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Report of the Members and |
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Financial Statements for the Year Ended 28 February 2021 |
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Haine & Smith Partnership LLP |
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REGISTERED NUMBER:
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Report of the Members and |
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Financial Statements for the Year Ended 28 February 2021 |
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for |
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Haine & Smith Partnership LLP |
Haine & Smith Partnership LLP (Registered number: OC343092) |
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Contents of the Financial Statements |
for the Year Ended 28 February 2021 |
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Page |
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General Information | 1 |
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Report of the Members | 2 |
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Report of the Independent Auditors | 4 |
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Income Statement | 8 |
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Balance Sheet | 9 |
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Notes to the Financial Statements | 11 |
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Haine & Smith Partnership LLP |
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General Information |
for the Year Ended 28 February 2021 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditor |
30 Gay Street |
Bath |
BA1 2PA |
Haine & Smith Partnership LLP (Registered number: OC343092) |
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Report of the Members |
for the Year Ended 28 February 2021 |
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The members present their report with the financial statements of the LLP for the year ended 28 February 2021. |
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PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of opticians. |
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DESIGNATED MEMBERS |
The designated members during the year under review were: |
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RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £885,467 (2020 - £569,441 profit). |
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MEMBERS' INTERESTS |
A level of monthly drawings is set at the start of each financial year and further adjustments are made once the results for the year and allocations of profit are finalised. Profit share is based on residual profit after members' salaries in accordance with the profit share agreement. |
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The level of members capital is determined at admission to the partnership and from time to time by the designated members. Members are required to contribute to the LLP's capital in accordance with their profit share percentage. The amount is repayable in stages upon retirement. |
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Where members drawings impede the working capital requirements of the LLP, the working capital requirements take precedence and the drawings are not permitted. |
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STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
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Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
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Haine & Smith Partnership LLP (Registered number: OC343092) |
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Report of the Members |
for the Year Ended 28 February 2021 |
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STATEMENT OF MEMBERS' RESPONSIBILITIES - continued |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he or she ought to have taken as a member in order to make himself or herself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. |
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AUDITORS |
The auditors, Moore, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE MEMBERS: |
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Report of the Independent Auditors to the Members of |
Haine & Smith Partnership LLP |
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Opinion |
We have audited the financial statements of Haine & Smith Partnership LLP (the 'LLP') for the year ended 28 February 2021 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the LLP's affairs as at 28 February 2021 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance 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. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report. |
Report of the Independent Auditors to the Members of |
Haine & Smith Partnership LLP |
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Other information |
The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the members were not entitled to prepare the financial statements in accordance with the small LLPs regime. |
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Responsibilities of members |
As explained more fully in the Statement of Members' Responsibilities set out on pages two and three, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Haine & Smith Partnership LLP |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud |
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The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the limited liability partnership. |
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Our approach was as follows: |
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We obtained an understanding of the legal and regulatory requirements applicable to the limited liability partnership and considered that the most significant are 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, the Limited Liability Partnerships SORP, and UK financial reporting standards as issued by the Financial Reporting Council |
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We obtained an understanding of how the limited liability partnership complies with these requirements by discussions with management and those charged with governance. |
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We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. |
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We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. |
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Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Haine & Smith Partnership LLP |
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Use of our report |
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Chartered Accountants and Statutory Auditor |
30 Gay Street |
Bath |
BA1 2PA |
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Haine & Smith Partnership LLP (Registered number: OC343092) |
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Income Statement |
for the Year Ended 28 February 2021 |
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28.2.21 | 28.2.20 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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(576,691 | ) | 516,192 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
885,467 |
569,441 |
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PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
885,467 |
569,441 |
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Members' remuneration charged as an
expense |
6 |
(500,327 |
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(538,892 |
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PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
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Haine & Smith Partnership LLP (Registered number: OC343092) |
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Balance Sheet |
