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Unaudited Financial Statements for the Year Ended 30 April 2022 |
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The Downing, Trevor Practice LLP |
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Unaudited Financial Statements for the Year Ended 30 April 2022 |
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for |
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The Downing, Trevor Practice LLP |
The Downing, Trevor Practice LLP (Registered number: OC373802) |
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Contents of the Financial Statements |
for the Year Ended 30 April 2022 |
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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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The Downing, Trevor Practice LLP |
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General Information |
for the Year Ended 30 April 2022 |
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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 Accountants |
9 St George's Yard |
Farnham |
Surrey |
GU9 7LW |
The Downing, Trevor Practice LLP (Registered number: OC373802) |
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Balance Sheet |
30 April 2022 |
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30.4.22 | 30.4.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 9 |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
2,767,560 |
792,046 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
10 |
2,767,560 |
792,046 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 2,767,560 | 792,046 |
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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. |
The Downing, Trevor Practice LLP (Registered number: OC373802) |
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Balance Sheet - continued |
30 April 2022 |
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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 and authorised for issue on
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The Downing, Trevor Practice LLP (Registered number: OC373802) |
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Notes to the Financial Statements |
for the Year Ended 30 April 2022 |
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1. | STATUTORY INFORMATION |
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The Downing, Trevor Practice 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 is measured at the fair value of the consideration received or receivable of the company financial services activities and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. |
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The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity. |
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Goodwill |
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company’s interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. |
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Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over it's useful life which is estimated to be 20 years. |
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Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life. |
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Goodwill amortisation is included in administrative expenses in the statement of comprehensive income. |
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Tangible fixed assets |
Tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. |
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Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as follows: |
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Plant and machinery etc - 25% on reducing balance |
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On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss. |
The Downing, Trevor Practice LLP (Registered number: OC373802) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. |
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The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. |
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Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
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Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. |
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Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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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. |
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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 1 May 2021 |
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Disposals | ( |
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At 30 April 2022 |
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AMORTISATION |
At 1 May 2021 |
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Eliminated on disposal | ( |
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At 30 April 2022 |
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NET BOOK VALUE |
At 30 April 2022 |
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At 30 April 2021 |
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The Downing, Trevor Practice LLP (Registered number: OC373802) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 May 2021 |
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Additions |
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Disposals | ( |
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At 30 April 2022 |
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DEPRECIATION |
At 1 May 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 April 2022 |
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NET BOOK VALUE |
At 30 April 2022 |
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At 30 April 2021 |
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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 |
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COST |
At 1 May 2021 |
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Disposals | ( |
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At 30 April 2022 |
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DEPRECIATION |
At 1 May 2021 |
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Eliminated on disposal | ( |
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At 30 April 2022 |
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NET BOOK VALUE |
At 30 April 2022 |
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At 30 April 2021 |
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The Downing, Trevor Practice LLP (Registered number: OC373802) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
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6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 May 2021 |
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Additions |
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At 30 April 2022 |
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NET BOOK VALUE |
At 30 April 2022 |
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At 30 April 2021 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.22 | 30.4.21 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.22 | 30.4.21 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Other creditors |
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Metro Bank has fixed and floating charges over the company assets. |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.22 | 30.4.21 |
£ | £ |
Bank loans |
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10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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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'. |
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11. | COVID-19 ASSESSMENT |
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The partner has reviewed and considered relevant information in making his assessment of the entity's ability to continue trading. In particular, in response to the COVID-19 pandemic, the partner has taken into account the impact on the company's trading brought about by the pandemic, alongside the measures that he can take to mitigate the impact. |
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The company has taken advantage of a rates grant in the year under review. |