amounts owed to members in respect of profits
|
608
|
128,413
|
|
----
|
--------
|
|
|
|