28 February 2021 |
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28.2.21 | 28.2.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
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Tangible assets | 8 |
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CURRENT ASSETS |
Stocks |
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Debtors | 9 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 10 |
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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 |
11 |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
3,058,003 |
2,862,039 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
13 |
3,058,003 |
2,862,039 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 13 | 3,058,003 | 2,862,039 |
Amounts due from members | 9 | (201,530 | ) | (262,823 | ) |
2,856,473 | 2,599,216 |
Haine & Smith Partnership LLP (Registered number: OC343092) |
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Balance Sheet - continued |
28 February 2021 |
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The financial statements were approved by the members of the LLP and authorised for issue on
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Haine & Smith Partnership LLP (Registered number: OC343092) |
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Notes to the Financial Statements |
for the Year Ended 28 February 2021 |
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1. | STATUTORY INFORMATION |
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Haine & Smith Partnership 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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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. |
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The presentation currency of the financial statements is Pound Sterling (£). |
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Going concern |
The members of the LLP are confident that the business will continue to trade profitably despite the difficult operating conditions that it has been working under since the Covid 19 pandemic impacted on the UK, and the lockdown period during the year ended 28 February 2021 and subsequent to the year.. |
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The members have produced and reviewed forecasts for the next 12 months which consider 3 potential scenarios. In all instances the members believe that the LLP will be able to continue to operate as a going concern and that they will be able to meet their liabilities as they fall due for a period of at least 12 months from the date of approving these financial statements. Results for the post year end trading period show a positive performance has been achieved since lockdown restrictions were eased via the UK Government's "roadmap". The LLP has also benefitted from government support measures. |
Haine & Smith Partnership LLP (Registered number: OC343092) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
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Useful economic life of tangible fixed assets |
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
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Stock provisioning |
Goods sold are subject to changing customer demands and market trends. As a result it is necessary to consider the recoverability of the cost of stock held and whether a provision is required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of stock. |
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Turnover |
Turnover is measured at the fair value of the consideration receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services, namely the sale of sight and hearing tests, glasses, contact lenses and accessories. |
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Turnover is recognised when the significant risks and rewards of ownership of the goods and services have transferred to the buyer. |
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Goodwill |
Goodwill relates to the acquisition of a business and is measured at cost less accumulated amortisation and any accumulated impairment losses. |
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Amortisation is charged so as to allocate the cost of goodwill less residual value over its estimated useful life, using the straight-line method. Goodwill is amortised over 10 years. |
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If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations. |
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If the net fair value of the identifiable assets and liabilities acquired exceeds the cost of a business combination, the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered. Any excess exceeding fair value of non-monetary assets acquired is recognised in the income statement in the periods expected to be benefitted. |
Haine & Smith Partnership LLP (Registered number: OC343092) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Short leasehold | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised. |
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Cost includes the purchase price, including all costs directly attributable to bringing the stock to its present location and condition. |
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At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account. |
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In some cases the LLP has access to consignment stock. Where the nature of this arrangement transfers the risks and rewards to the LLP, which in substance gives the LLP control over the stock during the consignment period and liabilities in respect of holding costs, the LLP recognises this stock in the balance sheet together with an equivalent liability. |
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Leases |
Lease are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the LLP. All other leases are classified as operating leases. |
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Assets held under finance leases are recognised initially at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets. |
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Rentals payable under operating leases are charged to the profit or loss on a straight-line basis over the lease term. |
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The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis. |
Haine & Smith Partnership LLP (Registered number: OC343092) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Employee benefits |
The LLP provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans. |
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Short term benefits |
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Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. |
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Defined contribution pension plans |
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The LLP operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations. The obligations are recognised as an expense when they are due. Amounts not paid are shown in creditors in the balance sheet. The assets of the plan are held separately from the LLP in independently administered funds. |
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Annual bonus plan |
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The LLP operates an annual bonus plan for employees. An expense is recognised in the profit and loss account when the LLP has a legal or constructive obligation to make payments under the plan as a result of past events and a reliable estimate of the obligation can be made. |
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Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is an indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement. |
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If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement. |
Haine & Smith Partnership LLP (Registered number: OC343092) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Members' drawings and the subscription and repayment of members' capital |
In accordance with the LLP agreement there are two classes of capital namely: |
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- | Property Capital which carried the right to receive property capital profits or losses (in the proportions of Property Capital contributed) by way of prior charges to the exclusion of any other Partners who do not hold Property Capital; and |
- | Equity Capital |
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HS Optical Limited alone holds Property Capital and is referred to as the 'Property Capital Partner'. |
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The property capital profits and capital losses and liabilities for each accounting period belong to the Property Capital Partner in priority to all other profits of the LLP. |
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All other profits and losses of an income nature for each accounting period belong to the LLP and are payable by the LLP to the Partners or by the Partners to the LLP (as the case may be):- |
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- | firstly in payment to the Partners of their salary entitlement for the period concerned; and |
- | secondly in relation to any balance of trading profits in the proportions as determined by each individual Partner's percentage share of trading profit and equity capital as established in the LLP agreement. |
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Drawings are treated as payments on account of profit allocation and are only repayable to the LLP in so far as there are insufficient profits to allocate against such drawings. Any drawings in excess of total profits allocated would be included within 'amounts due from members' within debtors. |
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The capital requirements of the partnership are determined by the members and are reviewed regularly. Each members is required to subscribe a proportion of this capital. Interest is paid on the outstanding capital amount. On leaving the partnership, a member's capital is repaid within a timescale set by the other members. |
Haine & Smith Partnership LLP (Registered number: OC343092) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Provisions |
Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. |
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The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking in to account the risks and uncertainties surrounding the obligation. |
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Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in the income statement in the period it arises. |
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The LLP recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence. |
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Government grants |
Government grants are recognised at the fair value of the consideration received or receivable in the period in which the Company recognises the related costs for which the grants are intended to compensate. |
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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. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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28.2.21 | 28.2.20 |
£ | £ |
Depreciation - owned assets |
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Goodwill amortisation |
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Government grants |
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Government Grants represent amounts received and receivable for the Coronavirus Job Retention Scheme and other Coronavirus grants. |
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5. | AUDITORS' REMUNERATION |
28.2.21 | 28.2.20 |
£ | £ |
Fees payable to the LLP's auditors for the audit of the LLP's
financial statements |
9,250 |
9,250 |
Auditors' remuneration for non audit work |
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Haine & Smith Partnership LLP (Registered number: OC343092) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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6. | INFORMATION IN RELATION TO MEMBERS |
28.2.21 | 28.2.20 |
£ | £ |
Members' remuneration charged as an expense |
Partners' salaries | 500,327 | 538,892 |
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7. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 29 February 2020 |
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Additions |
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At 28 February 2021 |
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AMORTISATION |
At 29 February 2020 |
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Amortisation for year |
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At 28 February 2021 |
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NET BOOK VALUE |
At 28 February 2021 |
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At 28 February 2020 |
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Haine & Smith Partnership LLP (Registered number: OC343092) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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8. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Short | and | Motor |
property | leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 29 February 2020 |
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Additions |
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Disposals |
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( |
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At 28 February 2021 |
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DEPRECIATION |
At 29 February 2020 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 28 February 2021 |
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NET BOOK VALUE |
At 28 February 2021 |
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At 28 February 2020 |
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9. | DEBTORS |
28.2.21 | 28.2.20 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts due from members | 201,530 | 262,823 |
Other debtors |
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Prepayments and accrued income |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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Haine & Smith Partnership LLP (Registered number: OC343092) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.21 | 28.2.20 |
£ | £ |
Bank loans and overdrafts |
|
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Trade creditors |
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Social security and other taxes |
|
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VAT | 13,565 | 1,087 |
Other creditors |
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Accruals and deferred income |
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11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.2.21 | 28.2.20 |
£ | £ |
Bank loans - 1-2 years |
|
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Bank loans - 2-5 years |
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|
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12. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
28.2.21 | 28.2.20 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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|
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13. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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In the event of winding up, loans and other debts due to members and members' other interests rank subordinate to other unsecured creditors. |
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14. | RELATED PARTY DISCLOSURES |
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During the financial year there were no transactions with related parties. |